LANSING, Mich. — Michigan credit unions, doing business in one of the toughest economies in the U.S., showed a surprising 8.5% increase in new auto loans in the second quarter compared with the first three months of the year.

That equates to $2.2 billion in second-quarter auto loans, and represents a record 32% increase in new vehicle loans compared with the same period in 2008, according to David Adams, president of the Michigan Credit Union League. The record-breaking growth, Adams said, indicates that credit unions and their members are working together to support the struggling auto industry. He also pointed out that the growth is being helped along by Invest in America, the credit union auto-buying discount program.

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