Good for Credit Unions! CUs Beat Bush to the Punch

by Ron Daly 

Last week we brought word about the Michigan Credit Union League's "Invest in America" program (click here for our post, "UPDATE: Michigan Credit Union League offering $10 billion in auto loans"). In short, the program was built to offer low-rate car loans to people who wanted to purchase a GM vehicle in the midwest - with a focus on areas that are heavy producers of American automobiles. $10 billion was made available to back the loans and encourage credit union members to purchase an American car and help the troubled auto industry. 

The program has since increased from $10 billion in available loans to $20 billion. Not only is there more money to be lent, there are more cars to choose from (Chrysler's joined in) and greater incentives (as much as $1,000 up front). You can read the story from CU Journal by clicking here. 

It wasn't long after the last story broke that Congress passed the buck to President Bush, forcing him to give the auto makers $17.4 Billion in federal aid. The assistance came with non-binding stipulations for change and a mandate to prove viability by March of '09 (read all about it in the WSJ article - click here). 

I know it's only $3 billion difference, but I'd feel better knowing there was a whole network of credit unions trying their best to buoy my business by providing affordable loans. And I think it speaks well of credit unions that they're not only willing to provide but that they can actually DOUBLE the available amount of money for the entire program.    

At DigitalMailer, we've been helping credit unions that are participating in "Invest in America" get the word out about their special offers. 

Beacon CU Beacon has created it's own branded "XLerate" program to generate interest, promoting low rates and large savings.

I'LL SAY IT AGAIN - GOOD FOR CREDIT UNIONS!