CU Direct Lending Expands Into Illinois Markets
Credit Union Direct Lending (CUDL) is expanding into the Chicago market. Among the first to sign up for the indirect lending solution have been the $4.4-billion Alliant Credit Union (formerly United Airlines Employees) and the $800-million Baxter Credit Union. The initial dealerships on the CUDL network in Illinois include Anthony Pontiac, Grant Dean Buick, Sessler Ford, Arlington Acura, Ray Chevrolet, and Schaumburg Honda.
CUDL is currently operating in 13 states states, serving more than 280 credit unions and 2,800 dealerships in California, Nevada, Washington, Oregon, Texas, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia and North Carolina.
CU Direct has hired Lance Marcinek as the new Regional Director for the Midwest Business unit and will open a regional office in the Chicago area.
During 2003 participating credit unions funded 245,175 auto-financing contracts through the CUDL system, which generated more than $4.8 billion in credit union auto financing, up 48% over the $3.3 billion reported at the end of 2002.