Wednesday, January 07, 2009

Back to the Future

My understanding is that auto loans were once a major product for credit unions, until the automakers muscled them out with their own financing arms.

NEW YORK (AP) -- Automakers General Motors Corp. and Chrysler LLC, along with a group of credit unions, said Wednesday that they are expanding to all 50 states programs that offer low-cost loans and special pricing incentives to credit union members.

David Adams, president and chief executive of the Michigan Credit Union League and the national credit union group CUcorp, said the expansion of the ''Invest in America'' program is expected to give 90 million members of nearly 8,000 credit unions potential access to low-interest loans for GM and Chrysler vehicles.