CUDL to Roll Out New Platform in 3Q

CUDirect’s CUDL Platform is scheduled for nationwide roll-out in the third quarter of 2016, according to the company. Currently in beta testing, the new platform was designed to give dealers an improved interface and simpler navigation, according to a company press release.

Critical financing information and status will be available on the platform’s home screen, streamlining the process for the dealer by eliminating multiple screens and clicks.

CUDirect is the largest auto lending network for credit unions, with 12,600 dealer partners and 1,100 credit unions on the same platform.

“Our systems, and the centralization around that brand process, when you add all the credit unions that are on it – it’s the third largest lender in an aggregate base in the country — is important, because the methodology that we use on our systems allows you to have a single way of doing stuff,” Jerry Neeman – CU Direct’s executive vice president of automotive solutions, told AFN.

The features, communication components, and updates are all the same for dealers using the CUDL platform, and the network’s credit unions can then separate themselves out by interest rates, terms, and advance structures, Neeman explained.

As a group, CU Direct credit unions, through the CUDL Network, generated $26 billion in new auto loans and were the third largest lender in the country in 2015.

“One out of four cars in the second half of 2015 were financed by a credit union. Banks, credit unions, and then captives,” Neeman said. “So, bottom line — credit unions are a significant player in the automotive finance arena.”

Most recently, Pentagon Federal Credit Union joined the CUDL newtork, the company announced in late March.

“Growth is a key part of the equation when it comes to PenFed’s ability to consistently deliver low-cost financing for its members,” James Schenck, president and chief executive of PenFed said in a press release at the time. “Joining CU Direct gives us the ability to provide a car buyer with the opportunity to seamlessly apply for membership with PenFed, while they simultaneously apply for one of our low rate auto loans.”

Learn more about the tech and disruption in the industry at Auto Finance Innovation 2016, May 11 in Fort Worth, Texas. Visit www.autofinanceinnovation.com and to learn more about the Auto Finance Risk & Compliance Summit, visit www.afrcs.com