CUDL Expands To Fla.
RANCHO CUCAMONGA, Calif.-Credit Union Direct Lending (CUDL), the large point-of-sale lending network for credit unions, is continuing its expansion by moving into Florida and operating for the first time in partnership with a CUSO. The CUSO, South Florida Acceptance Corp (SFAC), has been established by several CUs in southeastern Florida and will oversee all underwriting and loan processing, as well as coordinate and maintain dealership relationships for the credit unions participating with SFAC by utilizing the CUDL program.
New members signed on by dealers are assigned to credit unions based on their field of membership requirements and a revolving system to ensure new members are distributed evenly. Jim Sturdy, an auto industry veteran who designed SFAC's internal processes, will serve as general manager.
CUDL currently includes 1,798 dealerships and 236 participating credit unions in California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, and Florida. In 2002, participating CUDL credit unions funded 177,011 contracts for more than $3.3 billion in auto financing
Pet Project In Colorado
DENVER-The Colorado CU League said it has signed with the Lockton Co., to help market its program of health insurance and other products for pets through credit unions. The CU Pet Source will provide credit union members with a broad range of pet-related products and services under the PatCare Pet Insurance name. The program is scheduled to commence this month.