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RANCHO CUCAMONGA, Calif. – Credit unions participating in the Credit Union Direct Lending program will see a reduction in transaction fees starting July 1, 2004. CUDL President/CEO Tony Boutelle said the expansion of the CUDL program into additional markets, the growing number of CUs aggregating on the auto lending platform, and new product channels contributed to higher than expected earnings and led the CUDL Board to approve the transaction fee decrease. In 2003, CUs funded more than 245,000 loans through the CUDL system, contributing to $4.8 billion in CU auto financing. Since May 2004, CUs have funded more than 130,000 loans totaling $2.7 billion in auto financing. That represents a 54% increase over the same period in 2003. For the past five years, CUDL has consistently reduced transaction fees for participating CUs. The CUDL program currently includes 2,800 dealerships and 283 participating credit unions in 13 states including: California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia, North Carolina, and Illinois.

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