ONTARIO, Calif.—CU Direct is reporting that it has helped CUs fund more than $16.1 billion in loans midway through 2016—a record-high total for the company.
CU Direct said that among its credit union partners, which now total more than 1,000, funded loans are up 24.5% year-over-year.
Credit unions funded a record 529,000 auto loans through CU Direct's Lending 360 and CUDL platforms in the first half of 2016, a 16.4% increase over the mid-year point of 2015.
As CUToday.info previously reported, CU Direct credit union partners, as an aggregate, are the nation's third-largest auto lender, experiencing higher loan origination growth than any auto lender ranked among the nation's top ten. CU Direct credit unions experienced greater loan growth than Wells Fargo Dealer Services and Ally Financial, according to AutoCount, the company stated.
“The growth reflects credit unions’ continued appetite in auto lending, growing market share from 19.7% year-end 2014 to 21% in June of 2016,” CU Direct said.
"CU Direct is excited to help our partner credit unions increase auto lending scale and efficiency, improving overall market share and creating a better member experience," said Tony Boutelle, CU Direct's president and CEO. "We are committed to delivering innovative technology, products, and services that help credit unions make more loans and improve their members' auto buying and auto lending experiences today and in the future."