CENTENNIAL, Colo.—The surge in auto lending can be seen in the results being posted by one CUSO here.
CU Direct Connect (CUDC) announced that the first six months of 2015 netted the best half year in its history, as auto-loan application volume was up 42% and funded volume was up 38% through June.
CUDC’s June year-to-date earnings are also at record highs with a 72% increase year over year.
In the first half of 2015, CUDC said it added four new credit union partners to the program that have combined assets of more than $10 billion. In addition, CUDC said it continues to invest in risk management and security, having completed an additional phase of its Service Organization Control II audit earlier this year. CUDC has also implemented new fraud tools to better support the lending partners and a new custom risk score, which will be announced in August.
CUDC said it is projecting strong growth for the second half of 2015, as well.