RANCHO CUCAMONGA, Calif. -- Credit Union Direct Lending (CUDL), the largest point-of-sale lending network for U.S. credit unions, launched operations in Illinois. Credit unions and dealerships in the greater Chicago area are now using the indirect lending platform.
Among the first credit unions in Illinois to use the CUDL program are Alliant Credit Union, with 167,000 members and approximately $4.4 billion in assets; and Baxter Credit Union, with 104 thousand members and more than $800 million in assets. The first dealerships on the CUDL network in Illinois include Anthony Pontiac, Grant Dean Buick, Sessler Ford, Arlington Acura, Ray Chevrolet and Schaumburg Honda.
"We truly believe the auto lending opportunity in our local Chicago markets is largely untapped by credit unions and feel the CUDL model gives us the best chance to tap in," said John Sahagian, lending sales manager of Baxter Credit Union.
CU Direct has hired Lance Marcinek as the new regional director for the Midwest Business unit and will open a regional office in the Chicago area.
Administered by CU Direct Corporation, the credit-union-owned CUDL program is now fully operational in thirteen states. It serves more than 280 credit unions and 2,800 dealerships in California, Nevada, Washington, Oregon, Texas, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia and North Carolina.
