Credit Union Leasing of America expands national footprint, extends reach in Indiana, bringing the benefits of leasing to more credit union members

San Diego, CA – March 10, 2025 – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 35 years, today announced that it has been selected by FORUM Credit Union to bring the benefits of vehicle leasing to FORUM’S more than 160,000 credit union members across 15 branches in Indiana. This partnership continues CULA’s extension of its national footprint and marks its largest credit union collaboration in the state.

FORUM Credit Union has served Central Indiana for over 80 years, growing to more than $2 billion in assets while providing innovative services and modern financial solutions tailored to its members' needs. This partnership reinforces FORUM's dedication to offering members a diverse range of options and access to flexible and cost-effective vehicle financing solutions.

"Our purpose, Helping Members Live Their Financial Dreams, drives us to support our members in achieving their financial goals in every stage of life," said Chris Ferguson, Vice President Consumer Lending at FORUM Credit Union. “In a market where vehicle prices and interest rates remain elevated, vehicle leasing is a valuable option for our community. CULA’s turnkey solutions and expertise enable us to expand our offerings to include the very best in vehicle leasing, providing our members with greater term flexibility and more affordable monthly payments."

CULA's leasing program is analytically driven, handling all the intricacies of leasing for its clients – including insurance, operations, compliance and more – enabling credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options.

"In today’s challenging economic climate, leasing provides credit unions with a valuable way to serve their members by offering a flexible and cost-effective auto finance solution,” said Ken Sopp, President of CULA. “Partnering with FORUM Credit Union furthers our mission of expanding consumer access nationwide to leasing’s more affordable options. FORUM has a long track record of delivering financial expertise, guidance and tools to their members, and we are proud to further support this with the benefits of our vehicle leasing program."

Vehicle leasing continues to gain momentum, with nearly a quarter of all new vehicles leased in 2024, according to Experian’s State of the Automotive Finance Market Q4 2024 report. This marks a significant rise from 17.22% in 2022 and 22.61% in 2023.

Chris Harper, Director of Business Development for CULA, noted, “In today’s market, affordability is paramount, and leasing offers a practical solution by providing access to new vehicles with lower monthly payments compared to traditional financing. At CULA, we are dedicated to helping credit unions provide this valuable option to their members through strategic partnerships like this one.”

CULA's understanding of the credit union financial model has resulted in long-term business relationships with top-tier credit unions, including nine of the top 10 credit unions offering leasing in the U.S. CULA offers vehicle leasing through credit unions in 23 states and more than 40 credit unions are currently active on CULA's innovative leasing platform.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 35 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

About FORUM Credit Union

FORUM Credit Union’s mission, Helping Members Live Their Financial Dreams, is reflected as FORUM endeavors to help members achieve their goals in all aspects of their financial lives. FORUM serves families and businesses in the state of Indiana with convenient branch locations and online access from anywhere. A full suite of financial services is offered including home mortgages, auto loans, personal checking, credit cards, business checking, commercial lending, insurance services, health savings accounts, and investment planning. For more information about FORUM Credit Union, please visit forumcu.com.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

CUs show some optimism for the 2024 auto finance market, predicting an easing of extended loan terms and interest rates dropping, according to a new CULA survey; most CUs plan to leverage the benefits of auto dealer relationships by increasing them in 2024

San Diego, CA – January 31, 2024 – Credit Union worries about liquidity will continue into 2024, according to Credit Union Leasing of America’s (CULA) recent “Future of Auto Finance” snapshot survey of credit union professionals, with 48% anticipating the liquidity crisis will last for another one to two years or more, and only 9% seeing signs of it abating.

Nevertheless, the online survey, which was fielded in January 2024, also indicates that 59% of credit unions are viewing 2024 with some optimism (although over one-third are ‘apprehensive’), with 39% expecting growth in their auto finance portfolios in 2024 and only 16% expecting it to decline. There will also be a significant change/drop in interest rates in 2024 predict over 74% of credit union professionals surveyed, although one in four don’t expect that change until 2025.

And one thing respondents were nearly unanimous about (95%) is the benefit to their members of credit union relationships with auto dealers, with over 70% saying they plan to deepen/increase those relationships in 2024.

