ONTARIO, Calif. (2/18/14)--CU Direct processed a record $16 billion in funded auto loans in 2013, an increase of 25% compared with 2012, the company announced last week.
During 2013, CU Direct supported 1,072 credit unions, helping them process more than 2.8 million auto loan applications--a 10% increase in applications compared with 2012.
The credit union service organization processed 268,000 auto loan applications in December, a 43% increase over December 2012. The increase was made possible by offering partner credit unions access to more than 60% of the auto dealerships in the U.S, said Bob Child, CU Direct's chief of staff.
"Credit unions gained significant momentum in auto lending during 2013," Child said. "Credit union's on the CUDL lending platform during 2013 delivered growth rates double the auto lending market, demonstrating that credit unions can compete with banks and win in the auto lending marketplace."