ONTARIO, Calif., Sept. 1, 2016 /PRNewswire/ -- CU Direct has reached a new milestone in auto loans, helping credit unions fund more than $16.1 billion in loans at the half-way point of 2016.
The credit union industry's leader in best-in-class lending technology and automotive solutions, CU Direct has helped its 1,000+ credit union partners increase funded loans by 24.5% year-over-year.
Credit unions funded a record 529,000 auto loans through CU Direct's Lending 360 and CUDL platforms in the first half of 2016, a 16.4% increase over the mid-year point of 2015. As a result, CU Direct credit union partners, as an aggregate, are the nation's third largest auto lender, experiencing higher loan origination growth than any auto lender ranked among the nation's top ten. CU Direct credit unions experienced greater loan growth than Wells Fargo Dealer Services and Ally Financial, according to AutoCount.
The growth reflects credit unions continued appetite in auto lending, growing market share from 19.7% year-end 2014 to 21% in June of 2016.
"CU Direct is excited to help our partner credit unions increase auto lending scale and efficiency, improving overall market share and creating a better member experience," said Tony Boutelle, CU Direct's president and CEO. "We are committed to delivering innovative technology, products, and services that help credit unions make more loans and improve their members' auto buying and auto lending experiences today and in the future."
About CU Direct
Established in 1994, CU Direct has helped the credit union industry fund over $186 billion in loans by being the nation's leading lending technology and automotive solutions provider for credit unions. Representing more than 1,000 credit unions, CU Direct specializes in solutions that help credit unions generate loans, create efficiencies, and grow membership. CU Direct offers products and services that help credit unions advance their lending programs and achieve overall portfolio success. For more information, visit www.cudirect.com.