BAILEYVILLE, Maine–Consolidated Solutions LLC, a Maine Indirect Lending CUSO serving a number of Maine credit unions, recently celebrated a milestone in lending when it reached the $1 billion milestone in loans.
David Tozier, President/CEO of Down East CU, which is the sole owner of Consolidated Solutions, spoke with pride about the CUSO he started and founded back in 1999 reaching such a significant milestone. “In a small rural State like Maine, this achievement is proof of not only the power of cooperation but reinforces the popularity of credit union philosophy in Maine. It is great to see the positive financial impact that, through cooperation, we have had on thousands of members.”
Consolidated works with 15 credit unions, and more than 170 dealerships throughout Maine.
According to Dan Daggett, President of Consolidated, the CUSO currently works with fifteen credit unions in Maine, and more than 170 dealerships across the state. Reflecting upon the strong growth that Consolidated has experienced and the milestone achievement, he said, “ It took just over seventy thousand loans to hit the $1 billion mark. 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 CUSO’s credit union owned VSC and GAP Program. Daggett commented, “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.”
Using CU Direct’s CUDL Platform, the country’s largest credit union auto buying network, has helped the CUSO increase loan volume, enhance overall efficiencies, and advance its overall auto lending program success.
Chris Bacho the CU Direct 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.”
CU Direct’s interface with Open Lending proved to be game changer, being instrumental in making Consolidated Solutions the dealership F&I managers’ first choice over the competition.
The CUSO’s 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, which is sold in branch and at the dealerships, that is owned by the credit union, and for the first time (to our knowledge) allows credit unions 100% participation in the underwriting profits that have in the past stayed in the insurance agency’s hands.
2015 represented the third consecutive year that Consolidated Solutions was the number one Indirect Lender in the State of Maine. Daggett added, “Our success has only been possible through the hard work, and strong relations with our partners.”