NM credit unions participating in car loan program

| The Associated Press

1/12/2009 - 1/12/09

FARMINGTON, N.M. — Buying a new vehicle just got easier in New Mexico.

Sylvia Lyon, chief executive officer for the Credit Union Association of New Mexico, says credit unions statewide are participating in a new program called "Invest in America."

Nationwide, the program is expected to give 90 million credit union members access to about $80 billion in low-interest loans for new GM and Chrysler vehicles.

Lyon says that's great for credit union members in New Mexico. She says credit unions have money to lend because they were not involved in sub-prime lending.

According to Datatrac, a survey company that tracks auto loan rates, the credit union loan average is 5.4 percent compared to 6.9 for the average bank rate.

The program is open to any credit union in New Mexico for the next three months.