Building on an indirect auto lending relationship spanning more than 10 years, Coloramo Federal Credit Union is the latest co-owner of CU Direct Connect.
The $64 million credit union in Grand Junction, Colo., purchased units in CUILA LLC doing business as CU Direct Connect, to become the CUSO’s newest owner, the CUSO said.
“We added other new owners earlier this year and it’s great to see the continuing vote of confidence expressed by our member credit unions as additional users request to become owners in our CUSO,” said Blair Korschun, president/CEO of CU Direct Connect in Centennial, Colo.
According to Tom Helmers, chief operating officer of CU Direct Connect, the CUSO continues to see strong funding growth from the approximately 35 credit unions it serves.
The company’s loan and lease funding grew more than 33% in July 2013 compared to July 2012, achieving the highest monthly funding levels in more than four years, Helmers noted.
Founded in 2002, CU Direct Connect said collectively, the CUSO is currently the largest auto lender in Colorado.
In November 2012, CU Direct Connect said it became a preferred lender for all AutoNation dealerships in Colorado.