Credit Union Direct's automotive lending network, a group of approximately 1,100 credit unions, collectively ranked No. 1 among the 10 largest auto lending sources in 2017's third quarter, CU Direct said late last month.
Capital One came in second after showing 17 percent growth over last year, and Ally Financial Services dropped to third from the No. 2 spot after a 9 percent decrease in auto loan originations for the quarter.
The nexus of credit unions leveraging CU Direct's CUDL lending platform, which connects credit unions to more than 13,000 dealerships nationwide, collectively acted as the largest financing source after funding nearly 850,000 loans through September. Those figures include new- and used-vehicle loans, but exclude leases.
The group secured the No. 1 slot in the rankings for the first nine months of 2016, giving it a shot at the full-year title. On a full-year basis, credit unions on the CUDL platform were No. 2 in 2016, after having been No. 3 in 2015 and 2014.