“While our survey indicates that there is still some apprehension among credit unions about the auto finance landscape in the year ahead, there are many positive signs – especially that 85% expect no decline in their auto finance portfolios in 2024, and most are indicating that the trends of extended loan terms as well as high interest rates are easing up,” said Mark Chandler, Vice President of Business Development for CULA. "Many of the credit union professionals we surveyed are looking to further enhance their relationships with auto dealers, which we see as significant because those relationships offer many benefits, including streamlining the loan approval process, more customized loan packets for CU members, and allowing dealers to offer more options, greater lending solutions, and more flexibility.”

The results of the survey are in line with recent data from Experian which reported continuing stabilization in the auto finance market, with more consumers opting for shorter term loans on new vehicles.[1] In the CULA survey, 86% of respondents say they don’t expect to extend loan terms any further in 2024, a contrast from CULA’s mid 2023 survey in which the majority of respondents had cited over-extension on used loans as their biggest concern about the 2023 auto finance landscape.

Recent reporting from Experian shows that vehicle affordability is beginning to improve while loan terms are decreasing. That being said, the average monthly new auto loan payment was $726 vs $597 for a lease, and the average term of a new vehicle loan was 68.26 vs 36.18 months for a lease in Q3 2023.[2]

This perhaps explains why nearly 60% of credit union professionals surveyed by CULA say they believe vehicle leasing would be a positive addition to their finance portfolio in 2024 – data that is borne out by the uptick in new vehicle leasing also reported by Experian: from 21.15% in 2022 to 27.37% in 2023.[3] Said Melinda Zabritski of Experian at CUNA.org recently: “With shorter loan terms and the average price difference from loan to lease, it’s not uncommon to see consumers lean toward more budget-friendly options.”[4]

"Our survey results indicate that CUs are finally getting back to some normalcy and, most importantly, that the industry will survive the liquidity crisis of 2023," continued Chandler. "We are especially pleased to see that credit unions are increasingly interested in exploring the benefits of adding vehicle leasing to their portfolios.”

Key Survey Takeaways

• 83% expect the liquidity crisis to last for at least six months to one year or more, with 48% anticipating it will last for one to two years or more.
• 74% expect a significant drop in interest rates in 2024, with 26% saying 2025 at the earliest.
• 86% don’t expect further extension of their loan terms in 2024.
• 85% expect their portfolio to grow or remain flat (46%) in 2024.
• 59% are somewhat (53%) or very (6%) optimistic about the auto finance market in 2024, with 36% apprehensive and 5% pessimistic.
• 59% think that vehicle leasing would be a positive addition to their finance portfolio in 2024, with 30% unsure.
• 95% view partnering with dealerships on auto financing and vehicle leasing as a positive for their members.
• 71% plan to deepen or increase partnerships with auto dealers in 2024.

The “Future of Auto Finance” Snapshot Survey was conducted online January 4th through January 25th, 2024 among 90+ credit union professionals.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

[1] https://www.experian.com/blogs/insights/the-automotive-finance-market-shows-signs-of-optimism-in-q3-2023/#:~:text=According%20to%20Experian's%20State%20of,%2427%2C167%20year%2Dover%2Dyear

[2] Experian State of the Automotive Finance Market Q3 2023 https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf

[3] Experian State of the Automotive Finance Market Q3 2023 https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/experian-safm.pdf

[4] https://news.cuna.org/articles/123161-vehicle-loan-terms-decrease-as-interest-rates-rise

The leader in indirect vehicle leasing for credit unions further broadens its reach in the western U.S. as it partners with the tenth largest credit union in the U.S.

San Diego, CA & Sandy, UT – January 9, 2024 – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, today announced that it has been selected by Utah-based Mountain America Credit Union, to bring the flexibility and affordability of vehicle leasing to its more than 1.1 million members. Mountain America opened its doors in the 1930s and today has over $18 billion in assets, and is ranked as the 9th largest credit union in the U.S., and the 2nd largest in Utah.

Through the partnership with Mountain America, CULA will further extend its footprint in the Intermountain West region, originating leases in Utah, Idaho, Montana, Oregon and Washington, and expanding its presence in Wyoming and Nevada.

“We are committed to help our members define and achieve their financial dreams, and provide them with convenient, flexible products and services. Today’s rising vehicle prices are a significant concern for credit union members, and we are pleased, through this new partnership with CULA, to be able to offer the more flexible, affordable option of vehicle leasing,” said Jade Beckman, vice president of indirect consumer lending at Mountain America Credit Union. “We chose CULA because of their decades of enabling credit unions to offer indirect vehicle leasing, and their dedication to customer service, which sets them apart in our industry.”

