Houston, TX – March 21, 2024 – Credit Union Acceptance Company (CUAC, a CU Alliance Company), announced $3.1 Billion in funded loans in 2023.
This is an impressive accomplishment considering credit unions are facing difficult times due to challenging economic conditions, diminished, soaring vehicle prices dampening consumer demand, and the implementation costs associated with CECL accounting standards. It is no surprise that recent research by Callahan & Associates shows credit union earnings declining for the fifth consecutive quarter.
Amidst this turbulent landscape, CUAC, a 26-year veteran in indirect auto lending headquartered in Houston, has demonstrated resilience by originating well-performing auto loans for its owner and partner credit unions. In 2023, CUAC saw a remarkable $3.1 billion in auto loans funded for credit unions in fifteen states while boasting an exceptionally low charge-off ratio of 0.19 through its full-service platform.
The commendable success in maintaining such minimal loss ratios during these trying economic times is attributed to a fusion of harnessing the latest technology for auto lending, industry-leading practices, and the robust collaborative relationships CUAC establishes between credit unions and auto dealerships. This strategy has fortified CUAC’s position as a reliable partner, ensuring continued success in navigating the complexities of the contemporary auto lending financial landscape.
Much of CUAC’s indirect lending success is based on partnering with the most utilized auto dealership loan application platforms – Dealertrack and RouteOne. “We found that in every single market we’ve entered to represent credit unions for auto loans, the dealers overwhelmingly preferred Dealertrack and RouteOne as lending platforms. For our credit union partners, this means a greater opportunity to get a shot at capturing the better-performing loans,” said Kurt Howard, COO of CU Alliance.
For more information about CUAC and its range of tailored lending solutions, please visit CUAC’s website, http://www.cuac.com.