Twelve Credit Unions, Representing More than 1 Million Members, Sign New Partnership Agreements with CU Direct

Credit Unions Select CUSO’s Best in Class Auto Lending Solutions to Accelerate Loan Growth and Advance Member Offerings

Ontario, CA | November 25, 2014

CU Direct (www.cudirect.com), the nation’s leading provider of lending, automotive and strategic solutions to the credit union industry, has announced recent partnership agreements with 12 credit unions.

As a result of the new agreements, the credit unions will be joining more than 1,100 credit unions that utilize CU Direct’s solutions to drive loan growth, cultivate business efficiency and improve member satisfaction.

The recently signed credit unions have joined CU Direct’s CUDL Indirect Lending Network, which includes 11,300 dealers.  Credit union signings include: Springfield, Oregon’s Northwest Community Credit Union (90,162 members, $878.1 million in assets); Fort Walton Beach, Florida-based Eglin Federal Credit Union (113,386 members, $1.6 billion in assets); Ottumwa, Iowa’s Community 1st Credit Union (50,000 members, $500.2 million in assets); Chicopee, Massachusetts-based Polish National Credit Union (21,904 members, $479 million in assets); North Liberty Iowa’s University of Iowa Community Credit Union (116,048 members, $2.4 billion in assets); Bartlesville, Oklahoma-based Truity Credit Union (68,537 members, $727 million in assets); Baton Rouge, Louisiana’s La Capitol Federal Credit Union (53,171 members, $458 million in assets); Whittier, California-based Credit Union of Southern California (63,532 members, $781.8 million in assets); and Dover, Delaware’s Dover Federal Credit Union (39,752 members, $407.3 million in assets).

“By moving to CU Direct’s (CUDL) indirect lending platform, we will be able to provide greatly enhanced member service in the form of dealer access and member education; reduced origination expense; better efficiency in dealer management; improved credit quality; and we will be able to deliver pre-approvals to our members more effectively,” said Mark Wilburn, chief lending officer, Truity Credit Union.

In addition, three credit unions have elected to make use of CU Direct’s innovative auto shopping program, AutoSMART, with custom loan integration: Albuquerque, New Mexico-based U.S. New Mexico Federal Credit Union (75,000 members, $803.5 million in assets); Albany, New York’s State Employees Federal Credit Union (303,700 members, $2.8 billion in assets); and Bellevue, Nebraska’s SAC Federal Credit Union 82,637 members, $729 million in assets), which also has incorporated CU Direct’s dynamic concierge auto buying solution, AutoPREMIER.

“The partnership with CU Direct will help the University of Iowa Community Credit Union enhance our relationship with our members and dealer partners and advance our overall auto lending program, by providing quality service to our members and saving them money,” noted Steve Quigley, senior vice president/retail, University of Iowa Community Credit Union.

The CUSO has signed new partnership agreements with 54 credit unions thus far in 2014.

CU Direct partner credit unions collectively have experienced 29% auto loan growth (number of loans) in 2014.  As a result, CU Direct credit unions, as an aggregate, are the third largest auto lender in the nation.  Through CU Direct, credit unions have funded 703,000 loans thus far in 2014, totaling $18.6 billion in vehicle financing.

“We look forward to working closely with each of our new credit unions, helping them to successfully leverage the CUDL network and CU Direct’s mobile lending technology to improve the member experience and to drive loan growth,” said Paul Kirkbride, senior vice president of CU solutions at CU Direct.

 

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