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October 11, 2017 - Industry News

CU Direct Partners With Inventory Command Center

ICC’s Command Center software enables CU Direct to more easily manage the 2.5 million vehicles in dealer partner inventory on the AutoSMART platform and shopping site.

Tags: credit unions, CU Direct, digital marketing, digital retailing, Inventory Command Center, inventory merchandising

October 3, 2017 - Industry News

CUDL: Credit Unions Capitalizing on Bank Retreat

Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.

Tags: auto finance, banks, Captive, credit unions, CU Direct

June 6, 2017 - Industry News

CUDL: Subprime Pullback Opens Door for Credit Unions

With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.

Tags: auto finance, credit unions, CU Direct, special finance, subprime, used-vehicle financing

March 14, 2017 - Industry News

CUDL Holds Onto No. 2 Spot in Auto Finance Rankings

The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.

Tags: auto finance, credit unions, CUDL, powerbooking

January 18, 2017 - Industry News

CU Direct Claims $30 Billion in Auto Loans, Pays Cash Dividend

Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016 and surpassing the $26 billion in loans the company funded in 2015.

Tags: auto finance, credit unions, CU Direct, CUDL, F&I manager, loan originations

December 19, 2016 - Industry News

Carvana Partners With Two Georgia Credit Unions

In two separate announcements, Carvana today announced that it has partnered with Associated Credit Union and LGE Community Credit Union to offer their members access to certified and competitively priced vehicles through an online car-buying experience.

Tags: Carvana, credit unions, Online Buying

December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: banks, CFPB, Congress, credit unions, Regulations, Senate

November 30, 2016 - Industry News

CUDL Credit Unions Now No. 2 Auto Finance Source

The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.

Tags: Auto Lending, credit unions, CU Direct

November 1, 2016 - Industry News

MVSC Rolls Out Titling Solution for California, Nevada Credit Unions

Vitu Lending is designed to cut down on what had been a two-week process for Nevada and California credit union clerks to two days. Additional regional solutions are planned for the start of 2017.

Tags: credit unions, ELT, Finance, MVSC

September 6, 2016 - Industry News

CU Direct Reaches New Milestone

Credit unions funded a record 529,000 auto loans through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016. That amounts to more than $16.1 billion in funded automotive loans.

Tags: Auto Loans, credit unions, CU Direct Corporation, CUDL

February 9, 2016 - Industry News

Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports

Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.

Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, credit unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances

April 28, 2015 - Industry News

Credit Unions Now Third Largest Auto Lender Type, CUDL Reports

Credit unions are competing aggressively in the automotive marketplace, financing one in four auto loans so far in 2015, CU Direct reports.

Tags: credit unions, CU Direct Corporation, CUDL, Delinquencies, loan originations

July 17, 2014 - Industry News

CU Direct Credit Unions Post 25.4% Increase in Q1 Originations

CUDL Credit Unions became the fourth largest lending segment in the first quarter, growing their origination count by 25.4%.

Tags: Auto Loans, credit unions, CU Direct Corporation, Delinquencies, Experian Automotive

July 8, 2014 - Industry News

Space Coast Credit Union Adopts RouteOne Econtracting

Space Coast Credit Union, which serves more than 230,000 members on Florida’s east coast, has adopted RouteOne’s eContracting platform using its new DiscountOne product.

Tags: credit unions, econtracting, RouteOne

May 8, 2014 - Industry News

GrooveCar Connects to Dealertrack Credit App Network

Credit unions using GrooveCar will now receive credit applications in their AppTrac system through Dealertrack’s credit application network. Participating credit unions will also be able to send loan decisions back to dealers through the network.

Tags: credit application, credit unions, Dealertrack, GrooveCar

April 24, 2014 - Industry News

14 Credit Unions to Participate in Nonprime Pilot Program

Fourteen credit unions across the country are participating in a product incubator for Non-Prime Auto Loans, one of five products in the Filene Research Institute’s accessible financial services incubator funded by the Ford Foundation.

Tags: Auto Loans, credit unions, nonprime

April 8, 2014 - Industry News

CU Direct’s Auto Lending Network Hits 11,000 Dealers

The company’s CUDL auto lending network reached a new milestone, adding 1,000 dealers since breaking the 10,000-dealer mark less than a year ago. Official also report that CU Direct credit unions generated a record $16.3 billion in auto loans through the network last year.

Tags: credit unions, CU Direct Corporation, dealer, Indirect Lending

March 20, 2014 - Industry News

Banks, Credit Unions Feeling New Regulatory Burdens

A recent survey found that U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. This is due in part to heightened concern over the mortgage guidelines recently finalized by the CFPB.

Tags: banks, CFPB, Consumer Financial Protection Bureau, credit unions, financial regulation, mortgage

March 18, 2014 - Industry News

Survey: Bankers Preparing for Higher Credit Losses

Banks and credit unions believe they will eventually need to boost allowances for loan and lease losses by nearly 50%, according to a recent survey by Sageworks, a financial information company.

Tags: banks, credit unions, loans

January 21, 2014 - Industry News

CU Direct to Showcase Latest Generation of CUDL AutoSMART

CU Direct will showcase the latest generation of its vehicle-shopping website, as well as its new Auto PREMIER concierge program.

Tags: credit unions, CU Direct Corporation, CUDL, NADA Convention and Expo

January 21, 2014 - Industry News

SFG Finance Achieves 30% Year-Over-Year Growth

SFG Finance announced this week that its portfolio grew 30% over the last year thanks to the company’s subprime flow program — an initiative in which independent, indirect auto lenders originate and immediately pass through auto loans that meet SFG Finance’s program guidelines.

Tags: buy-here, credit unions, lenders, pay-here, Portfolio, SFG Finance

December 19, 2013 - Industry News

Dealertrack Credit App Network Tops 1,400 Lender Connections

The Dealertrack Credit Application Network has grown from five lenders in 2001 to more than 1,400 lenders today, allowing dealers to electronically submit application data to a diverse network of banks, independent finance companies, captives and credit unions.

Tags: Credit Applications, credit unions, Dealertrack, lenders

December 10, 2013 - Industry News

GrooveCar Direct Partners With Credit Unions

GrooveCar Direct has partnered with MIDFLORIDA Credit Union and Tuscaloosa Teachers Credit Union. The two credit unions will take advantage of the buying resource's suite of products to grow auto originations.

Tags: Auto Loans, credit unions, Inventory Management, Partnership

July 9, 2013 - Industry News

CUDL Reaches 10,000-Dealer Milestone

After adding more than 1,000 dealers last year and expanding into Canada, CUDL announced that it now has 10,000 dealers on its credit union lending network.

Tags: credit unions, CUDL, dealer

June 4, 2013 - Industry News

VINtek to Provide ELT Services to Deere Employees Credit Union

Deere Employees Credit Union has selected VINtek as its provider of automotive collateral management services, including ELT.

Tags: credit unions, VINtek

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