CU Resources Spotlight
CUDL
How CUDL Started
CUDL® was the nation's first indirect lending platform for credit unions. Originally founded by the Golden One credit union (California) in 1989, it was developed around the simple idea of credit unions and auto dealerships working together. Today, CUDL is the nation's leading provider of automotive lending technology products and services for credit unions. CUDL is a CUSO owned by 80 credit unions and credit union organizations throughout the country and enjoys a client list comprised of 580 credit unions representing over 18 million members and 8,000 auto dealerships. In 2006, CUDL credit unions funded over $18 Billion in automotive loans and were collectively ranked as the sixth largest auto lender in the US.
Based in Rancho Cucamonga, California, CUDL’s field organization is comprised of 10 regional offices. The Northeast Regional team (based in Marlborough, MA) consists of 16 local team members serving the needs of credit union and dealer clients throughout the 9 Northeast states.
Credit Union Friendly
CUDL products and services are developed specifically for credit unions. They are designed to improve processing efficiencies, improve risk management capabilities and create more marketing opportunities for credit unions.
CUDL provides a web-based portal between automotive dealers and credit unions, allowing credit union members to get credit union financing right at the dealership. In order to improve risk management and cost efficiencies, credit unions can utilize CUDL's own automated decision engine or can utilize their existing decision engines. Integrated solutions have also been developed with credit union data processing systems allowing for improved processing and cost efficiencies.
For credit unions that prefer a "complete" solution to their point-of-purchase auto lending needs, Credit Union Auto Finance (CUAF) of Rochester, New York is the answer. In partnership with CUDL, CUAF offers complete processing services to credit unions including underwriting, quality assurance, compliance, funding and all back-end processing. CUAF is an excellent solution for credit unions who want to take advantage of the many benefits of providing point-of-purchase auto financing to their members without hiring additional staff.
Are You AutoSMART? (www.cudlautosmart.com)
According to J.D. Powers & Associates, 67 percent of new car buyers use online research tools before purchasing their next vehicle. Credit unions have embraced this concept, and based on data from Callahan & Associates’ 2006 Auto Lending report, 79 percent of all credit unions surveyed offer online auto buying to their members.
CUDL’s AutoSMART product for credit unions is a state-of-the-art auto buying research and shopping tool. Designed specifically for credit unions and their members, the site provides members the most complete library of automobile shopping resources available online. This valuable service offers members a robust, information-rich vehicle shopping and research experience, providing the very latest car reviews, articles, tips, and advice to assist them with their vehicle buying needs.
A customized AutoSMART website helps strengthen and reinforce a credit union’s brand and identity. AutoSMART, unlike other online automotive research sites, does
not permit competing lenders from stealing your member financing on your website!
Members can access AutoSMART by clicking on a link from the credit union's website. Through the credit union's website, your members have the ability to:
- Research and compare vehicle makes and models.
- Search CUDL's online inventory of used vehicles
- Obtain credit union rates and apply online for a loan.
- Look up used vehicle values in any of three industry guides
- Obtain a credit report from major bureaus
- Find a local participating AutoSMART dealer
- Request a quote from up to 5 CUDL AutoSMART dealers
- Obtain a Carfax or AutoCheck vehicle history report
- Tips and advice in automobile financing
- Bid on used credit union repo vehicles
- Learn about and search for certified pre-owned vehicles
The AutoSMART website product is available to all credit unions, regardless of their point-of-purchase program status with CUDL. This website is a "stand-alone" product now available through CUDL and can be customized in many ways to fit a credit union’s needs. AutoSMART keeps your members coming back to your credit union's website and reinforces your credit union’s commitment to keeping your members informed.
National Lending Network
CUDL continues to grow and develop technology-related products and services aimed at improving credit unions’ ability to compete in the point-of-purchase lending arena. CUDL credit union clients are always in control of their own programs, their own underwriting guidelines and their own marketing activities. If you are interested in improving processing efficiencies, improving risk management capabilities or creating more marketing opportunities for your credit union, please contact CUDL today. For more information about CUDL, go to our corporate website at
www.cudl.com. For more information about AutoSMART, go to
www.cudlautosmart.com. To discuss how CUDL can help you, please contact Carol Miller, Tri-State Area Manager at (814) 504-1309 or Tom Garvey, Senior Credit Union Sales Consultant at (508) 965-0969.
More information on the company and their
services.
March, 2007
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