In just over a year after entering the indirect lending business, The Credit Union Loan Source, LLC, a Georgia-based CUSO, reported it has hit the $100-million mark in serviced assets. That amount is the result of financing approximately 4,600 motor vehicle loans.
CULS provides indirect financing of motor vehicles through more than 450 dealerships in Georgia, Florida and Colorado and partners with Denver-based Aimbridge Indirect Lending for technology and dealer relationship support. It underwrote its first loan in April of 2005.
CULS funds vehicle loans and then packages participations in those loans for sale to NCB, FSB, a subsidiary of the National Cooperative Bank, which resells the loan participations to participating credit unions. CULS continues to service the loans for the participants.
CULS is equally owned by Atlanta Postal Credit Union, Delta Community Credit Union, Georgia Telco Credit Union and the Georgia Credit Union Services, Corp. The CUSO said it is expanding to other states.
