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CU Direct’s Innovation Lab Spurs Digital, Automated Initiatives

CU Direct’s Innovation Lab is plugging away on two projects – a consumer portal and an automated loan package verification solution – slated to launch by yearend, Brian Hamilton, vice president of innovation, told Auto Finance News. The loan package verifier, which is powered by machine learning, will speed funding time between credit unions and […]

Credit Unions Curb Financing for Independent Dealers

With credit unions slowing the pace of originations, about 30% of the independent dealers on CU Direct Lending’s platform pulled out last year, CUDL President and Chief Executive Tony Boutelle told Auto Finance News. "We’ve seen probably 1,000 independent dealers come off our program [in 2018] because our credit unions stopped doing financing for them," […]

Reinventing Loyalty: 4 Companies Transforming the Customer Experience

From the December issue: Customer experience is seen as the key to attracting and retaining consumers in an increasingly digital world. Unfortunately, providing quick and easy interaction has not been auto financing’s strong point. Historically, car buyers have been left feeling overwhelmed with paperwork, confused by ancillary products, and exhausted from negotiating price options. However, […]

Credit Union Auto Loans Experience Growth Amid Rising Interest Rates

Credit union auto loan originations for both new and used increased year-over-year, according to the Credit Union National Association (CUNA). The increase is attributed to the rising interest rate environment as credit unions have traditionally had better rates than its competitors, Sonya McDonald, executive vice president, and chief lending officer for Randolph-Brooks Federal Credit Union, […]

Autonomous Vehicles, Shrinking Car Ownership Threaten Traditional Auto Finance Model

FORT WORTH, Texas — As automobile manufacturers and mobility companies continue to experiment with autonomous vehicles and subscription services, the need for financing will likely diminish, said Tony Boutelle, president and chief executive of CU Direct. For example, autonomous vehicles could remove the need for families to have multiple cars. “We think it’s going to […]

Captive Finance Overtakes Banks in 2017 Loan Originations

Captive finance companies saw an increase in auto loan originations in 2017 compared to last year, beating out most banks, according to a new report from CU Direct and AutoCount. Toyota Financial Services reached to No. 2 in 2017, up from No. 6 in 2016, as its originations grew 41% to 1.1 million. American Honda […]