CU Direct achieves record $16 billion in funded auto loans during 2013
ONTARIO, CA (January 24, 2014) — CU Direct (www.cudirect.com), announced today that it processed a record $16 billion in funded auto loans in 2013, an increase of 25% compared to 2012.
During 2013 CU Direct supported 1,072 credit unions, helping them process more than 2.8 million auto loan applications, a 10% increase in applications compared to 2012.
The company’s milestone year was capped off with a record month in December, as the CUSO processed 268,000 auto loan applications, a 43% increase over December of 2012. This growth is made possible by offering partner credit unions access to over 60% of the auto dealerships in the US.
“Credit unions gained significant momentum in auto lending during 2013. Credit union’s on the CUDL lending platform during 2013 delivered growth rates double the auto lending market, demonstrating that credit unions can compete with banks and win in the auto lending marketplace,” said Bob Child, CU Direct’s chief of staff.
“CU Direct is committed to helping credit unions grow their auto loan volume through an ever expanding auto dealer network and innovative lending tools. This is an exciting time for credit unions to capitalize on member auto buying and lending needs extending these growth trends well into 2014 and beyond,” noted Child.
For more information, visit www.cudirect.com
About CU Direct Corporation
Established in 1994, CU Direct Corporation has helped the credit union industry fund over $150 billion in loans by being the nation’s leading lending and automotive solutions provider for credit unions. Representing more than 1,070 credit unions, CU Direct specializes in solutions that help credit unions generate loans, manage risk and provide value to members. CU Direct Corp. offers a diverse, extensive library of products and services designed to help credit unions advance their lending programs and achieve overall portfolio success. Solutions include CUDL Lending Insights, Lending 360, OnSpot Financing, Vero, and its suite of auto buying products. For more information about CU Direct Corporation visit www.cudirect.com.