CUDL Signs New Partnership Agreements With Credit Unions
Contact: Bill Meyer
CU Direct Corporation
Ontario, CA, November 17, 2010¾ CUDL (www.cudl.com), the nation’s leading indirect and point-of-purchase auto lending solutions CUSO, and administrators of the nation’s largest auto lending network for credit unions, has announced new partnership agreements with five credit unions.
As a result of the agreements, three of the credit unions will be integrating their back-office processing and loan origination with CUDL’s national auto lending platform.
The credit unions, Tulsa, Oklahoma-based Oklahoma Central Credit Union (32,351 members and $402,499,687 in assets); Honolulu, Hawaii-based Aloha Pacific Federal Credit Union (34,236 members and $725,201,164 in assets); and Groton, Connecticut-based Charter Oak Federal Credit Union (70,933 members and $640,014,186 in assets), will incorporate CUDL’s products and programs to enhance their line-up of member product offerings and services, and to maximize their process and cost efficiencies.
According to Charter Oak CEO Brian Orenstein, “Charter Oak is always striving to implement new products and services that offer our members more convenient and cost-effective ways to conduct their everyday banking. Partnering with CUDL is just one more way our members will save time and money while banking with our credit union. We are proud to be able to extend these services to all consumers who live or work in New London and Windham Counties.”
Albuquerque, New Mexico-based Sandia Laboratory Federal Credit Union (61,466 members and $1,573,381,599 in assets) and Franklin Mint Federal Credit Union (68,314 members and $661,119,301 in assets), based in Broomall, Pennsylvania, have also signed a partnership agreement with CUDL to implement the CUSO’s successful CUDL AutoSMART program (www.cudlautosmart.com).
The credit unions will employ the AutoSMART program to help extend their brand and member offerings by providing members with a wide-range of robust online vehicle research tools, as well as access to dealers and their inventories. The AutoSMART program provides credit unions with a fully customizable, co-branded vehicle research and shopping website that helps credit union members navigate through the auto buying process.
“Sandia Laboratory FCU’s members are highly educated and tech-savvy. They like to be well informed about their major purchases and get the best deal. We believe our members will appreciate the tools that AutoSmart makes available to them,” says Diane Kapuranis, vice president of lending at SLFCU.
“We strive to provide members who are purchasing vehicles with the best resources and information that is available. We found that in AutoSMART. It combines up-to-date vehicle and dealer information in one place. We are pleased to provide this resource through FMFCU’s website,” says Allan Stevens, FMFCU vice president and chief credit officer.
Charter Oak’s Orenstein also noted, “The AutoSMART program which will be available through the credit union website, will guide Charter Oak members through the entire automobile buying process. Providing a one-stop-shop for researching local vehicle inventory — to applying for their loan, AutoSMART will provide our members with the convenient services our credit union is known for.”
CUDL, which has ten regional offices throughout the U.S., has continued to experience growth with its national auto lending network, signing 122 new credit unions nationwide thus far in 2010. Currently, CUDL has more than 870 participating credit unions, representing 21 million members, and approximately 6,800 participating dealers, nationwide.
“We look forward to working closely with each of our new credit union partners to help them advance their auto lending program success,” stated Jerry Neemann, executive vice president and CSO of CUDL. “It is our commitment to provide them with the solutions that will effectively help them meet their auto lending goals now and in the long-term.”
Based in Ontario, California, CUDL® (a CU Direct Corporation brand) is the leader in indirect and point-of-purchase lending services for the credit union industry. As a Credit Union-owned Service Organization, CUDL develops custom applications, training and marketing programs to help credit unions achieve their indirect vehicle lending goals.
More than 870 credit unions and 6,800 dealerships nationwide rely on CUDL’s national lending network to better serve members’ vehicle shopping needs and drive member financing at the point-of-purchase. For more information about CUDL visitwww.cudl.com and www.cudlautosmart.com.