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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.

by Staff
November 30, 2016
2 min to read


ONTARIO, Calif. — The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated 1 million loans on a year-to-date basis, surpassing Ally Bank in loans originated this year.

In aggregate, credit unions on the CUDL platform are now the nation's No. 2 auto finance source, the company announced on Tuesday. Looking at credit unions as a whole, the finance segment now holds a 22% share of the market, according to Experian Automotive.

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“Our goal has always been to help our partner credit unions and auto dealers create efficiencies and grow their overall market share,” said Tony Boutelle, president and CEO of CU Direct. “We are proud to provide solutions that achieve these objectives for our credit unions, as illustrated by this most recent data.”

For the past two years, credit unions on the CUDL platform represented the nation's third largest finance source. But with auto finance now accounting for a third of credit unions' total loan portfolios, its clear car buyers are turning toward credit unions in greater numbers.

Additionally, credit union lenders on the CUDL Platform are experiencing the highest loan origination growth rate, 15.4%, of any auto finance source on the industry's Top 10 finance source list, according to data from Experian's AutoCount and CU Direct.

Credit unions using CUDL’s platform have access to more than 13,000 auto dealerships across the country, as well as 42 million potential buyers who are members of CU Direct partner credit unions.

“Without CU Direct, we would not have experienced the success we’ve had in the auto lending marketplace,” said Paula Kenny, senior vice president lending/training at America First Credit Union.  “We fund approximately $100 million in auto loans a month through the indirect channel, as a direct result of our relationship with CU Direct. By partnering with CU Direct, we’ve been able to build meaningful relationships with both franchise and independent dealerships, as well as open numerous new markets.”

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