Going Direct May Mean More Competition for Lenders

According to CUNA, “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is very difficult for the lender to extend the customer relationship. Any future engagement is with the dealer for service […]

Credit Union Alters Rate Sheet to Include Member Discounts

Dover Federal Credit Union changed its rate sheet this summer to include an automatic payment discount for members, Consumer Lending Manager Brad Fielder told Auto Finance News. “We aligned ourselves with our branches to where the branches as well as indirect dealers can offer an auto-transfer discount,” he said. “There is an addendum dealers can […]

CU Direct to Re-Platform Products Amid Hire of Chief Strategy Officer

CU Direct plans to redesign its CUDL and AutoSMART products this year, following the recent appointment of Ron Frey as the company’s chief strategy officer of automotive solutions. “CU Direct’s first priority in 2017 is developing our new CUDL platform,” Frey told Auto Finance News. It will include a “more intuitive user interface” and added mobile […]

Credit Union’s Volume Drops 14% Amid Sales Event Revamp

Auto originations are down 14% year over year for CAP COM Federal Credit Union, but the company anticipates volume to rise in 2017 as it ends a “building” year and enters a “growth” year, Director of Lending Cliff Carignan told Auto Finance News. The drop in originations speaks to some internal changes, including temporarily eliminating […]

Credit Union Aggregate Aims to Fund 1.2 Million Auto Loans by Yearend

CU Direct’s aggregate of credit unions expects to originate “in excess of” 1.2 million indirect auto loans through its CUDL platform by yearend 2016, Senior Vice President of Sales John Carrington told AFN. “Credit union lenders on the CUDL platform are experiencing the highest loan origination growth rate — 15.4% — of any auto lender […]

CU Direct Originates Record Auto Loan Volume

CU Direct has helped its aggregate of credit unions fund more than $16.1 billion in the first half of the year – a record high for the company. The company originated 529,000 auto loans through CU Direct’s Lending 360 and CUDL platforms over the first six months of 2016 — a 16.4% increase over the […]

Generations Federal CU Takes ‘Slow Approach’ to Growth, SVP Says

Generations Federal Credit Union expanded its servicing — which includes auto lending — into seven counties last week, said Jack Curtis, the company’s senior vice president of retail lending. However, it will take a “a slow approach” to opening additional branches, he added. The servicing expansion does not affect its branch locations as of yet, he said. […]

Generations FCU Debuts Auto-Finder Resource

Generations Federal Credit Union launched CUDirect’s Credit Union Direct Lending AutoSMART program, — a new online auto-finder resource — on Thursday. The new function will allow members to research, compare, read reviews, and receive trade-in values on thousands of vehicles in one place, according to a company press release. The AutoSMART program simplifies the car-buying […]
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