The Jeep Wranglers’ brand is on the rise and their owner, Joe Kallenberg, is thrilled with the credit union’s investment.
He said he will use the money to buy an apartment in a suburb of Toronto.
Kallenberg said he has a $1.3-million mortgage, a $5-million credit union balance and a $2-million down payment.
“The credit union is going to be our best asset,” Kallberg said.
“They’re going to provide a good amount of financing, they’re going of course to offer us the best possible service.”
Kallberg’s credit union, called Credit Union Bank of Canada, says it is the only Canadian credit union that will invest the money in the Wrangler.
The credit unions say the investment is being made in order to provide the Wrangler owners with the most attractive financing option.
Credit Union Canada has received hundreds of applications for loans from the Wranglerers, Kallenberg said, and that the loan amount is contingent on the credit unions success.
“We’re in a competitive marketplace.
We’re not there yet,” Kellberg said Friday.
“But we have good interest rates, so if we’re able to get it done, I think we will be in the market for a couple of years.”
The Wrangler has been in business since 2009 and has been on sale in Canada since 2011.
When the Wrangers first went on sale, it was offered with a two-door version of the Jeep Grand Cherokee, with a six-speed automatic.
In 2018, the Wrangs were offered with the new SUV and the Wrights were redesigned with the larger Wrangler XJ and the new Wrangler Wrangler Ultimate.
Jeep has been steadily expanding its global production of the Wrongs, and Kallenburg says the Wrangles are expected to reach 200,000 units globally by 2020.
However, the new Jeep Wrangs will not be sold in Canada.