Credit Union Direct Lending (CUDL), which bills itself as the largest point-of-sale lending network for credit unions in the United States, announced credit unions and dealerships in North Carolina are now using the indirect lending platform.

Administered by CU Direct Corp., the credit union owned CUDL system is now fully operational in 12 states, serving more than 260 credit unions and 2,000 dealerships in California, Nevada, Washington, Oregon, Texas, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia and North Carolina.

Coastal Federal Credit Union, with headquarters in Raleigh, N.C., $1.2 billion in assets, more than 115,000 members, and 15 branch locations in Raleigh, Concord, Charlotte, and Durham, is the first credit union in the state to implement the indirect lending system.

“We are looking forward to working with the CUDL network in order to provide our members with additional services, differentiate our credit union at the dealerships, and ultimately increase our auto loan volume in our area,” said Keith Hackley, SVP and COO of Coastal FCU. “We are impressed with the functionality of the Web-based system, knowledgeable CUDL staff, as well as the products and services offered.”

“We are very pleased to work with Coastal Federal Credit Union,” said Jerry Neemann, SVP business operations. “As we expand the CUDL network throughout North Carolina, the participation of Coastal FCU is instrumental to creating a strong credit union and dealer indirect lending network which will allow members to have easy access to their credit union financing.”

About Credit Union Direct Lending

Based in Rancho Cucamonga, Calif., CU Direct Corp. administers the credit union owned Credit Union Direct Lending (CUDL) program, which allows members to receive credit union financing at the auto dealership through an automated decisioning system.

CU Direct develops custom applications, training, and marketing programs designed to help credit unions achieve their indirect lending goals. The CUDL program includes 2,019 dealerships and 264 participating credit unions in California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia and North Carolina.

In 2002, participating CUDL credit unions funded 177,011 contracts for more than $3.3 billion in credit union auto financing.

For more information visit www.cudirect.com.