CU Direct Receives CU Journal's Best Practice Award
Ontario, CA, December 12, 2013 -- CU Direct (www.cudirect.com), the nation’s leading provider of lending and automotive solutions to the credit union industry, has been recognized by CU Journal with the publication’s 2013 Best Practice Award.
CU Direct and Hudson River Community Credit Union were presented with the magazine’s Best Practice Award for their collaboration on the credit union’s internal strategic shift to elevate direct and indirect loan programs, and the development of an initiative aimed at driving foot traffic to participating CUDL dealerships.
Hudson River Community Credit Union’s “You never forget your first set of wheels” direct mail campaign focused attention on the ease and convenience of HRCCU’s indirect lending program, while the names and addresses of up to four CUDL-affiliated dealerships and the member’s local HRCCU Branch address were printed on each personalized mailer – based on recipient ZIP Code. The oversized postcard was sent to a selected group of members with the highest propensity for an auto loan.
The credit union is attributing this effort with driving 40% of all funded indirect loans it made during 2012. The credit union has partnered with CU Direct since 2011, using the CUSO’s auto lending products to further enhance its member offerings and help grow its auto lending program.
“CU Direct has been a key part of our lending strategy since 2011,” said Sue Commanda, CEO of Hudson River Community Credit Union. “We have seen our loan funding volume and new member numbers increase significantly as a result of our being a CU Direct investor,” she added.
The collaborative effort with Hudson River Community was selected following deliberation by Credit Union Journal’s editorial team, from among several hundred entries.
“This was a great opportunity for us to help Hudson River Community refine their auto lending strategy,” stated Bob Nealon, regional vice president at CU Direct. “As a result of our collaboration, and the credit union’s commitment to dealer relationships and strong program execution, Hudson River Community has been able to increase their indirect and direct loan volume.”
CU Direct has facilitated $130 billion in credit union auto loans since 1994, offering innovative products, building networks, and providing thought leadership to the industry. The company has introduced new efficiencies to the loan origination process, created better auto shopping experiences for credit union members, and helped credit unions better manage lending risk.
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 650,000 loans through CU Direct’s CUDL System thus far in 2013, totaling more than $12.5 billion in vehicle financing.
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