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 $2.61 billion in 2017.
Funding increased by 11.1 percent for the year, while shareholder book value increased by 11.2 percent during 2017.
“Our credit union partners and our credit union service organization (CUSO) had a very strong year in 2017. We had our sixth consecutive year of double-digit growth in funding and shareholder equity value. We opened new markets in Texas, Georgia and Nevada, and we added five new lending sources to support our continued growth,” said Blair Korschun, President/CEO of CUDC.
Based on shareholder requests, Korschun shared that during 2017, it reduced origination fees charged to its credit unions by more than $1.55 million in lieu of providing a dividend. This helped its owners and program partners enjoy better net yields on their indirect portfolios in a manner that better allows its members to track true origination costs per lease or loan.
CUDC will focus on building out its newer markets during 2018. CUDC continues to look for new credit union partners to help support its ongoing high level of auto loan and lease 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 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, Texas, Nevada and Illinois. For additional information visit CUDirectConnect.com or GetACreditUnionLoan.com.