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Meridian partners with CU Dealer Finance Corporation to bring new car financing brokerage program to Ontario

2021-01-25 10:00:00 AM
“DriveON, Powered by Meridian” offers speedy approvals and same-day funding

January 25, 2021 (TORONTO, ON) − Meridian, Ontario’s largest credit union and second largest in Canada, has partnered with CU Dealer Finance Corporation (CUDF) to launch a new vehicle financing brokerage in Ontario operating as “DriveON, Powered by Meridian.”
 
DriveON will provide new and used vehicle dealers across Ontario with an opportunity to grow their business by providing their customers with access to financing solutions that offer quick approvals and seamless same-day funding of finalized vehicle purchases. Consumers are sure to appreciate the benefits of less stress and worry that DriveON can bring at a time when they are making such an important financial decision.
 
“We are delighted to offer both new and existing Members an appealing new option when shopping for a new or used vehicle,” said Wanita Fonseka, Vice President, Retail Member Experience at Meridian. “It is all about saving the car-buying consumer time and making it easy to access competitive financing from Meridian, while at the same time helping local dealerships efficiently grow their sales.”
 
“CUDF is excited to expand our operations through this joint venture with Meridian,” says Darren Beasley, General Manager, CUDF. “The creation of DriveON dealer finance will support Meridian’s indirect sales channels and further Meridian’s strong brand awareness across Ontario. CUDF is a leader in Dealer financing here in Western Canada and we expect the same to happen for DriveON in Ontario.”
 
The program will officially launch in the Niagara Region in February 2021 and quickly expand across Ontario.
 
About CUDF
CU Dealer Finance Corp (CUDF) origins date back to 1994 and in 2006, a partnership between Affinity Credit Union, Conexus Credit Union and Innovation Credit Union was formed. CUDF supports Credit Unions with their member’s automotive needs in over 600 dealerships throughout Manitoba, Saskatchewan, Alberta and soon to be across Ontario. Creating an opportunity for credit union financing right at point of sale.
 
About Meridian
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of over 370,000 Members and customers. Meridian has $26.6 billion in assets under management (as at September 30, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE® Network, with more than 3,600 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.
 
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Media Contact
Teresa Pagnutti
Senior Manager, Meridian Public Relations
teresa.pagnutti@meridiancu.ca; 416-275-3816