Volkswagen lures customers with college savings option

Hello 60s? Volkswagen is calling. The renowned manufacturer of the hippie vehicle of choice, the Volkswagen bus, is once again trying to lure the college audience, or at least the parents of college students, many of whom probably drove a bus in the 60s, by issuing a new minivan with an added incentive - $1,500 that can be moved directly into a 529 college savings account.

For customers who purchase the new Routan minivan and make a down payment, Volkswagen will deposit $1,500 into an account held by Upromise Inc., a subsidiary of SLM Corporation which owns Sallie Mae Bank. The money can then be moved into a Section 529 college savings account. The folks at Volkswagen report that there have been 6,000 takers so far.

To qualify for the rebate program, vehicles must be purchased or leased by August 31, 2008 and delivery must occur by November 30, 2008.

The price range for the Routan is from $24,700 to $38,400. The vehicle is to be produced by Chrysler and based on the Dodge Caravan and Chrysler Town & Country platform.

You can read more information about the program on the Upromise Web site [1].