Credit unions in Ill., Ind., Mich. and Ohio have pledged $10 billion in low-cost loans to their members who purchase GM vehicles. In exchange, GM has agreed to offer discounts to any customer who buys a car through the program.
The loans are available now and will offer lower interest rates than would normally be offered on a new car purchase. In states heavily dependent on the U.S. auto industry, the loans should be popular.
The program will run from Dec. 8 until June 30. An additional $250 in bonus cash is available for anyone who buys a car through the promotion before Jan. 5.
The incentive program will be tested in the four Midwestern states and could be adopted nationwide if it is successful, Automotive News reports.
With heavy incentives already being offered on GM vehicles, now is the perfect time to buy.