CUDL Service Automates Weekend Auto Loan Approvals
Learn how this new auto lending service can help drive credit union business.
It’s no secret that Saturdays are an auto dealer’s busiest day. Most customers are off work and have the entire day to browse new vehicles, which for many dealers means higher sales and more loan applications. In fact, according to Strategic Link partner, CU Direct, recent data found that Saturdays consistently had the most applications submitted each week.
Conversely, credit unions are often closed or have limited hours on Saturdays. So, how can you be ready when those Saturday auto loan applications come rushing in? It’s possible to take advantage of that Saturday downtime with CU Direct’s CUDL Complete lending platform.
“CUDL is a great product for credit unions looking to increase their auto loan profitability,” said Jason Smith, Vice President of NWCUA Strategic Resources. “It allows credit unions to match loan approvals with members and potential new members based on their specific loan-approval criteria, even during non-business hours. It’s one way to increase profits and fuel membership growth.”
CUDL Complete is an after-hours outsource loan-processing solution that offers instant decisions. Here’s how it works:
1. Automated Document Processing
CUDL Complete recently unveiled Automated Document Processing (ADP), which uses the latest in machine learning to save credit unions time and increase accuracy. By systematically identifying and naming documents, then managing and sorting those documents according to lender specifications, ADP eliminates labor-intensive and error-prone tasks, further saving time to ensure members don’t look elsewhere for financing.
2. Loan Decisions Your Way
Using your credit union’s underwriting guidelines and policies, CUDL Complete offers comprehensive loan processing including documentation review, mail processing, underwriting, dealer communications, and more.
3. Overflow and After-Hours Loan Processing
CU Direct’s overflow and after-hours solution means credit unions will never miss another loan because of business hours or understaffing. Using the credit union’s criteria, it provides quick decisions to members, or possible future members, looking for those late-Saturday indirect loans.
4. Instant Decisions
With decisions guaranteed in under 10 minutes, credit unions can provide fast and easy approvals, strengthening both the member and dealer relationships.
5. Expert Staff
CUDL Complete’s staff of industry experts gives credit unions a cost-effective alternative to hiring full in-house staff.