ARLINGTON, Va.–PenFed Credit Union here said it is partnering with CU Direct and its CUDL Network to help it increase lending while enhancing overall efficiencies.
“The landscape of lending is changing and credit unions like PenFed can see the potential for auto lending growth in front of them,” said Tony Boutelle, president and CEO of CU Direct. “Auto loans are leading portfolio growth for many credit unions across the nation. We’re excited to partner with PenFed in this effort to bring even more value to auto lending programs for their members.”
Beyond the growth in membership and assets, PenFed said it also sees the new partnership as a way to raise awareness of its brand and build strategic business relationships with auto dealers across the country.
“Growth is a key part of the equation when it comes to PenFed’s ability to consistently deliver low-cost financing for its members,” said James Schenck, president and CEO of PenFed. “Joining CU Direct gives us the ability to provide a car buyer with the opportunity to seamlessly apply for membership with PenFed while they simultaneously apply for one of our low rate auto loans.”
With the support of CU Direct’s auto lending network, PenFed Credit Union said it will offer distinct advantages to both automobile buyers and dealers. The CU Direct Network will allow PenFed to connect with more than 12,500 dealerships across the U.S. and help to increase their membership and loan volume.
As a group, CU Direct credit unions, through the CUDL Network, generated $26 billion in new auto loans and were the third largest lender in the country in 2015.