CU Direct, Credit Unions Sign New Partnership Agreements
Ontario, CA | November 7, 2013
Ontario, CA, November 7, 2013 -- CU Direct Corporation (www.cudirect.com), the nation’s leading provider of lending and automotive solutions to the credit union industry, has announced new partnership agreements with nine credit unions.
As a result of the agreements, the credit unions will be incorporating products from CU Direct’s suite of auto lending solutions to drive loan growth, business efficiency and improved member satisfaction. Currently, more than 1,060 credit unions nationwide, serving 34 million members, are utilizing the CUSO’s lending solutions.
The new partner credit unions, Santa Ana, California-based SchoolsFirst FCU (577, 568 members, $9.7B in assets); Colorado Springs, Colorado-based ENT Federal Credit Union (224,488 members, $3.8B in assets); Upper Marlboro, Maryland-based NASA FCU (87,219 members, $1.2B in assets); Manchester, New Hampshire’s St. Mary’s Bank Credit Union (85,063 members, $0.8B in assets); Lawrence, Massachusetts-based Merrimack Valley Federal Credit Union (44,319 members, $0.5B in assets); Jacksonville, Florida’s 121 Financial CU (37,680 members, $0.4B in assets); Dallas, Texas-based Resource One Federal Credit Union (46,225 members, $0.4B in assets); Cedar Rapids, Iowa’s Linn Area Credit Union (24,224 members, $0.3B in assets); and Providence-based Rhode Island Credit Union (24,674 members, $0.3B in assets), will incorporate CU Direct’s products and programs to enhance their line-up of member offerings and services, and to maximize their process and cost efficiencies.
The CUSO has signed new partnership agreements with 80 credit unions thus far in 2013.
CU Direct partner credit unions collectively have experienced 16% auto loan growth in 2013. As a result, CU Direct partner credit unions, as an aggregate, are the fifth largest auto lender in the nation. Credit unions have funded 545,000 loans through CU Direct’s CUDL System thus far in 2013, totaling $12.2 billion in vehicle financing.
“The CU Direct team looks forward to partnering with these new credit unions and working together to define their auto lending strategy, increase efficiencies, and grow their auto loan volume using CU Direct’s line-up of innovative lending solutions and services,” stated Tony Boutelle, president and CEO of CU Direct.
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About CU Direct Corporation
Established in 1994, CU Direct Corporation has helped the credit union industry fund over $120 billion in loans by being the nation’s leading lending and automotive solutions provider for credit unions. Representing more than 1,060 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.