Pontiac in Oakland County, Michigan — The American Midwest (Great Lakes)
Automobile Financing
Money Greases the Wheels
Photographed By Joel Seewald, June 13, 2021
1. Automobile Financing: Money Greases the Wheels Marker
Before loan money was available,
the early market for automobiles was limited in Pontiac and elsewhere. Car dealers couldn't afford inventories of more than a few vehicles and many people couldn't afford to buy cars at all. By offering loans to dealers and buyers, automobile manufacturers unleashed the mass market and injected economic energy into communities. In 1919, General Motors was the first of Detroit's Big Three to do this, followed by Ford in 1959 and Chrysler in 1964.
You Auto Know
Today about 70 percent of automobile buyers get loans for their vehicles, 20 percent lease, and 10 percent pay cash.
Erected by MotorCities National Heritage Area, National Park Service.
Topics and series. This historical marker is listed in these topic lists: Industry & Commerce • Roads & Vehicles. In addition, it is included in the MotorCities National Heritage Area series list. A significant historical year for this entry is 1919.
Location. 42° 37.806′ N, 83° 18.054′ W. Marker is in Pontiac, Michigan, in Oakland County. Marker is at the intersection of Wesson Street and Branch Street, on the right when traveling west on Wesson Street. Marker is in Rotary Park. Touch for map. Marker is in this post office area: Pontiac MI 48341, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within
this page online
Photo courtesy of General Motors.
2. Automobile Financing: Money Greases the Wheels Marker upper left image
Cadillac Fleetwood body assembly, 1965. Credit and loans, and the mass market they created, helped keep vehicle production regular.
Photos courtesy of Nancy Thompson.
3. Automobile Financing: Money Greases the Wheels Marker lower left images
The colorful marketing of automobiles in dealer lots includes offers of financing to make purchases easier.
4. Automobile Financing: Money Greases the Wheels Marker top near right image
The high wages of workers helped build community financial institutions like Genisys Credit Union in Pontiac. Genisys' roots go back to the 1935 founding of the T&C (Truck and Coach) Federal Credit Union to serve the needs of workers on Pontiac's south side. By 2013 Genisys was Michigan's fifth largest credit union.
Photo courtesy of Oakland County.
5. Automobile Financing: Money Greases the Wheels Marker bottom near right image
Oakland car dealership, 1920s. From early on, automobile dealerships benefitted from financing to build their inventories.
Image courtesy of Genisys Credit Union.
6. Automobile Financing: Money Greases the Wheels Marker far right image
In 1961, GMTC (General Motors Truck Company) Employees Federal Credit Union, formerly the T&C Federal Credit Union, broke ground for its new building on Woodward Avenue with the distinctive round concrete roof. In 2008, GMTC merged with USA Credit Union to become Genisys Credit Union.
Photographed By Joel Seewald, June 13, 2021
7. Automobile Financing: Money Greases the Wheels Marker
Photographed By Joel Seewald, June 13, 2021
8. Rotary Park sign
Marker is in Rotary Park, near the Rotary Park sign.
Credits. This page was last revised on June 16, 2021. It was originally submitted on June 16, 2021, by Joel Seewald of Madison Heights, Michigan. This page has been viewed 113 times since then and 8 times this year. Photos: 1, 2, 3, 4, 5, 6, 7, 8. submitted on June 16, 2021, by Joel Seewald of Madison Heights, Michigan.
