Chrysler will announce today that it will form a partnership with credit unions to offer its customers financing to buy a car, reports the Detroit News.
Chrysler joins GM, who announced last week the "Invest in America" initiative with the Michigan Credit Union League to offer new or current members of 1,200 credit unions access to lower auto loan rates and about 4.5 percent off manufacturer’s suggested retail price. The initiative made $10 billion in auto loans available to car buyers who are struggling to get credit in a tight market.
Chrysler is expanding the program from four states to 12 and will reportedly offer a larger bonus cash offer than GM. Chrysler will offer $500 to $1,000 depending on the vehicle, as well as other current incentives, while GM’s bonus cash offer is only $250.
Ford has expressed interest in the program, but details are still being worked out, said Michigan credit union spokesman Luke Capizzo.