Sarasota Coastal Credit Union Partners with GM, Chrysler LLC to Make Vehicles More Affordable Through "Invest in America" Program

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Sarasota Coastal Credit Union has partnered with major U.S. automakers GM and Chrusler and the "Invest in America" program which provies further discounts for new car purchases to members of the credit union. The average rate for credit union auto loans is 1.5 percentage points lower than the average bank loan rates. These new discounts and affordable car loan rates through Sarasota Coastal Credit Union helps consumers save money, stimulates the local economy and supports the domestic auto industry.

Sarasota Coastal Credit Union has joined a consortium of more than 7,900 credit unions nationwide participating in the "Invest in America" program. Through this program, Sarasota Coastal Credit Union members are eligible to receive manufacturer discounts on vehicles from General Motors and Chrysler Corporation LLC. After a pilot program in 12 states, the two auto manufacturers announced this month that they would expand the "Invest in America" credit union loan partnership program to benefit the over 90 million credit union members across the country access to GM's "Credit Union Member Discount Program" and Chrysler's "Credit Union Member Cash" discounts as well as affordable financing on new vehicle purchases.

Sarasota Coastal Credit Union (SCCU) has always been embedded in this community and "Invest in America" is an example of how the cooperative nature of credit unions benefits the local, state and national economies. By participating in the program, SCCU offers its new and current members an additional way to save money when purchasing a vehicle from GM or Chrysler, as well as help boost business for local auto dealerships. In conjunction with this program, Sarasota Coastal is running a Red Tag promotion, saving buyers a full one percent off auto loan rates. The not-for-profit credit union has been in contact with the local dealers to ensure the success of the program and improve car sales in the region.

"Invest in America", running through June 30, 2009, offers GM Manufacturer-price discounts or Chrysler rebates of $500 or $1000 on eligible vehicles.

Traditionally, credit unions offer lower loan rates. According to Datatrac, a survey company that tracks auto loan rates, the credit union loan average is 5.4 percent compared to 6.9 percent for the average bank rate. The GM and Chrysler programs are uniquely different in expanding upon normal credit union savings. To learn more about the Sarasota Coast Credit Union and the "Invest in America" program, call (941) 907-4000. For more information on Sarasota Coastal Credit Union visit http://www.sccu.org.

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Cindy Coffman

Gayle Williams
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