Credit union-automaker program expands to R.I.

PROVIDENCE – A joint program between credit unions and automakers General Motors Corp. and Chrysler LLC that offers low-cost loans and special rebates is expanding to all 50 states.
The Rhode Island Credit Union Association said all credit unions in the state now are participating in Invest in America, a program that will give discounts and access to financing to up to 90 million credit union members at nearly 8,000 credit unions nationwide.
The expanded program – which will run through June 30 – will make more than $80 billion available for low-cost loans to buy new cars. The program also offers GM supplier price discounts under the automaker’s Credit Union Member Discount Program and Chrysler rebates of $500 or $1,000 under Chrysler’s Credit Union Member Cash program.
Invest in America began in December as a partnership between GM and about 1,200 credit unions in Michigan, Indiana, Illinois and Ohio. Those institutions set aside $10 billion for auto loans and GM offered their members a supplier discount – 5 percent of the manufacturer’s suggested retail price of a vehicles – and $250 off the price.
The program expansion comes at a time when U.S. auto sales have plummeted. In December, sales dropped 31 percent.
“When we heard about this program, we felt it was a great opportunity to help our members, as well as our local auto dealers, through these difficult economic times,” said Steve White, president and CEO of Westerly Community Credit Union, a participant in Invest in America. “To add to the benefits offered through GM and Chrysler, we have also reduced our car-loan rates significantly.”