GM to offer credit union customers better loan rates

[Bozita]

Source: Detroit News

Tuesday, December 9, 2008
GM to offer credit union customers better loan rates
Robert Snell / The Detroit News


General Motors Corp., coping with a credit crunch that has sent industrywide sales plummeting to the lowest level in 26 years, is expected to announce a partnership tomorrow with Midwest credit unions that will make $10 billion in auto loans available to car buyers.

The partnership with Michigan Credit Union League, dubbed "Invest in America," offers new or current members of 1,200 credit unions access to lower loan rates and about 4.5 percent off manufacturer's suggested retail price, according to a posting on the league's Web site.

The campaign runs through June 2009 and is a bid to jump-start sales at a time when many institutions have tightened lending rules. Last month, GM's sales fell 41.3 percent.

The six-month "Invest in America" program is available in Michigan, Illinois, Indiana and Ohio and may be expanded nationally. The league is in discussions about expanding the program to Chrysler LLC and Ford Motor Co., the Web site said.

Read more: http://www.detnews.com/apps/pbcs.dll/article?AID=/20081209/AUTO01/812090439

[varelse]

1. Smart move

I hope this works out :)