CULA enables credit unions to easily add vehicle leasing to their portfolios and dealers to offer their customers more finance options, through its indirect vehicle leasing program that handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more.

“Mountain America has long been one of the nation’s most progressive credit unions, with a nearly 100-year history. We are proud that they are joining the CULA program and we look forward to helping them enjoy the benefits that vehicle leasing can provide for their members, while further diversifying their portfolio and increasing yield,” said Ken Sopp, President of CULA.

Mark Chandler, Vice President of Business Development for CULA also acknowledged the company’s ongoing partnership with Origence which has played a key role in recent expansion: “We value our relationship with Origence, and are excited to continue working with their fantastic team as we bring vehicle leasing to Mountain America and further expand our national presence.”

CULA, which has added 12 credit unions to its indirect leasing platform in the past year, has been the leader in indirect vehicle leasing for credit unions for over 30 years, with the largest number of credit union partners, and longest combined tenure with credit unions. The company experienced record growth in the last two years, and originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. CULA partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.

About Mountain America Credit Union

With more than 1 million members and $18 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile-banking technology, over 100 branches across six states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

Credit Union Leasing of America extends its footprint in the northeastern US, bringing the benefits of vehicle leasing to more consumers in New Hampshire and Maine

San Diego, CA & Portsmouth, NH – September 12, 2023 – Credit Union Leasing of America (CULA) has been selected by Northeast Credit Union to bring its indirect vehicle leasing program to credit union members in New Hampshire and Maine. With this partnership, Portsmouth-based Northeast Credit Union, which has over two billion dollars in assets, is expanding its auto finance portfolio to include the affordability and flexibility of vehicle leasing as an option for its over 150,000 members.

“Skyrocketing vehicle prices in an inflationary environment continue to be an issue for our members who need to purchase a car,” said Douglas Sites, Vice President Indirect/Direct Lending of Northeast Credit Union. “CULA’s program means that we are able to extend the benefits of vehicle leasing – lower monthly payments, shorter-term commitments – to our community while further diversifying our offerings. In addition, our valued dealer partners now have access to a more complete lending solution, enhancing impact in today’s competitive market.”

In a recent survey of credit unions, conducted by CULA, the majority of respondents said that they would like an alternative to long-term vehicle loans for their customers, such as short-term financing with affordable payments and higher yield. Vehicle leasing offers all of these benefits. By handling the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more – CULA enables credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options, especially as affordability becomes their main concern.

“As we continue to expand across the US, we are fortunate to partner with Northeast Credit Union, an established and leading indirect lender in New Hampshire and Maine. We are proud to support their long legacy of commitment to doing the right thing for their community through their philanthropic efforts and by enabling their members to reap the many advantages vehicle leasing provides,” said Mark Chandler.

Chandler noted that CULA’s partnership with Origence, formerly CUDL, has been a key component in this new alliance with Northeast Credit Union. “We are grateful for our relationship with Origence in establishing this partnership, and to Jeff Kane, Director, Client Experience, Origence, for bringing us together,” added Chandler.

CULA, which experienced record growth in the last two years, has been the leader in indirect vehicle leasing for credit unions for over 30 years. The company offers an analytically driven, high-value leasing program and partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S. CULA originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. In addition, the company is now originating loans in nine more states, added nine credit unions, and increased the number of participating auto dealers by 42%.

About Northeast Credit Union

Northeast Credit Union is a member-owned and not-for-profit organization whose mission is to enrich and nourish the lives of others: its members, its employees, and its communities. Northeast provides a cooperative banking experience that invites others to take part in making our communities thrive through elimination of food insecurity, access to affordable housing, and support of education. From its humble beginnings at the Portsmouth Naval Shipyard in 1936, Northeast has grown to more than $2 billion in assets, over 142,000 members and 18 branches throughout New Hampshire and Maine.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

CULA’s Used Vehicle Loan Snapshot, based on a survey of credit unions, reveals that they continue to offer car buyers a significant percentage of longer-term loans –70% offer 72 months or more – with low down payments, on high-mileage, older vehicles

San Diego, CA – July 20, 2023 – Over-extension on used vehicle loans is the number one concern for credit unions in the 2023 auto finance landscape, according to Credit Union Leasing of America’s (CULA) Q2 2023 Credit Union Used Vehicle Loan Snapshot. But, the results, which are based on an online survey of credit union professionals, indicate that credit unions continue to offer car buyers a significant percentage of longer-term loans, with low down payments, on high mileage older vehicles – and the majority are extending LTV by over 125%.

