CUDL’s Pre Approval Programs Experience Growth, Help Drive Credit Union Member Loan Activity
Programs Have Helped Credit Unions Fund $291 Million in Member Auto Loans.
ONTARIO, CA (April 18, 2013) – CUDL (www.cudl.com), administrators of the nation’s largest auto lending network for credit unions, consisting of over 1,000 credit unions and 9,400 auto dealers, has announced that its Pre-Approval programs have helped credit unions fund $291.3M in member auto loans over the last three years.
CUDL’s Pre-Approval programs, including Pre-Approval Campaign Manager and the SMART Approval program, have experienced significant growth over the last 3 years, as more than 350 credit unions have implemented the CUSO’s programs to help grow their auto loan portfolios. A testament to the programs’ success, more than 77 percent of the programs’ pre-approved members visiting the dealership are getting their vehicle loans funded through their credit unions.
CUDL has confirmed that the number of credit union funded loans through the SMART Approval program alone tripled between 2011 and 2012, while the number of credit union funded loans through CUDL’s Pre-Approval Campaign Manager program experienced a 57% jump between 2011 and 2012.
SMART Approval enables credit unions to provide their members with a simple and convenient online pre-approval application and loan decision, through the credit union’s website, that streamlines the overall loan process, and eliminates member inconvenience of waiting for a loan decision at the dealership. As a result, credit unions enhance their ability to retain member loans, while also improving the member’s overall auto buying experience.
SMART Approval also allows credit union branches to initiate applications on behalf of members, helping simplify and manage different incentive structures for both direct and indirect loans within the branches.
The Pre-Approval Campaign Manager program helps credit unions integrate their pre-approved member data into the CUDL system to ensure members receive the same marketed loans and rates when they go to the dealership, providing them with a convenient, streamlined approach to financing a vehicle.
Credit union members have the added convenience of applying for loans through the CUSO’s Pre-Approval programs 24/7 via CUDL’s vehicle shopping mobile application for smart phones.
“The Pre-Approval programs help credit unions greatly improve their ability to secure members’ auto loans before they ever enter the dealership,” stated Joe Greenwald, senior vice president of credit union products at CUDL. “The programs heighten credit unions’ ability to be involved throughout the member’s vehicle buying process, while also helping to advance member loyalty.”
Based in Ontario, California, CUDL® (a CU Direct Corporation flagship 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 1,050 credit unions and 9,400 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 visit www.cudl.com and www.cudlautosmart.com.