It's not only Congress and the American taxpayer coming to the aid of ailing U.S. automakers. A group of Midwest credit unions are pledging $10 billion in low-cost financing for the purchase of General Motors vehicles.
The plan is called Invest in America, according to a news release posted on the Michigan Credit Union League's Web site. The release said the credit union league is talking to Ford Motor Co. and Chrysler LLC about similar programs.
The league claims a membership of aboutg 12 million consumers. The program will be tested in the four states, possibly going nationwide early next year, the release said.
The program is effective immediately and will run through June 30. It offers eligible vehicles at a price discount to credit union members and their households. Members who buy cars under the program also are eligible to get an additional $250 bonus cash between now and Jan. 5.
"This new arrangement with Midwest credit unions creates a tremendous value for GM and for thousands of credit union members," said Mark LaNeve, GM vice president of vehicle sales, service and marketing. "We appreciate the credit unions' promotional support and are pleased to make this offer."
"Credit unions have a long history of helping hard-working Americans in troubled times," said Daniel Mica, CEO of the Credit Union National Association.
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 price discount applies to purchases of eligible new Buick, Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn and Pontiac vehicles.
In Washington, Congress and the White House have tentatively agreed on a plan to pump $15 billion into the U.S. auto industry. An industry czar appointed by President Bush would oversee the companies' use of the funds.
The House has scheduled a test vote on the measure.