This news comes after last month's announcement from GM that they had paid back the $8.1 billion in TARP loans they received from the U.S. and Canadian governments - about 5 years earlier than they anticipated. While the governments still have partial ownership of GM, paying back the loans before they are due is a good sign that the American auto industry is on its way to reducing government ownership and on the road to recovery.
Want even more good signs?
- GM is considering a public stock offer at the end of the year to replace the remaining money they owe taxpayers with money from private investors
- GM regained its spot as the #1 automotive company in America in March
- There has been an increase in American car makers' approval rankings. "An Associated Press-Gfk survey found that 38% of Americans say that U.S.-made vehicles are the best, compared to 33% who preferred autos made by Asian companies, In a December 2006 AP-AOL poll, 46% said Asians countries made superior cars, while just 29% preferred American vehicles"
- As a whole, the American auto industry added 45,000 new jobs over the past 9 months - the biggest increase in nearly a decade
Credit unions can be proud of their part in GM's recovery. Invest in America provides exclusive discounts on GM and other products and services to credit union members. To date, over 270,000 vehicles have been sold through Invest in America and over 185,000 of those vehicles have been financed through credit unions. That's $5.9 BILLION reinvested in the U.S. economy. Thank you for supporting Invest in America, GM and the American auto industry.