Credit union vehicle financing platform CUDL announced it had closed 2024 with $41.16 billion in funded loans, validating its continued strength in connecting dealers with the largest network of credit unions nationwide.
Despite a difficult economic climate, CUDL has been committed to driving efficiencies for dealers and lenders by streamlining the lending process and enabling faster funding. As CUDL enters this year, it launched additional solutions to make credit union connections faster and more impactful.
Credit unions on the CUDL platform have remained the top auto lender by aggregate volume for over three years. In 2024, a growing number of credit unions embraced the AI technology available through CUDL, resulting in faster decisioning and funding. And lenders using document process automation (DPA) reduced funding times by up to 50%, helping dealers cut contracts in transit and deliver faster funding. Additionally, the adoption of CUDL’s AI underwriting tool, Zest.AI, expanded approvals and sped up decisioning, creating a more efficient financing process for dealers.
Entering this year, CUDL continues its momentum with expanded efficiencies. With eContracting by CUDL, dealers benefit from a paperless, digital experience that streamlines the creation, signing, submission, and electronic storage of vehicle purchase and financing documents. And this solution will reduce errors, shorten funding times, and create a better buyer experience. In addition, CUDL launched the Credit Application Update feature, enabling dealers to revise the financial deal structure details on existing applications, reducing the number of duplicate submissions between dealers and lenders.
Dealers are benefitting from a single platform that provides easy access to multiple credit union lenders, offering buyers affordable financing options with competitive rates and flexible terms. And through CUDL’s network of credit unions, auto dealers can provide a more seamless car-buying experience while helping drive the growth of both credit unions and dealerships.
KEY QUOTE:
“In 2024, we took on initiatives that allowed us to continue our mission to increase efficiencies and facilitate success for dealers and credit unions. As we move into 2025, we are excited to build on our momentum and make credit union and dealer connections faster and more impactful than ever before with expansions including eContracting, document processing automation, and credit application updates.”
- Tony Boutelle, the president and CEO of CUDL
