Credit unions are filling the auto lending void left by the elimination of Chrysler Financial with a continuation of its Invest in America partnership with Chrysler.
In the wake of its bankruptcy filing, Chrysler announced yesterday new incentives that included $1,000 for credit union members on five of the most popular Chrysler, Dodge and Jeep vehicles and $500 on seven other vehicles through May 31.
Chrysler has previously offered incentives to credit union members of up to $1,000 but had to cut the $1,000 offer as the auto dealer continued to struggle in March. In April Chrysler also cut back on the number of vehicles it offered a $500 incentive on.
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"This is really a reintroduction of the original incentives. These are quickly announced, short term and are always changing so it's a good time to buy now," said Dave Adams, CUcorp CEO, during a press conference today.
Adams said that Invest in America's master contract with both Chrysler and General Motors runs through June 30, and he expects the contract will be extended.
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