General Motors kicked off with the expansion of the Invest in America program where 90 million credit union members can take advantage of the Credit Union Member Discount Program through participating dealers.
The scheme also allows union members to access loans for purchasing new vehicles. GM will be able to reach out to members of around 8000 credit unions across all states and gives them discount for new car purchases. They may also tap into the available $80 billion easy to the pocket credit union auto loans.
The move of the GM follows their trial expansion in four Midwest states early December of 2008.
Chrysler LLC also widens its coverage of credit union programs as it is now available nationwide growing from 12 states.
The response of the dealers with the pilot run is very positive according to GM executives. The national dry run is set to last until the end of March this year where credit union members can enjoy supplier discounts for new cars under the brands of Pontiac, Saturn, Chevrolet, Saab, Hummer, Cadillac, and Buick.
Interested members can avail of most 2008 and 2009 models except the medium duty trucks and the Corvette.
Credit union rates are comparatively lower at 5.4% than most banks’ 6.9%. The website of the union was barged with 1.3 million hits.
According to the statistics of the program proponents, around 30% of the members who inquired for the discount code ended up buying a new vehicle. That is a significant conversion rate that makes GM officials smile.
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