“It was no surprise to us that over-extension on used vehicle loans is generating significant worry for credit unions, as is overall used vehicle affordability, but the results also uncovered a troubling disconnect: credit unions continue to offer car buyers a significant percentage of longer-term loans, with low down payments, on high mileage older vehicles and increased LTV,” said Mark Chandler, VP of Business Development for CULA.

Seventy percent of the credit union respondents say their longest-term loans are 72 months or more, and the majority will lend $75,000 or more on a used vehicle, with nearly one-third saying they would lend $100,000 or more. Meanwhile, 76% report a mileage limit on their used vehicle loans of 75,000 miles or more, with 30% extending that limit to 100,000 miles or more. The majority say they require a 10% or less down payment on used vehicle loans. Only 14% ask for more than 20%.

“As these survey results make clear, credit unions will continue to incur unnecessary risk if they don’t find an alternative to the long-term used auto loan, which they are continuing to offer in significant numbers – and on vehicles that present potential risk,” continued Chandler.

The results also confirm that the majority (52%) of credit unions’ used vehicle auto finance customers are most interested in long term loans of 7 years or more. But, nearly half (48%) are most interested in short term loans – the usage of a newer vehicle for a low payment. This almost even split is probably due to high used vehicle prices: consumers are either looking for the lower payments of a long-term loan or the lower commitment of a short-term loan.

“The vast majority of credit unions in this survey agree that they would like a better alternative, such as short-term financing with affordable payments and higher yield. Vehicle leasing, which checks all of these boxes, might just be the answer credit unions are seeking,” concluded Chandler.

Key Survey Takeaways

●      64% of credit union respondents cited over-extension on used loans as their biggest concern about the 2023 auto finance landscape, followed by skyrocketing vehicle prices.

●      Auto finance customers today, say respondents, are almost evenly split in interest between long-term (52%) and short term (48%) loans.

●      At least one-in-four used vehicle loans are 72 to 84 months for the vast majority (78%) of credit union respondents.

●      72% of credit union respondents say their longest-term loans are 72 months or more, with 28% saying that 84-month loans are their longest term.

●      Of those credit unions reporting that 84 months are their longest-term loans, 55% say those make up one in five or more of their loans, with nearly a third saying that they make up over 40% of loans.

●      58% of credit union respondents require a 10% or less down payment on used vehicle loans.

●      55% of credit union respondents say they will extend LTV on used vehicle loans by 125% or more.

●      76% of credit union respondents have a mileage limit on their used vehicles of 75,000 miles or more, with 30% extending that limit to 100,000 miles or more.

●      71% of credit union respondents will lend $75K or more on a used vehicle, with nearly one-third (31%) saying they would lend $100,000 or more.

To download CULA’s “Q2 2023 Credit Union Used Vehicle Loan Snapshot” click here.

Snapshot Survey was conducted online April 4th, 2023 through May 5th, 2023 among 415 credit union

professionals.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

Leader in indirect vehicle leasing for credit unions tops previous single-year record for originations as number of dealers participating increases

San Diego, CA – January 24, 2023 – Credit Union Leasing of America (CULA) set a new record in 2022 for lease originations with $2.7 billion in leases, surpassing their single year record of $2 billion set in 2021, the company announced today. The company originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. In addition, the Company is now originating loans in 9 more states, added 7 credit unions, and increased the number of participating auto dealers by 42%.

“Leasing has proved to be a powerful short term, low risk, strong yield option that not only gives credit union members more payment flexibility but also, as vehicle prices skyrocket, provides dealers new opportunities to be more competitive by offering their customers a more affordable way to buy cars, while increasing loyalty and CSI,” said Ken Sopp, President of CULA. “Our record 2022 numbers reflect the increasing number of credit unions and auto dealers who, in today’s volatile auto finance environment, are offering consumers the benefits of credit union vehicle leasing.”

According to Cox Automotive Inc.'s list of “10 Predictions for 2023,” vehicle availability was the #1 challenge for car buyers in 2022, and for 2023 affordability tops the list[1] helping to fuel consumer interest in leasing as credit unions’ auto finance share soars: in Q3 2022 credit unions produced 28.4% of loans and leases from lenders, surpassing banks for the first time, according to Experian's State of the Automotive Finance Market Report[2].

