Consumer Car Buying Advice Blog

A partnership between General Motors and 1,200 Midwest credit unions will feature supplier pricing plus bonus cash.

$10 billion in auto loans to be made available

Here at Auto Credit Express we wanted you to be aware of a new program initiated by the credit union associations in 4 states and General Motors.

The Michigan Credit Union League today announced that it will join the Illinois, Indiana and Ohio credit union associations in a partnership that is intended to fill the gap as other lenders in the Midwest have retreated from the auto lending market. As a result, 4 million credit union members in Michigan, alone, will be eligible for a special offer that began on December 8th and runs through June of 2009.

“Invest in America” campaign

The plan, as outlined on the credit union web site www.lovemycreditunion.org, states that “all current and new credit union members will receive the GM Supplier Discount plus an additional $250 bonus cash on most GM vehicles. While the Midwest pilot program has been set up to run, initially, for 6 months, the $250 bonus program, at least according to the web site, ends on January 5, 2009. In most cases, you can also combine current incentives as well as GM reward card earnings to further lower the cost of a new General Motors vehicle. Why do this? According to the web site, “When you buy an American car and finance it through a credit union, you’re doing your part to invest in America.”

According to MCUL, the “Invest in America” campaign could also be expanded nationally after the initial 6-month pilot. CUcorp will coordinate the pilot program and both Ford Motor Company and Chrysler LLC have been invited to participate and are working with CUcorp toward finalizing similar agreements. CUcorp is a credit union consortium that includes credit union trade associations from Michigan, Illinois, Indiana and Ohio as well as CUNA.

The Bottom Line

In addition to saving money, the new program also ensures that you will have an enjoyable buying experience. Because the price is fixed, you won’t have to haggle with salespeople, nor will you have to go from dealer to dealer to find the lowest price. Here at Auto Credit Express, it sounds like a win-win to us.

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