CU Direct Achieves Record $16 Billion in Funded Auto Loans During 2013
CUSO Experiences a 10% Increase in Applications Over 2012
Ontario, Calif. | January 22, 2014
CU Direct (www.cudirect.com), announced today that it processed a record $16 billion in funded auto loans in 2013, an increase of 25% compared to 2012.
During 2013 CU Direct supported 1,072 credit unions, helping them process more than 2.8 million auto loan applications, a 10% increase in applications compared to 2012.
The company’s milestone year was capped off with a record month in December, as the CUSO processed 268,000 auto loan applications, a 43% increase over December of 2012. This growth is made possible by offering partner credit unions access to over 60% of the auto dealerships in the US.
“Credit unions gained significant momentum in auto lending during 2013. Credit union’s on the CUDL lending platform during 2013 delivered growth rates double the auto lending market, demonstrating that credit unions can compete with banks and win in the auto lending marketplace,” said Bob Child, CU Direct’s chief of staff.
“CU Direct is committed to helping credit unions grow their auto loan volume through an ever expanding auto dealer network and innovative lending tools. This is an exciting time for credit unions to capitalize on member auto buying and lending needs extending these growth trends well into 2014 and beyond,” noted Child.
For more information, visit www.cudirect.com
About CU Direct
For more than twenty years, CU Direct has been a lending technology leader, helping credit unions fund $211 billion in loans. More than 1,100 credit unions rely on CU Direct’s solutions to generate loans, create efficiencies, and grow membership. From CUDL, the industry’s number one auto lending platform, to the industry’s revolutionary Lending 360 Loan Origination System, and Lending Insights dynamic analytic tools, CU Direct develops the technology that helps credit unions advance their lending programs and overall portfolio success. 14,000 auto dealers nationwide use CU Direct’s automotive solutions to connect with credit unions and their members to drive sales and increase their bottom lines. For more information, visit www.cudirect.com. Connect with CU Direct on Twitter and LinkedIn.