CUDL Auto Loans

A recent report shows that CU Direct Corporation (CUDL) “maintained a strong presence in the auto loan market.” The Auto Lending Business Intelligence Report showed that credit unions held onto a large share of the auto loan industry, and they have the lowest monthly payments.

The CUDL handles more indirect and point of sale auto loans for credit unions, and holds 580 credit unions and 8,400 automotive dealers nationwide. The company holds 18% of all auto loans originated last year, and although it is down from their 19.3% share of the auto loan industry a year earlier, it was still better than previous years.

The company holds strong in auto loans, and shows that credit unions hold a significant market share. It was found that the average auto loan had a payment of $422 a month on an average of $20,442 financed. However, credit unions had an average payment of $389 on $17,645 financed.

They also found that more consumers want auto loans that run longer than five years, which was similar to financial institutions’ terms. Indirect loans also made up 39.4% of all credit union auto loans, and that 80% of all net auto loan growth came from indirect loan channels.

Because more and more credit unions have been able to set up relationships with auto dealers, it has made it possible for them to increase their share in the auto loan market. They say that although there was a slight decline, they are not concerned because the auto loan industry is down substantially across the board.

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