The unique auto loan program offered by Credit Union Loan Source (CULS) and Envisant is gaining momentum! From its introduction in 2017, it has reached more than $1.5 billion in credit union funded loans, with $1billion loans initiated within the last four years.
“I’m excited to see the amazing response the Credit Union Loan Source program has had in Illinois. More than $1 billion in loans funded by credit unions within four years is an awesome achievement, especially considering it represents more than $130 million in earnings! I attribute this success to the program’s unique model that opens loan pool investment to Illinois state-chartered credit unions. It’s a portfolio win that positively impacts participating credit unions, as well as the communities they serve, getting people into vehicles with great terms and service.”
- ~ Libby Calderone, CEO of the Illinois Credit Union League (ICUL) and Envisant
“Even as we reach this milestone of providing over $1.5 billion in assets to Illinois credit unions, it’s hard to believe that our partnership with the Illinois Credit Union League is approaching its 8th year! CULS’ relationship with ICUL has become a model for our expansion to many new markets. To call this relationship a success for us would be an understatement. Through our collaboration with ICUL, we’ve now worked with 56 Illinois credit unions, building enduring relationships with hundreds of Illinois credit union employees. CULS is exceptionally proud of the accomplishments we’ve made alongside the ICUL and look forward to many more years of partnering to find solutions to help Illinois credit unions continue to thrive.”
Kevin Usiatynski, Chief Revenue Officer of CULS
To learn more about auto loan participation, click here to view an infographic on “5 Things to Consider When Evaluating an Auto Loan Participation Program.
For more question or to get started offering your own loan program, click here to have a representative reach out to you or email Bindiya Patel at [email protected] today.
