Auto Lending Articles

Economist on Effects of Coronavirus: ‘Comes like a freight train, but expect it to go away quickly’

The traditional definition of a recession is two consecutive quarters of negative GDP growth – but the worldwide shock of the Coronavirus has forced that model to stand on its head. According to economist Elliot Eisenberg, president of Graphs and Laughs, LLC, and wildly popular presenter at CU Direct’s annual conference over the last few…

Bulldog FCU Goes From “0-60” with Indirect Lending Success

What would your credit union do if you could start your indirect lending program from scratch? In February 2018, $167 million Bulldog Federal Credit Union, headquartered in Hagerstown, Maryland, got to answer that very question – and the clear choice was CU Direct and its CUDL indirect auto lending platform. Bulldog FCU was chartered on…

Credit Union’s New Lending Strategy Brings Unexpected Benefits Beyond Loan Growth

Sandia Laboratory Federal Credit Union, Albuquerque, N.M., thought its switch to CU Direct’s CUDL platform would help the credit union provide more convenience to its existing members who were looking to buy a car. But what the credit union didn’t anticipate was a dramatic surge in new memberships. SLFCU was founded in 1948 by 15…

Economic and Lending Trends Webcast Recap: GDP Growth is Slowing, But No Recession In Sight

Economic and Lending Trends Webcast Recap: GDP Growth is Slowing, But No Recession In Sight

The U.S. economy posted huge growth numbers in 2018. Conditions have cooled a bit in 2019, but despite numerous predictions of a pending recession in recent weeks, there are signs pointing to continued economic growth, for at least the next 12 months. That was the prediction from Dr. Elliot Eisenberg, nationally acclaimed economist, who spoke…

CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth

CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth

The $7 billion Patelco Credit Union set lofty growth goals for its indirect auto lending program in 2017. With the help of an aggressive rate strategy, the credit union’s indirect team delivered. As of Dec. 31, 2017, the Pleasanton, Calif.-based credit union had grown its total indirect loans outstanding by 65%, to $730 million from…

MODDern Times In Auto Lending, Deep in the Heart of Texas

MODDern Times In Auto Lending, Deep in the Heart of Texas

Randolph Brooks Federal Credit Union (RBFCU) is way ahead of the game when it comes to supplying the three most important elements in the modern auto buying experience – convenience, convenience, convenience. RBFCU is a $9.2 billion credit union headquartered in Live Oak, Texas, a northern suburb of San Antonio, near the legendary Randolph Air…

Machine Learning Can Improve CUs’ “People Helping People”

Computer programming has come a long way since the late 1970s and early 80s, when high school students learned BASIC and wrote simple programs on Commodore 64s. Today, six-year-olds learn coding from LEGO kits purchased at Target and young entrepreneurs are earning millions writing apps and selling them to global fintech companies. Until recently, however,…

‘CUDL Way of Life’ Results in More Booking, Better Dealer Relations, and Expanded Market Presence for Amplify Credit Union

When $930 million Amplify Credit Union, based in Austin, Texas, switched to the CUDL platform it was more than just a change of indirect auto lending portals, it represented a move up to the “CUDL way of life,” according to Tony Kountoupis. Kountoupis, the credit union’s VP of consumer lending, said Amplify had been using…

Consumers Credit Union Finds Success Blazing An “Indirect” Trail With CU Direct In Western Michigan

Consumers Credit Union wanted more – much more – out of its indirect auto lending program. The credit union was frustrated with the inefficient way dealer partners sent the credit union applications through many costly systems, which ended up in their separate loan origination system. This, combined with a desire to work with a credit…

Credit Union Auto Lending Cruising in 2018

Credit Union Auto Lending Cruising in 2018

Remember late last year, when auto loans were predicted to drive 2018 total credit union loan growth at a rate of 9.5 percent? Some doubted credit unions would achieve that growth rate, especially after a number of industry experts forecasted a 2.3 percent reduction in 2018 new car sales. The post-recession boost in new car…