A group of 1,200 Credit Unions in Midwestern states, however, have banded together to offer some $10 billion in new car loans to their members. Not only are these CUs attempting to offer lower rates compared to larger banks, but the Michigan Credit Union League has also arranged for General Motors to offer its members Supplier Pricing, which, on average, lowers the price of a new car by 4.5%. Ford and Chrysler are also reportedly talking with the MCUL to offer attractive pricing options. And gee, if these credit unions have so much money to loan out, why doesn't GM just ditch Congress and ask them for a line of credit?
[Source: Love My Credit Union via Detroit News]