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Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

PenFed Eyes Tenfold Boost in Balloon Financing Volume

Pentagon Federal Credit Union is hoping a newly inked agreement with Auto Financial Group (AFG) will prop up its balloon financing business to at least $10 million per month, said Ivan McBride, vice president of automotive lending products and sales at PenFed. Last week the companies announced the partnership, which enables PenFed to offer members […]

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, […]

Pentagon Fed Preps Big Changes to Mobile App

Pentagon Federal Credit Union is mapping out its “next big transition” in the mobile banking space: switching its app to a customer “acquisition” channel, from a customer “maintenance” channel, Chris Martin, senior vice president of regional service centers at PenFed, told Auto Finance News. “Today, we have all the tools and functions on our app […]