Lending solution provider CU Direct Corp. said its board of directors recently approved a 3% cash dividend to its 102 shareholders.
This is the eighth consecutive year that the CUSO said it has paid dividends to their credit union and credit union organization shareholders.
The Ontario, Calif.-based CU Direct said it signed new agreements with 109 credit unions in 2012. At year’s end 1,050 credit unions, serving 34 million members, were utilizing the CUSO’s lending solutions.
As credit unions continued to gain momentum in the auto lending marketplace last year, CUDL said the industry experienced 27% loan growth through November 2012.
Credit unions processed 2.3 million loan applications through the CUDL lending platform in 2012, generating 605,700 loans at dealerships nationwide for $13.1 billion in credit union auto loans, according to the company.
The CUSO also reported that 34% of the loans generated through the CUDL system in 2012 went to existing credit union members at the point-of-purchase in the dealership.
“We are pleased to present our shareholders with a cash dividend for the eighth consecutive year,” said Tony Boutelle, president/CEO of CU Direct. “We continue to strive to deliver the products, tools and services that help credit unions’ improve their members’ auto buying and auto lending experiences.”
CU Direct’s offerings include CUDL, Lending Insights, Lending 360, CUDL Retail, Vero, and a suite of auto buying products.