CU Direct Delivers Record $30 Billion in Credit Union Auto Loans in 2016, Pays 12th Consecutive Cash Dividend
Ontario, CA | January 17, 2017
CU Direct, the nation’s leading provider of lending, automotive and strategic solutions to the credit union industry, has announced that the company’s Board of Directors has approved a 3% cash dividend to its 108 credit union shareholders for a record twelfth consecutive year.
Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016, surpassing the company’s record $26 billion in loans funded in 2015. Further reflecting their growing marketplace strength, CU Direct credit unions have increased auto loans 55.6% since 2013.
The company helped its credit union partners increase loan growth 16% in 2016, the highest loan origination growth rate among the top nine lenders in the nation according to data from AutoCount, and as a result CU Direct credit unions, as an aggregate, became the second largest auto lender in the nation.
The company grew with 55 new credit unions, to drive efficiencies, grow loan originations and generate revenue. At year’s end 1,048 credit unions, serving 44.5 million members, were utilizing the company’s industry-leading lending software & solutions, including innovative, best-in-class lending platforms (CUDL, Lending 360), analytics and reporting (Lending Insights), auto-shopping tools (AutoSMART), and retail lending products (OnSpot Financing).
“We are pleased to provide a strong return on investment to our shareholders for the twelfth consecutive year,” said Tony Boutelle, president and CEO of CU Direct. “Credit unions continue to demonstrate that they can compete with banks and win in the auto lending marketplace; our goal is to deliver innovative lending technology and solutions that help credit unions improve efficiencies to get to yes faster, and make more loans.”