Local News

Save on some new cars through a credit union

Posted January 14, 2009 6:09 p.m. EST
Updated January 15, 2009 12:02 p.m. EST

— Need a new car but unsure if you can afford it in these uncertain times? A new deal from General Motors and Chrysler could help you with your decision.

Chrysler, also the maker of Dodge and Jeep, is offering anywhere from $500 to $1,000 rebates on select models until June, while GM is cutting 5 percent from prices on new Buick, Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn and Pontiac cars and trucks until the end of March.

The catch? The customer must be a member of a credit union, and the discounts are only for select new vehicles

The deals are part of a nationwide pilot program called Invest in America, which began in the Midwest to help credit union members access affordable financing on new vehicle purchases.

The program, since it began in December, has resulted in nearly 5,000 automobiles sales. GM reports more than 1,500 – 1,000 this month – and Chrysler reports approximately 3,000 sales.

Last year, the State Employees Credit Union loaned $88 million less in automotive loans than the previous year.

North Carolina auto dealers have taken some of the biggest hits in the economic downturn, with sales down 50 percent on average for the month of November.