Baileyville, Maine-based Consolidated Solutions LLC, an indirect lending CUSO that serves a number of Maine credit unions, recently celebrated a milestone when it reached $1 billion in loans.
David Tozier, president and CEO of $154 million Down East Credit Union, which is the sole owner of Consolidated Solutions, expressed pride in the CUSO he founded in 1999 reaching such a "significant" figure.
"In a small rural state such as Maine, this achievement is proof not only of the power of cooperation, but it reinforces the popularity of the credit union philosophy in Maine," he said in a statement. "It is great to see the positive financial impact that, through cooperation, we have had on thousands of members."
According to Consolidated President Dan Daggett, the CUSO currently works with 15 credit unions in Maine, and more than 170 dealerships across the state.
"It took just over 70,000 loans to hit the $1 billion mark," Daggett said. "I am very proud of the partnerships we have formed with our credit unions and dealerships. They deserve the credit for this achievement."
Daggett also emphasized the importance of Consolidated's three key partners: CU Direct, Open Lending and CU Certified, the latter being the CUSO's VSC and GAP program.
"Our partnership with, and stock ownership in, CU Direct was the best move our organization made in 2010, with loan growth being double digit ever since," Daggett said.
Consolidated Solutions said its use of CU Direct's CUDL platform, the country's largest credit union auto buying network, has helped the CUSO increase loan volume, enhance efficiencies and advance its overall auto lending program success.
Chris Bacho, CU Direct's New England Regional Director, stated, "CU Direct has an excellent working relationship with Consolidated Solutions and its credit union partners. We look forward to providing the best technology and solutions, all in an effort to help credit unions reach their new membership and loan growth goals."
Consolidated Solutions said CU Direct's interface with Open Lending proved to be "game changer," being instrumental in making Consolidated Solutions the first choice by dealership F&I managers.
The CUSO said its third key partner, Superior Lending Solutions, helped Consolidated and its sister CUSO, Down East Insurance Agency, create a best-in-class VSC and GAP program three years ago. The program is sold in branches and at dealerships. Consolidated said it is the first such program it is aware of that allows credit unions 100% participation in the underwriting profits that have in the past stayed in an insurance agency's hands.
2015 represented the third consecutive year that Consolidated Solutions was the No. 1 indirect lender in the State of Maine. Said Daggett: "Our success has only been possible through the hard work, and strong relations with our partners."
