December 16, 2008: The Detroit News reported today that Chrysler is following the lead of General Motors Corp. by making “$22 billion in credit available to 25 million customers in a partnership with 2,500 credit unions in 12 states.”

[see "GM Attempts Partnership with Credit Unions in Cynical Marketing Push]

Chrysler plans a more broadly based program than the GM’s "Invest in America" initiative.  In addition to adding eight states to the deal GM initiated, Chrysler will offer a larger discount amount up front: $500 to $1,000 depending on the vehicle, layered on top of other incentives, to customers who use credit union financing. The discount will be applied at the time of sale by dealers who will have a list of eligible credit unions. Credit union loan rates average 5.4 percent compared with 6.9 percent for average bank rates, according to Datatrac, a survey company that tracks loans

At GM, the program applies in Michigan, Illinois, Indiana and Ohio. The eight states Chrysler has added include: Oklahoma, Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and Mississippi.

GM's bonus cash offer is for $250.For both companies, the deal with the Michigan League runs through June 2009.