CU Direct Enters New Agreement with Credit Union Leasing of America
Agreement Provides Option for Credit Unions to Retain Member Financing Through The Leasing Channel
Ontario, California | August 11, 2015
CU Direct (www.cudirect.com) the nation’s leading provider of lending, automotive and strategic solutions to the credit union industry, has entered into a new agreement with Credit Union Leasing of America (CULA, www.cula.com)
As a result of the agreement, CU Direct will be leveraging CULA’s technology through its CUDL Auto Lending Network to offer a consumer vehicle leasing option to credit unions and their members. The CUDL Network is the nation’s largest credit union auto lending platform, with 1,100 credit unions and 11,400 auto dealers.
Integrating CULA’s leasing interface into CU Direct’s CUDL Network provides interested credit unions a solution to capture member financing through the leasing channel. With the growing trend in consumer leasing at the dealership, accounting for slightly more than 31 percent of new-vehicle financing in the first three months of 2015, credit unions can now better serve their members.
“Credit Union Leasing of America is extremely excited about our partnership; having CU Direct select us as their approved lease program vendor is a major milestone in our 27 year history,” notes Greg Gandolfo, CULA’s executive vice president. “This partnership will give CU Direct’s credit unions and dealers access to a financing option whose national market share now exceeds 30%.”
CULA is among the nation’s most experienced providers of new and used indirect auto leasing and balloon loan services to consumer lenders, including credit unions.
“CU Direct’s credit unions now have an additional option to help grow new membership, as well as have the ability to retain their current members that prefer to lease their vehicles. Their technology, as well as their credit union and dealer partners will help fuel CULA’s growth,” added Gandolfo.
CULA has provided safe, compliant consumer and business lease and balloon loan programs for credit unions engaged in indirect lending and business lending since 1988.
“Through HVFCU’s partnership with CULA, the credit union has increased local vehicle market share penetration and added a significant amount of new loan volume to our portfolio,” states David Brand, Director of Loan Origination at Hudson Valley Federal Credit Union. “In addition, it’s expanded our ability to meet the needs of our membership, better positioning the credit union to retain current members and attract new ones.”
“We look forward to working with CULA, and to providing our credit unions with a leasing solution that will help them to better serve their members, and increase loan opportunities,” states Chris Harper, CU Direct’s national director, strategic alliances. “Vehicle leasing continues to be an area of lending that credit unions are looking at to generate loans.”
CU Direct credit unions funded more than 1 million loans through CU Direct’s CUDL lending platform, generating $22 billion in credit union auto loans in 2014. The company has helped its credit unions increase loan growth 17% thus far in 2015, and as a result CU Direct credit unions, as an aggregate, are the third largest auto lender in the nation.
Based in San Diego, California, Credit Union Leasing of America (CULA) offers vehicle leasing and balloon loan programs for individuals and businesses. Serving credit unions since 1988 CULA is the originator of turnkey credit union leasing and the clear industry leader. We bring proven performance, experience and security to our credit unions. Visit us on the web at www.cula.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.