CU Direct’s network of 1,100 credit unions originated 567,917 auto loans through June, an 18.2% rise from the prior-year period.
Cumulatively, that’s more volume than Capital One Financial Corp.’s industry-leading 565,999 contracts through June. “This is a record year for us, for sure,” Tony Boutelle, president and chief executive of CU Direct, told Auto Finance News.
“We are on track to do way over a million [loans]. … The bigger credit unions, like Security Service Federal Credit Union, Golden 1 Credit Union, BECU Credit Union, and America First Credit Union do about 80% of the originations,” Boutelle said.
The top 10 lenders originated 170,789 contracts worth $4.8 billion in the first six months of 2017.
CU Direct’’s Lending 360 and CUDL lending platform funded 1.4 million loans in 2016 through the addition of 55 credit unions to total 1,048 financial partners serving 44.5 million members, the company previously noted.
In addition to focusing on community relationships and prime customers to build originations, CU Direct launched an innovation lab in March in Irvine, Calif., Boutelle said. The lab works with technology companies, credit unions, and auto industry leaders to develop lending software for credit unions and dealers.