Chrysler Re-Enters Invest in America

After taking time to restructure from bankruptcy and focus on the Cash for Clunkers program, Chrysler is now offering a new Invest in America incentive to credit union members.The “Affiliate Rewards” incentive provides credit union members, no matter where they receive financing, with preferred pricing on all 2009 Chrysler, Jeep, Dodge and Ram Truck vehicles and a select number of 2010 vehicles. The preferred pricing equals 1% below factory invoice and can be combined with other discounts from car dealerships and manufacturers.The incentive program will run from Nov. 3 through Nov. 30 and CUcorp President Dave Adams said that he hopes Chrysler will continue the incentive after that.“We hope this program is successful and that credit unions promote it heavily, so it results in an extension of some form,” Adams said.CUcorp has a contract with Chrysler through the end of 2009, but Adams said that CUcorp hopes to extend that contract into 2010.GM continues to run its Invest in America incentive program, which offers credit union members supplier pricing on new GM vehicles. Adams said that the agreement with GM is long-term in nature and will continue through 2010.This year, 200,000 vehicles have been sold through the Invest in America program, and more than 2,000 credit unions in 50 states promote the program.In October, GM reported its first year-over-year sales gain in two years.“Cash for Clunkers is part of that, but also the economy is starting to recover and people are less afraid of job loss and are starting to make purchases,” Adams said.Even though Chrysler sales improved in October from September, the auto company still showed a 30% drop in sales year-over-year.“Chrysler Group is pleased to further our partnership with America’s credit unions by offering preferred pricing to the more than 90 million credit union members,” Chrysler Vice President-Sales Operations Steven Beahm said in a press release. “We believe the preferred pricing, coupled with available incentives, will give credit union members the help they need to purchase the new Chrysler, Jeep, Dodge or Ram Truck they are shopping for.”Research from CUcorp shows that almost 40% of credit union members who bought through Invest in America previously owned a competitor’s car brand and that the discount was an important part of the decision to purchase a domestic vehicle.“It’s important for consumers to know that this incentive will only be offered through the month of November, but it is also important for credit unions to know that we strive to develop our relationship with Chrysler into a long-term partnership,” Adams said. “This incentive is slightly different in structure than our last Chrysler incentive, but it is still a benefit for credit union members.”Previously, Chrysler offered a $1,000 incentive for credit union members on its five most popular vehicles and a $500 incentive on seven other vehicles.Aside from GM and Chrysler, CUcorp is continuing to expand the Invest in America program by adding new partners. In September, CUcorp entered an agreement with RV producer Thor Industries to offer credit union members $300 to $1,000 in discounts when purchasing an RV. In the past two months, Adams said that 191 RVs have been sold through the program.CUcorp also added a deal with Allied Van Lines in September to offer credit union members as much as a 60% discount on interstate moves and other savings on local moves and storage services. Starting Nov. 1, credit union members can receive a 20% discount on flowers and gifts through Invest in America’s agreement with FTD Florists, the newest addition to the Invest in America program.–[email protected]