ONTARIO, Calif. (12/1/14)--CU Direct announced last week fresh partnership agreements with 12 new credit unions. The Ontario, Calif.-based organization provides lending, automotive and strategic solutions to the credit union industry.
The credit unions will join more than 1,100 others already using CU Direct's solutions to drive loan growth, improve business efficiency and bolster member satisfaction, CU Direct said.
"By moving to CU Direct's indirect lending platform, we will be able to provide greatly enhanced member service in the form of dealer access and member education; reduced origination expense; better efficiency in dealer management; improved credit quality; and we will be able to deliver pre-approvals to our members more effectively," said Mark Wilburn, chief lending officer at Truity CU, Bartlesville, Okla., with $727 million in assets.
Through the new agreements, the credit unions, ranging in asset size from $407 million to $2.4 billion, joining the network will have access to 11,300 dealers within CU Direct's indirect lending network.
Three credit unions also have chosen to use CU Direct's auto shopping program AutoSMART.
So far this year, CU Direct has signed partnership agreements with 54 credit unions.
Overall, CU Direct's partner credit unions have seen an increase of 29% in the number of auto loans made this year, according to the credit union service organization. As a result, those affiliated with CU Direct make up the third-largest auto lender in the United States.
Credit unions have funded 703,000 loans, totaling $18.6 billion in vehicle financing, so far this year through CU Direct.