Credit unions employing CU Direct have grown to represent the nation’s third-largest auto lender based on originations, according to the CUSO based in Ontario, Calif.
The rank was reached through the 529,000 auto loans credit unions originated through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016, a 16.4% increase over the first half of 2015.
Loans funded by the more than 1,000 credit unions, using CU Direct’s systems, reached more than $16.1 billion in the first half, up 24.5%.
CU Direct credit unions experienced greater loan growth than top-ranked Wells Fargo Dealer Services and second-ranked Ally Financial, according to AutoCount.
Credit unions’ overall market share of auto loans has grown from 19.7% at the end of 2014 to 21% in June.
“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,” said Tony Boutelle, CU Direct’s president and CEO.
