CULA credit union partner members’ monthly vehicle lease payments averaged $159 less vs traditional auto loan payments; CULA grew credit union dealer partners year over year and expanded to 27 states, as vehicle leasing grew to nearly 25% of all auto financing nationally

San Diego, CA – April 10, 2025 – Credit Union Leasing of America (CULA) delivered strong growth in 2024, with double-digit increases in credit union and dealer partnerships as an increasing number of credit unions leveraged CULA’s indirect vehicle leasing program. CULA partner credit union members saved a total of more than $63 million on lease payments in 2024, and an average of $159[1] per month versus traditional auto loan payments.

Expanding its presence to 27 states in 2024, CULA added four new states—Oregon, Maine, Idaho, and Vermont—further strengthening its national footprint. The Company also increased its active dealer partners by 91% in 2024 compared to 2023. Today, CULA has over 2,554 total dealer partners signed to its program.  

As affordability remains a major challenge in the auto market, more consumers are choosing leasing versus traditional auto loans, given leasing’s dramatic savings. In 2024, vehicle leasing rose to 24.5% of new auto sales nationally, from 22.6% in 2023 and 17.2% in 2022, according to Experian’s State of the Automotive Market Q4 2024 Report.

In addition to enabling savings for its partner credit unions’ members, CULA data revealed that those credit unions using its program in 2024, compared to credit unions not partnered with CULA, realized higher loan yield (25 bps higher), greater auto loan growth (2.21% vs -3.62%) and higher member growth (3.96% vs 3.36%).

"With financial pressures and inflation concerns continuing to impact auto shoppers, CULA’s credit union partners have been able to save their members significant amounts on transactions in 2024, compared to traditional auto loans; they do this by offering competitive rates through our leasing solution. It is also gratifying to see that loan yield, member growth and auto loan growth is higher for our partner credit unions than for those who are not offering our leasing program," said Ken Sopp, President of CULA.

“Member savings, vehicle leasing’s continued growth, and positive impacts on our partner credit union’s businesses affirm that CULA’s data-driven and innovative program is well-positioned to continue driving credit union adoption and to deliver another strong year in 2025,” continued Sopp.

Experian’s State of the Automotive Market Q4 2024 Report also reveals that leasing rates are rising across most vehicle makes and is dominating in key markets including Michigan, New Jersey, and New York, highlighting its growing appeal. Additionally, lease terms and payments are decreasing across all risk segments, further enhancing affordability and accessibility for a wider range of buyers. These factors reinforce leasing as a compelling alternative to traditional financing and CULA’s appeal to a growing number of credit unions.

"The recently announced tariffs will likely drive auto prices even higher, outpacing inflation and putting even more pressure on American consumers' budgets," said Sopp. "Even before these tariffs, our partners have observed the average auto transaction price climb from $36,755 in 2022 to $40,912 in 2024, reflecting the broader rise in vehicle costs. With this backdrop, credit unions have a clear opportunity to provide even more cost-effective solutions for their members through CULA."

“Partnering with CULA for our leasing services has been a major benefit for both our credit union and our members,” said Dort Financial Credit Union CLO Sharon Lobo. “With this partnership, we have diversified our portfolio and increased yields while providing our members with flexible and affordable auto finance options. CULA helps us to provide an even greater value to our members.”

For over 35 years, CULA has been the leader in indirect vehicle leasing for credit unions, offering an analytically driven, high-value program that simplifies the complexities of leasing—including insurance, operations, compliance, and more. With a deep understanding of the credit union financial model, CULA has built long-term partnerships with top-tier credit unions, including nine of the top 10 credit unions offering leasing in the U.S. Its program enables credit unions to seamlessly integrate leasing into their portfolios while providing dealers with a valuable financing option—especially as affordability remains a top concern for consumers.

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.

Media contacts:

Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776

Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723

[1]  Based on CULA data and utilizing their average new vehicle finance amount of $40,119 converted to typical new auto loan terms of 6.99% for 72 months.

