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Contact: Mike Bridges-Director of Public Affairs
                                         (800) 262-6285, ext. 246

Midwest Credit Unions Create “Invest in America” by Pledging $10 Billion for Low-Cost Auto Loans, Give Credit Union Members a GM Discount

LANSING, Mich., Dec. 10, 2008 – At a time when economic stress is sweeping the nation and threatening the survival of the U.S. auto industry, a consortium of 1,200 Midwest credit unions announce a vehicle purchase price discount from GM available to their members.  Credit unions from Michigan, Ohio, Indiana and Illinois have also pledged $10 billion in low-cost auto loans to their more than 12 million members.

“Invest in America” will provide a great value to consumers who take advantage of a  GM price discount program on purchases of eligible new Buick, Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn and Pontiac cars and trucks.   

“Credit unions have a long history of helping hard-working Americans in troubled times,” said Daniel A. Mica, president and CEO of the Credit Union National Association, the nation’s largest credit union trade group.  “In this period of severe economic stress, we are pleased credit unions can be part of a program that utilizes one of their primary services — auto loans — to make auto purchases more affordable for millions of consumers and, in the process, help energize our nation’s economy.”

Credit union members can find details on the discounts at www.lovemycreditunion.org, and obtain an authorization number to take to any GM dealership.  The discounts, among the best and most broad-based values offered by GM, will stack on top of most other incentives being offered. 

“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 Mark LaNeve, GM vice president, North America Sales, Service and Marketing. “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.”    

The program, running from December 8, 2008 through June 30, 2009, offers eligible vehicles at a “GM Supplier for Friends” price discount to credit union members and members of their households.  Credit union members will be able to get an additional $250 bonus cash between now and January 5, 2009 on their eligible new GM vehicle purchase.

“The purchase of a new car is one of the most significant investments citizens make,” says Governor Jennifer M. Granholm.  “Providing them access to the funds they need not only helps them, but provides a much-needed boost to our domestic automakers and our struggling economy.  I applaud “Invest in America” for investing in our citizens and our state.”

The “Invest in America” program will be piloted in a four-state region with possibilities to go nationwide early in 2009. The credit union consortium includes four state trade associations and CUNA.  The discount is available to credit union members in the four-state region no matter where they choose to finance their vehicle purchase.           

CUcorp, a wholly-owned subsidiary of the MCUL, will coordinate the program with GM and is also in talks with Chrysler and Ford.

Organized in 1934, the Michigan Credit Union League is a statewide trade association representing Michigan credit unions.  Based in Lansing, the MCUL offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information.  For more information, visit the MCUL’s Web site at www.mcul.org.
 

 
   
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