In 2013, CU Direct said it processed a record $16 billion in funded auto loans, which was an increase of 25% compared to 2012.
Last year, the Ontario, Calif.-based CU Direct said it supported 1,072 credit unions, helping them process more than 2.8 million auto loan applications – a 10% increase in applications compared to 2012.
The lending and automotive lending services company’s milestone year was capped off with a record month in December, as the CUSO processed 268,000 auto loan applications, a 43% increase over December of 2012, according to CU Direct.
This growth was made possible by offering partner credit unions access to over 60% of the auto dealerships in the U.S, the firm said.
“Credit unions gained significant momentum in auto lending during 2013. Credit union’s on the CUDL lending platform during 2013 delivered growth rates double the auto lending market, demonstrating that credit unions can compete with banks and win in the auto lending marketplace,” said Bob Child, CU Direct’s chief of staff.