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

In a challenging auto finance environment, CULA grew its portfolio as well as Credit Union and Dealer Partners, while expanding national footprint

San Diego, CA – February 29, 2024 – Credit Union Leasing of America (CULA) experienced double-digit growth in its portfolio, credit union and dealer partners in 2023, even in the face of a challenging auto finance environment, the company announced today. CULA drove 24% growth in credit union partnerships year-over-year, with four of those additions driving expansion into multiple states.

In addition, the Company grew active dealers 17%, adding 274 new dealers to the program. CULA now offers vehicle leasing through credit unions in 23 states and more than 40 credit unions are currently active on CULA’s innovative leasing platform.

“While vehicle prices have been trending down, the average transaction price remains $6500 higher than in January 2021 according to Kelly Blue Book[1],” said Ken Sopp, President of CULA. “High prices, coupled with an elevated interest rate environment, continues to make it challenging for consumers to afford cars, which is why leasing remains a strong option for credit unions to offer members in the market for a new or used vehicle – and why we expect to see continued growth in 2024.”

According to CULA’s January 2024 “Future of Auto Finance” survey, nearly 60% of credit union professionals 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 reported by Experian: from 21.15% in 2022 to 27.37% in 2023[2].

Sopp also noted that the growth CULA has seen in its dealer partnerships is something they expect to continue in 2024. In fact, over 70% of credit unions in the CULA survey reported that they plan to deepen/increase those relationships in 2024. “Dealer partnerships have been core to a credit union leasing program’s success and it makes sense as it offers dealerships yet another financing option for its customers.”

“Vehicle leasing enables dealers and credit unions to provide relief from the high price of vehicles to their members, as well as term flexibility, without the risks of longer-term loans,” continued Sopp. “Leasing has, quite simply, become a necessary portfolio offering to help credit unions remain competitive in the current environment – and for the long term.”

According to Vince Nowicki, Chief Lending Officer of Mission Federal Credit Union in San Diego, California, a CULA partner since 2018: "Since we have partnered with CULA on vehicle leasing, we have been able to open up an important, more affordable alternative to help our members get into a vehicle without taking on an extended loan. And the benefits to us, in addition to helping our members, are higher yield, greater portfolio diversity and staying relevant with our members’ preferences, as well as being able to rely on CULA to navigate the back-end complexities of leasing for us so we can focus on member service. Offering a lease product was a new strategy for Mission Federal. We were fortunate to have partnered with CULA who helped us every step of the way.”

CULA has been the leader in indirect vehicle leasing for credit unions for over 35 years. Its innovative leasing program is analytically driven, high-value and handles all the intricacies of leasing for its clients – including insurance, operations, compliance and more. 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. 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.

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.

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.kbb.com/car-advice/when-will-car-prices-drop/#link1 

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

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

The leader in indirect vehicle leasing for credit unions partners with New York-based credit union to expand its reach in the northeastern U.S.

San Diego, CA & Corning, NY – November 28, 2023 – Credit Union Leasing of America (CULA) today announced that it has been selected by New York-based First Heritage Federal Credit Union to bring the affordability and flexibility of vehicle leasing to its more than 45,000 members. The partnership further extends CULA’s footprint in the northeastern United States.

First Heritage Federal Credit Union has served members in communities throughout New York and Pennsylvania for nearly 70 years, has more than $700 million in assets, and was recently voted the Best Credit Union in the Twin Tiers for the third straight year. CULA, which enables credit unions to easily add vehicle leasing to their portfolios, and dealers to offer their customers more finance options, has been the leader in indirect vehicle leasing for credit unions for over 30 years.

“We are pleased to partner with CULA to offer vehicle leasing as an effective and affordable vehicle financing option to our members,” said Tom Pisano, First Heritage President and CEO. “This aligns with our commitment to help our members achieve a better life for themselves and their communities: a ‘people helping people’ mindset that instills in our operations a higher level of service and value, and one of the reasons we selected CULA’s program.”

