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.
ONTARIO, Calif. — CU Direct announced last week that it added 1,000 dealers to its CUDL auto lending network since reaching a record 10,000 dealers less than a year ago. The network, which is available in all 50 states, now includes 11,000 dealers in all 50 states.
The auto lending network also includes more than 1,100 credit unions, representing 38 million members nationwide. The expansion of the CUDL network represents CU Direct’s ongoing commitment to providing best-in-class solutions for credit unions and partner dealers, which continues to drive record results, officials said.
CU Direct credit unions generated a record $16.3 billion in auto loans through the CUDL network in 2013, while experiencing 21% growth in funded loans thus far in 2014.
“The increase in dealership participation we have experienced over the last few years further underscores the value dealers see in partnering with credit unions and using our expanding lending network,” stated Jerry Neemann, CU Direct’s executive vice president of automotive solutions. “Our goal is to provide leading products and services to dealers and credit unions that add value to their relationships, grow sales opportunities for dealers, and generate loan growth for credit unions.”
More Auto Finance
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →