CUDL Network Brings More Than Loan Approvals to CU Indirect Lenders
RANCHO CUCAMONGA, Calif. -- Tony Boutelle is prepping for Credit Union Direct Lending's 9th Annual Auto Lending Symposium on June 20-22, 2007 at the Venetian Resort & Casino in Las Vegas. It will be CUDL's biggest show ever he said, and once again, an opportunity to relay the importance of the CU-owned option for indirect auto loans. It's the power of aggregation, the essence of the cooperative structure of CUs and it just happens to be CUDL's mission statement: Improve Credit Union Lending Through the Power of Aggregation (http://www.cudl.com).
"There will always be cars," allowed Boutelle, musing on how credit unions go through cycles of intense concentration to selling mortgages, small business loans, investments and other lines and products, but cars have always been the recognized bread and butter of the CU loan portfolio. Some 35% of CU loans are auto loans, he said. "Auto loans are consistent. Every 26-months people look for another car." Although auto loans have been replaced by mortgage loans as the largest part of the credit union loan portfolio, they represented over one-third of all loans outstanding in the 1st quarter of 2007.