Do you live in the Midwest? Have a hankering for a Chevy Malibu-or Cadillac CTS, perhaps-but can't obtain financing through your usual means? If you're a member of a Midwest credit union, you may be in luck. Select credit unions in Michigan, Ohio, Indiana and Illinois are now offering a collective $10 billion in low-cost auto loans in order to purchase a new GM vehicle.
"This new arrangement with Midwest credit unions creates a tremendous value for GM and for thousands of credit union members. We appreciate the credit unions' promotional support and are pleased to make this offer," said GM vice president of North American Sales, Service and Marketing Mark LaNeve in a press release on the Michigan Credit Union League website. "As GM maps its future, one thing is clear: Americans are resilient and willing to step in and show confidence in each other. This is a great example of that spirit."
Dubbed "Invest in America", the program began on Monday and runs through June 30. Eligible vehicles are offered at discounted prices to credit union members and their households, and buyers who purchase their vehicle before January 5 are eligible for $250 in bonus cash. Although the program is currently limited to the four Midwest states, it could possibly go nationwide sometime next year.
Although no information has surfaced, deals with the other two domestic automakers are probably on the horizon. More information can be found at www.lovemycreditunion.org.