CU Direct | Auto Finance News | Auto Finance News

Beneath the surface: The lurking cybersecurity threat

Nine seconds. That’s all the time it took to hack the Department of Defense’s weapons system. Whether a government entity, a captive financier, a midsized bank, or a small credit union — every company has become dependent on a vast and expanding digital infrastructure. That infrastructure, in turn, has made businesses vulnerable to cybercriminals and […]

Low consumer confidence a top concern for credit unions

The Consumer Confidence Index fell to 121.5 in June — the lowest level since September 2017 — and lenders are bracing for impact. In a June 25 LinkedIn post, credit union executives took to social media to share concerns for the impact declining consumer confidence will have on growing, or sustaining, loan portfolios. Adam Ennett, […]

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, […]

Dealers Perceive Pick Up From Credit Unions Amid Pullback From Banks

Tight lending standards, decreasing vehicles sales, and a digital-savvy market has one dealer turning to credit unions to “pick up the slack” of traditional lenders, Paul Ritchie, president of Hagerstown Honda and Kia. “We used to do very little business with credit unions, but now we are doing a lot more than we’ve ever done,” Ritchie […]

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 […]
Page 1 of 212 »