ONTARIO, Calif. — 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% year-over-year increase, according to the firm. That amounts to more than $16.1 billion in loans funded through CU Direct's platforms.
As a result, CU Direct’s 1,000-plus credit union partners increased funded loans by 24.5% from a year ago. And according to the company, the aggregate of credit union partners — which, combined, represent the nation’s third largest auto finance source — experienced higher loan origination growth than any other finance source listed in Experian's Top 10 auto lender list.
This growth, according to the company, reflects credit unions’ continued appetite in the auto finance arena, where the segment grew its share of the market from 19.7% at the end of 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.”