GM finds a way around Cerberus-owned GMAC

General Motors, having sold a controlling interesting in GMAC to Cerberus, has now lined up a group of midwestern credit unions who are willing to make $10 billion in low cost financing available to their 12 million members, for buying General Motors vehicles. In return, GM is working with them to offer special price discounts in a program called “Invest in America.” The Michigan Credit Union League is talking to Chrysler and Ford about setting up similar programs.