CUDL Rides Further Into the West
Pact allows CU Direct Connect to use indirect loan platform in Colorado and eight other states.
CU Direct’s CUDL auto lending network will reach further into Colorado and eight other states through an agreement with Denver-based CU Direct Connect.
The partnership announced Wednesday allows CU Direct Connect (CUDC) to provide the CUDL network to the more than 40 credit unions it serves. The network and its lending platform allow credit unions to make indirect auto loans through any of 14,000 U.S. dealers.
The CUSOs said the agreement allows credit unions to present a larger and more unified profile to car dealers, distinguishing them more from banks and finance companies in the indirect auto loan market.
Blair Korschun, president/CEO of CU Direct Connect, said the agreement reflects the CUSO’s belief in the benefit of credit unions working together.
“This collaborative agreement will make new, competitive credit union lending options available to our dealer partners with the highest service levels, fast decisions and fast funding,” Korschun said. “The true winners from our agreement are our mutual credit union consumers who will now have a greater opportunity to get their auto loan or lease from their credit union of choice.”
CU Direct had agreements with 1,117 credit unions serving 47.8 million members at the end of 2017 for its technology products, including CUDL, Lending 360, Lending Insights, AutoSMART and OnSpot Financing.
Credit unions funded 1.8 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $39 billion in credit union auto loans in 2017, up from $32 billion in 2016.
CUDC’s indirect car loans increased 11.1% to $2.61 billion last year. Its affiliated credit unions are collectively one of the largest auto lenders in Colorado and among the 10 largest in Arizona. CUDC also operates in Washington, Wyoming, Florida, Texas, Georgia, Nevada and Illinois.
CU Direct’s president and CEO, Tony Boutelle said the agreement will further expand the CUDL network nationally in both breadth and depth.
“We look forward to working with CU Direct Connect to provide the CUDL platform to their credit unions and to advancing the overall success of our respective credit union partners in the auto lending marketplace,” Boutelle said.