ONTARIO, Calif. (8/13/15)--CU Direct has entered into a new agreement to offer consumer vehicle leasing through Credit Union Leasing of America.
The CUDL Network auto lending platform includes 1,100 credit unions and 11,400 auto dealers.
Integrating CULA’s leasing interface into CU Direct’s CUDL Network provides interested credit unions a solution to capture member financing through the leasing channel. Consumers leasing at the dealership account for slightly more than 31% of new-vehicle financing in the first three months of 2015.
“CU Direct’s credit unions now have an additional option to help grow new membership, as well as have the ability to retain their current members that prefer to lease their vehicles,” said Greg Gandolfo, CULA’s executive vice president. “Their technology, as well as their credit union and dealer partners will help fuel CULA’s growth.”
CULA provides new and used indirect auto leasing and balloon loan services to consumer lenders, including credit unions.
CU Direct credit unions funded more than 1 million loans through CU Direct’s CUDL lending platform, generating $22 billion in credit union auto loans in 2014.