By offering an electronic point-of-sale system in the dealership, the credit union was ready to … Excellence in Indirect Lending: UW Credit Union (243,826 members, $2.7 billion in assets) Excellence in Direct Lending: Vantage West Credit Union (150,432 members, $1.92 billion in assets) Calculators. Indirect Lending You can apply for an IBEW & United Workers FCU loan at select dealerships since we’ve teamed up with Credit Union Direct Lending (CUDL). We are extremely proud of the strong dealer relationships we have formed. “Our teams are able to work in the same platforms they work in every day with other types of loans,” he says. But as we realized dealers were trying to finance nonmembers, we expanded and we exceeded our goals each year,” he says. As a credit union-owned service organization, we develop custom applications, training and marketing programs to help participating credit unions serve their members’ auto buying needs. We work tirelessly to protect your best interests in Washington and all 50 states. Apply for a Vehicle Loan. University of Wisconsin Credit Union (UW Credit Union) has come a long way with its indirect auto lending since first implementing CU Direct’s CUDL Platform – in more ways than one. Lee Decker, indirect lending sales manager at University of Wisconsin Credit Union in Madison, said the need for speed is likely to be an even bigger factor moving forward. Our preferred dealers and retailers have been selected to help find your next big purchase such as a new or used auto, boat, RV, ATV, motorcycle or camper. ... Third quarter 2019 data shows that indirect loans still dominate the credit union industry’s auto portfolio, though momentum appears to have stalled in recent quarters. Some content on this page cannot be displayed because you have JavaScript disabled. “Before using the CUDL platform, we were not even in the top 20 for the state,” Long recalls. That high cost of funds exacerbated the thin margin that comes with the reserves paid to dealers and other costs associated with indirect lending. And over 90% of credit unions with $500 million in assets have indirect lending programs. For our industry, sometimes the lawsuits that impact banks can have an impact on credit unions later. Indirect Lending Get the same great rate and service that you would get at TCFCU, right at the dealership or any of our other local participating retailers. The leading provider of indirect lending and point-of-sale services for the credit union industry and creator of the Credit Union Direct Lending (CUDL) program. The affects of a three-year pullback from indirect lending and the COVID-19 pandemic have resulted in a decade-long low in auto lending growth in the second quarter. University of Wisconsin Credit Union (UW Credit Union) has come a long way with its indirect auto lending since first implementing CU Direct�s CUDL Platform � in more ways than one. There are no incentives or pressure to sell. Jessica has been with UW Credit Union since 1998, and has a versatile lending background, having focused on consumer lending before becoming a mortgage loan officer. Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and… By the end of 2016, there were $165.1 billion in indirect loans outstanding, up from $136.6 billion in 2015, a … Dealer Indirect Lending and Leasing System. MADISON, WI - July 11, 2018 - UW Credit Union has been recognized by CU Direct for Excellence in Indirect Lending. Looking back at 11 years on the CUDL platform, Long says so many of UW Credit Union’s original goals have been met—or exceeded. Learn more about the benefits of membership. UW Credit Union Embraces CUDL Lending System, Grows Indirect Lending. As a credit union-owned service organization, we develop custom applications, training and marketing programs to help participating credit unions serve their members’ auto buying needs. State Trends Medians -Key credit union performance ratios and statistics since 1991. In the decade-plus since, indirect lending also has evolved into a key member acquisition strategy, as well as a member convenience strategy, Long says. To proceed, please enable active scripting for this site in your browser settings. But to make the most of an indirect lending initiative, a credit union should team up with a reputable lending partner. “In 2007, we only funded 920 indirect auto loans for the whole year,” notes Mike Long, executive vice president and chief credit officer for the $2.7 billion asset credit union. Box 44963, Madison, WI 53744-4963 7/19 ACH or Automatic Loan Payment Schedule your loan payment to be automatically deducted from your checking or savings account. CU experiences 200% increase in loan originations, becomes Wisconsin’s No. “Through our partnership with CU Direct, we have become a major indirect lending player in Wisconsin and in Dane County.”. Loading ... Duffy Questions Cordray on Indirect Auto Lending Practices - Duration: 11:13. When Grossenbach joined the credit union as an accounting manager five years ago, deposits weren’t keeping up with demand and the credit union was buying jumbo CDs that paid 3% over five years. 3 Average savings in interest over the life of a refinanced auto loan, based on UW Credit Union data from 2017. 2 overall in Wisconsin. Indirect Lending Underwriter at UW Credit Union ... UW Credit Union. Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and… The COVID-19 pandemic continues to impact the entire economy, so now is a good time to shore up your indirect lending. Credit Union Lending Systems (CULS) has been the premier indirect lending solution for the St. Louis, Missouri, and surrounding area credit unions for almost 2 decades now. The leading provider of indirect lending and point-of-sale services for the credit union industry and creator of the Credit Union Direct Lending (CUDL) program. CU Direct offers a partnership that goes well beyond what is available in the loan origination system marketplace today. 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