CENTENNIAL, Colo.--(BUSINESS WIRE)--CU Direct Connect (CUDC), a credit union service organization based in Colorado, today announced that it achieved record indirect auto funding of more than $2.35 billion in 2016.
Funding increased by 68% for the year, while net income increased by 78%. Shareholder book value increased by 48% during 2016.
“Our credit union partners had an incredible year in 2016. We are growing much faster than our competitors, and we are doing so while improving the quality of funding as our average booked credit score improved during 2016,” said Blair Korschun, President/CEO of CUDC.
Korschun also shared that because of CUDC’s success, it reduced its origination fees by more than 17% on average in December 2016, to help its owners and program partners enjoy better net yields on their indirect portfolios.
CUDC will be expanding into additional markets in 2017 and expects to break the $3 billion funding level of indirect auto paper this year. CUDC is looking for new credit union partners to help support its high level of loan growth.
For more information regarding CUDC member benefits for credit unions and auto-dealer partners, visit them online at CUDirectConnect.com. Consumers interested in an auto loan or joining a local credit union may visit GetACreditUnionLoan.com.
About CU Direct Connect
Formed in 2002, CU Direct Connect (CUDC) is a credit union service organization (CUSO) providing state-of-the-art vehicle lending and origination funding platforms utilized by credit union members and auto-dealer partners. CUDC enables any size credit union to generate auto loans and acts as a risk consultant to all partners. The organization is based in Colorado and currently serves more than 40 credit unions for vehicle lending, which supports the large number of auto-dealer partners currently enrolled in the CUDC program. CUDC, through its member credit unions, is collectively one of the largest auto lenders in Colorado and is a top 10 auto lender in Arizona. CUDC also operates in Washington, Wyoming, Florida, Georgia and Illinois. CUDC is expecting to expand into additional markets in the near future. For additional information, visit CUDirectConnect.com |GetACreditUnionLoan.com.