Sopp noted that the percentage of credit unions that participate in vehicle leasing is up nearly 50% because affordable leasing gives shoppers the power of more payment flexibility, while also keeping their vehicle under warranty. “The alignment between current high interest rates, the absence of incentives by OEMs and captive finance companies, and the high price of vehicles, puts vehicle leasing in the sweet spot of credit union auto finance.”

CULA offers an analytically driven, high-value leasing program and handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more. Its partners include the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S. The program enables credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options, especially as affordability becomes their main concern.

John Hendricks, senior vice president of lending at St. Mary’s Credit Union in Marlborough, MA reports that they were not only able to provide members with a car buying alternative, but also effectively grow an auto portfolio at a rate they hadn’t seen in some time. “With the price of cars continuing to increase, leasing is becoming more prevalent and is now a necessary tool for credit unions to remain competitive in the indirect space,” said Hendricks.

“In the current market of high interest rates and low availability, CULA has allowed us to maintain a competitive advantage against our competitors with program options for both new and used car leasing,” says Cody Carter, Internet Sales Manager at Tustin Toyota in Southern California, who works with CULA.

CULA has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services, all supported by stellar customer service and proven systems. CULA’s understanding of the credit union financial model has resulted in long-term business relationships with top-tier credit unions, including nine of the top 10 credit unions offering leasing in the U.S.

“Indirect vehicle leasing plays an important role, helping break through roadblocks faced by credit unions, dealers, and consumers,” concluded Sopp.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

[1] https://www.wardsauto.com/dealers/affordability-no1-challenge-car-buyers-2023-cox-says

[2] https://www.cutimes.com/2022/12/02/credit-unions-gain-top-share-of-auto-lending/

CULA expands its footprint in one of the top leasing markets with the largest credit union headquartered in New Jersey to offer comprehensive car leasing solutions

San Diego, CA, and Basking Ridge, NJ – August 2, 2022 – Credit Union Leasing of America (CULA) announced today that it has partnered with Affinity Federal Credit Union (“Affinity”), one of the nation’s largest credit unions, to bring the affordability and flexibility of leasing to Affinity’s New Jersey members and local dealerships, with plans to expand the indirect leasing program to New York and Pennsylvania.

Affinity provides comprehensive services and solutions, including auto purchase and leasing support and loan options, for its members in New Jersey, New York and Connecticut. Affinity ranks in the top 2% of all credit unions in the U.S.1, and has more than 20 branches across the tri-state region. CULA, which experienced record growth in the last two years, with 2022 expected to surpass 2021, has been the leader in indirect vehicle leasing for credit unions for over 30 years.

“Affinity’s mission is to support our members' financial well-being and to work closely with them to achieve their financial goals,” said Kathleen M. Metz, Senior Vice President Lending, of Affinity. We recognize that car ownership is increasingly difficult in today’s climate, with record-high prices and low inventories presenting heightened challenges for interested buyers. CULA is an industry leader and shares our commitment to superior member service. We’re excited to extend this new offering to our members and dealer partners.”

CULA offers an analytically driven, high-value leasing program and handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more. Its partners include the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.

“Our partnership provides direct benefit to our members and team members, alike. The new CULA Plus Program handles even more of the lease end responsibilities and will allow for an efficient, streamlined and positive experience for our team, while boosting the member experience,” Marisa Manning, Indirect Operations Manager, of Affinity added.

“New Jersey is one of the most important vehicle-leasing markets in the U.S., and we are proud to further expand our credit union reach in New Jersey – as well as in New York and Pennsylvania – with the forward-thinking team at Affinity,” said Mark Chandler, CULA’s VP of Business Development. “There is a significant opportunity for credit unions who offer vehicle leasing in the current economic climate, and we are pleased to help Affinity meet this moment. Our program is designed to enhance membership and yield, while helping to diversify service portfolios.”

According to Experian2, in today’s automotive landscape, there is “an opportunity for credit unions to step in and gain market share.” Credit unions amassed 22.06% of the total automotive finance market, up from 18.55% a year prior, according to Experian’s State of the Automotive Finance Market: Q1 2022 report.

CULA, working with its credit union partners, originated 50,000 leases for $2 Billion in 2021, a single year record. In the first 6 months of 2022, CULA has already grown by 50% YOY, and is on pace to see even better results for full year 2022. The company has nearly tripled its portfolio in five years to $5 billion and currently offers leasing through credit unions in 20 states. More than 35 credit unions are currently active on CULA’s innovative leasing platform. 

