ONTARIO, Calif. (4/22/13)--CUDL, administrators of an auto lending network consisting of more than 1,000 credit unions and 9,400 auto dealers, announced that its pre-approval programs have helped credit unions fund $291.3 million in member auto loans during the past three years.
More than 350 credit unions have implemented the credit union service organization's pre-approval programs, with 77% of the programs' pre-approved members who visit the dealership getting vehicle loans funded through their credit unions.
The number of credit union-funded loans through the SMART Approval program tripled between 2011 and 2012, while the number of credit union-funded loans through CUDL's Pre-Approval Campaign Manager program jumped 57% during the period.
SMART Approval helps credit unions provide members with an online pre-approval application and loan decision through the credit union's website. This streamlines the loan process and eliminates member inconvenience in waiting for a loan decision at the dealership. As a result, credit unions enhance their ability to retain member loans, while improving the member's overall auto buying experience.
The Pre-Approval Campaign Manager program helps credit unions integrate their pre-approved member data into the CUDL system to ensure members receive the same marketed loans and rates when they go to the dealership.