Credit Union Direct Lending (CUDL), a point-of-sale lending network for credit unions in the United States, announced operations have begun in Minnesota and Virginia. CUDL says it is now operational in eleven states, serving more than 260 credit unions and 1,980 dealerships in California, Nevada, Washington, Oregon, Texas, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, and Virginia.
City County Federal Credit Union in Bloomington, MN, with $400 million in assets and 48,500 members and NWA Federal Credit Union in Apple Valley, MN with $1 billion in assets and 115,800 of members are among the first Minnesota credit unions to join the program.
"This is our first venture into the indirect lending marketplace and we can't think of a better way to start than with a credit union owned organization," states Bryan Bennett, executive vice president and CFO of City County FCU.
Virginia credit unions joining the CUDL program include: County of Henrico Federal Credit Union in Richmond, VA with $61 million in assets; Call Federal Credit Union in Richmond, VA with $226 million in assets; Fort Lee Federal Credit Union in Prince George, VA with $71 million in assets; DuPont Fibers Federal Credit Union in Richmond, VA with $145 million in assets; Southern States Employees Credit Union in Richmond, VA with $26 million in assets; and Dominion Credit Union in Richmond, VA with $126 million in assets.
"The CUDL program is a valuable and essential tool that will allow us to satisfy the auto buying needs of our members even when we are not available," stated Roger Ball, president and CEO at Call Federal Credit Union.
"We are very excited to have Minnesota and Virginia credit unions and dealerships join the CUDL network," stated Jerry Neemann, SVP Business Operations for CU Direct Corporation. "The credit union-owned CUDL system will provide credit unions and dealerships in these regions a cost effective means to increase their auto lending market share and reach their members who arrange for financing at the dealerships."
About Credit Union Direct Lending
Based in Rancho Cucamonga, California, CU Direct Corporation administers the 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 to help credit unions achieve their indirect lending goals. The CUDL program includes 1,985 dealerships and 262 participating credit unions in California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, and Virginia. 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.