“It is so gratifying to see our credit union partners achieving such impressive results as they help their members into vehicles in the current economic climate. We have no doubt that Affinity, with its focus on serving the needs of its members, will prove to be one of our most successful partners,” concluded Chandler.

About Affinity Federal Credit Union

Affinity is a full-service financial institution, member owned and community focused, with a mission to nurture your financial wellbeing. With more than 20 branches across the tri-state area, Affinity is the largest credit union headquartered in the state of New Jersey, proudly ranking in the top 2% of all credit unions in terms of asset size1. The Affinity difference is about people helping people on a deeper level and understanding what YOU need to make your unique dreams a reality. For more information, please visit www.affinityfcu.com.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

1 Source: NCUA.gov. Using the “Credit Union and Corporate Call Report Data” found here: https://www.ncua.gov/analysis/credit-union-corporate-call-report-data

2 Source: https://www.experianplc.com/media/latest-news/2022/credit-unions-amass-largest-share-of-the-automotive-finance-market-in-five-years

One of the nation's leading credit unions, and the official credit union of champion football team the Los Angeles Rams, partners with CULA to offer its So Cal members the many benefits of vehicle leasing

San Diego, CA, and Allen, TX – June 22, 2022 – Credit Union Leasing of America (CULA) today announced that partner UNIFY Financial Credit Union (UNIFY) has successfully launched its indirect vehicle leasing program in Southern California. The partnership extends CULA’s portfolio of credit union vehicle leasing in Los Angeles and Orange counties, while expanding access to the affordability and flexibility of leasing to UNIFY’s members in Southern California. CULA and UNIFY plan to expand the program to other states and regions where UNIFY operates.

UNIFY is one of the nation's leading credit unions, with over $4.2 billion in assets and more than 271,000 members across the country, and is also the official credit union of the 2022 NFL champion Los Angeles Rams. Recently, UNIFY became the first credit union to offer cryptocurrency services, enabling its members to buy, sell and hold bitcoin alongside their traditional accounts within its online banking platform.

“We are pleased to work with CULA to offer vehicle leasing to our members in the very important Southern California car market. With vehicle prices at record highs, giving our members access to the lower payments that leasing can offer has never been more important,” said Gordon Howe, CEO of UNIFY. “Meeting our members’ evolving needs in today’s economic climate is job number one for us. Partnering with a company with a 34-year history of leadership in the indirect vehicle leasing space gives us every confidence that our members will be very well served.”

CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program and handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more. CULA is a trusted partner to many of the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.

“UNIFY is one of the most prominent and forward-thinking credit unions in the country, and we are excited to add them to our growing list of credit union partners as they continue to look for ways to best serve their members, and to stay on the cutting edge of financial service,” said Mark Chandler, CULA’s VP of Business Development. “With current manufacturer leasing incentives suppressed, today’s credit unions have a unique opportunity to gain market share with vehicle leasing, while also offering a money-saving alternative for their members who want or need to get into a car in the current market. We are proud to help UNIFY do just that.”

Chandler noted that by adding UNIFY to its roster of clients, dealers in the Southern California area have even more options for offering leasing to their customers. “We have been inspired that our credit union and dealer partners are seeing great results as they work with customers who choose to lease.”

CULA has recently experienced dramatic growth working with its credit union partners. In January, the company announced $2 billion in lease originations in 2021, a single year record. The company has nearly tripled its portfolio in five years to $3.8 billion and currently offers leasing through credit unions in 17 states. More than 30 credit unions are currently active on CULA’s innovative leasing platform. 

CULA’s expertise is in vehicle leasing for credit unions, and offers an analytically driven, high-value leasing program supported by stellar customer service and proven systems, all with a focus on helping credit unions meet their financial and membership goals, improve yield and diversify their portfolios.

About UNIFY Financial Credit Union:

UNIFY Financial Credit Union is one of the nation's leading credit unions, with more than $4.2 billion in assets and over 271,000 members across the country. UNIFY has branch locations across the U.S., and regional offices located in Torrance, California; Las Vegas, Nevada; Mesa, Arizona; Allen, Texas. Visit UnifyFCU.com for more information.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

Leader in indirect vehicle leasing for credit unions marks 100,000 active leases, worth nearly $3.8 billion, as credit union members increasingly opt for leasing’s flexibility and affordability 

San Diego, CA – November 10, 2021 – Credit Union Leasing of America (CULA), the leader in indirect leasing for credit unions, announced today that its portfolio has exceeded 100,000 active leases through its credit union partners, and is worth nearly $3.8 billion, a milestone in the company’s 30-year history.

