Credit unions served by CU Direct helped to make it the third largest auto lender in the nation in 2014, the CUSO said Wednesday.
Participating credit unions funded more than one million auto loans through CU Direct's CUDL platform last year, which generated $22 billion in auto loan balances, according to the Ontario, Calif.-based CUSO.
This helped participating credit increase their auto loans by 29%, CU Direct said.
The CUSO also announced that it will make a 3% cash dividend to its 104 credit union shareholders, which is the 10th year that it has issued a cash dividend, according to Tony Boutelle, president/CEO of CU Direct.
By the end of 2014, 1,074 credit unions serving 41 million members used CU Direct's auto lending tools in 2014 and that 68 of them joined this year, the CUSO said.
CU Direct said it was ranked the sixth largest auto lender in 2013.
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