That portfolio has nearly tripled in five years, as credit unions increasingly embrace indirect vehicle leasing. Offering consumers increased auto loan flexibility and affordability, leasing provides substantial benefits for credit unions as CULA is seeing record originations this year. With more than 30 active credit unions, CULA’s credit union partnerships are at their highest number to date, and the company has expanded their dealer network across the country by 22% over the past 3 years.

“These are tremendous milestones for our organization,” says Ken Sopp, President of CULA. “With all the upcoming credit unions in the pipeline, these numbers are sure to rise. It’s exciting to see that the industry is embracing the value that leasing brings to the credit union marketplace.”

CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program and handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more.

In further evidence of the increasing value of vehicle leasing to credit unions, in recent months CULA has grown its national footprint into four more states. CULA already works with many of the industry’s most innovative credit unions, including nine of the top 10 leasing credit unions, and continues to help current partners extend their leasing programs into new states. For example, this year, CULA helped partner Alliant Credit Union expand leasing into six new states.

Current market conditions have driven new and used vehicle prices to all-time highs. The new vehicle transaction price exceeded $45,000 in September 2021, with used-vehicle retail prices averaging more than $25,000.(1) In this car-buying climate with rising car prices, and constrained vehicle inventory and shortages, leasing has proved to be a better / best option for many car buyers, with industry analysts arguing that leasing offers cheaper monthly payments, the opportunity to explore makes or models not previously considered(2), and getting into a new model for two or three years until the industry’s manufacturing problems settle down and prices stabilize(3).

“At a time when inventory challenges remain, and new car prices continue to skyrocket with no exact end in sight, leasing could very well save the day for many consumers,” said Mark Chandler, CULA’s VP of Business Development. “Not only can leasing offer credit union members more financial control, but it can also help grow membership, diversify lending options, and increase yield.”

Chandler noted that because CULA is backed by experience and expertise, it is well positioned to help credit unions be a key part of the auto finance solution during the COVID-19 recovery, providing leasing programs that encapsulate all that credit unions are known for: sterling customer service, creative financing solutions and process flexibility.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 33 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit http://www.cula.com to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723

(1)   https://www.forbes.com/wheels/news/new-car-price-tops-45000/

(2)   https://www.thedetroitbureau.com/2021/10/record-vehicle-prices-mean-one-thing-record-monthly-payments-for-new-and-used-cars/

(3)   https://www.forbes.com/sites/jimgorzelany/2021/09/13/these-are-the-cars-and-suvs-you-can-still-lease-for-less-than-200-a-month/?sh=40f7fb987b69

Leader in indirect vehicle leasing for credit unions posted its 9th consecutive record month, with more leases processed in May and June than in any other months in its history

Sopp noted that even though leasing decreased nationwide, in Q1 2021,[1] it increased for CULA through CULA’s credit union partners, with seven setting all-time high records in lease volume in May. Meanwhile, CULA has also increased its engagement with auto dealerships during the past six months, hitting new records for auto dealerships submitting leases through CULA credit union partners. For the first time in their history CULA had dealers that leased more than 100 vehicles in a single month through their credit unions – with one dealer just short of reaching the 200 mark.

“CULA’s recent milestones were achieved during the lowest new car inventory level in history,” said Mark Chandler, CULA’s VP of Business Development. “These record numbers were greatly helped by the increase in the number of our valued auto dealer partners in new and existing markets, all of whom benefitted from the data, analytics and communication specific to each dealer’s inventory that our team provides every day.”

According to Chandler, the trends that have been fueling credit union success with leasing show no sign of abating:  “For those seeking affordable payments as they emerge from the pandemic’s challenges, leasing’s lower payment (on average $100 or more lower per month) makes a huge difference.  And for those who can’t find the exact model they want because of inventory constraints, a shorter commitment helps advance their decision.  Just as importantly, the trusted position credit unions hold in their communities in these uncertain times, is more important than ever and that holds true when members are ready to lease.”

CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program supported by stellar customer service and proven systems, all with a focus on helping credit unions meet their financial and membership goals.

About Credit Union Leasing of America

Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit www.cula.com  to learn more.

Media contacts:

Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723