Pisano also noted that, with CULA, their dealer partners now have more options, greater lending solutions to leverage, and more flexibility, a key advantage, especially as vehicle prices continue to stay elevated.

According to Edmunds, as of Q3 2023 used vehicle prices averaged $28,935 – a 44% increase over Q3 2018. A recent survey of credit unions conducted by CULA revealed that over-extension on used vehicle loans is the number one concern for credit unions. The survey also found that the vast majority of credit union respondents (92%) agree that they would like a better alternative, such as short-term financing with affordable payments and higher yield. Indirect vehicle leasing offers a low-risk, good-yield, short-term finance option for both lenders and consumers.

“First Heritage Federal Credit Union has been meeting the financial needs of their community members for several decades. We’re pleased to further help them help their members, especially in providing a solution to persistent vehicle affordability issues, while also helping improve yield,” said Mark Chandler, Vice President of Business Development for CULA.

CULA’s indirect vehicle leasing program, which has experienced record growth over the last two years, handles the intricacies of leasing for its clients – including analytics, insurance, operations, compliance, and more. The company pioneered indirect vehicle leasing for credit unions, has the largest number of credit union partners, the longest combined tenure with credit unions and partners with the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.

About First Heritage Federal Credit Union

First Heritage Federal Credit Union is a community-chartered credit union that serves more than 45,000 members in an eleven-county region including Chemung, Steuben, Livingston, Schuyler, Tioga, Allegany and Yates Counties in New York and Tioga, Bradford, Lycoming and Potter County in Pennsylvania.        

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

Credit Union Leasing of America, which reported a record $2.7 billion lease originations in 2022, further extends its reach in Michigan, one of the highest vehicle-leasing states in the US

San Diego, CA and Grand Blanc, Michigan – April 25, 2023 – Credit Union Leasing of America (CULA) has been selected by Dort Financial Credit Union to launch its indirect vehicle leasing program, further extending CULA’s reach into Michigan, which is historically one of the highest vehicle-leasing states.

The partnership brings to Dort Financial Credit Union a powerful, short-term, low-risk, strong-yield option for auto financing. In addition to enhancing Dort Financial Credit Union’s dealer partner relationships, CULA’s vehicle leasing program also brings flexibility and affordability, a priority for today’s car shoppers.

“We are proud to welcome Dort Financial Credit Union as a partner. They have served their community for over 70 years, with a deep legacy in automotive from their founder, stretching back almost 100 years,” said Mark Chandler, VP of Business Development for CULA. “Dort Financial has built a strong and resilient institution in Michigan, one that always puts its members first with a vision of serving their financial needs ‘by opening doors of opportunity’ – which vehicle leasing certainly can do for today’s price conscious consumer.”

Established in 1951 in Grand Blanc, Michigan, Dort Financial Credit Union has over $1.5 billion in assets, more than 104,000 members, and recently earned a 5-Star rating for financial strength and stability from BauerFinancial, Inc., the nation’s premier credit union and bank rating firm. Other recognitions include being named one of the top 100 credit unions in the country, according to a 2022 Bankdash report, named to Forbes top ten list of best-in-state credit unions for Michigan, and a top performing U.S. credit union by S&P Global Market Intelligence.

“Dort Financial Credit Union is dedicated to being a full-service lender to our membership base and, with vehicle leasing in Michigan as high as 64% of total new car sales, adding the benefits of vehicle leasing to our portfolio just makes sense,” said Sharon Lobo, VP of Lending at Dort Financial. “CULA was the obvious partner, not only for their proven track record with credit unions, but also for their commitment to customer service and the deep analytics embedded in their program, all of which means we will be offering a best-in-class leasing opportunity to our members.”

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. 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.

“At a time when car buyers’ top concern is the amount of their monthly payment[1], we know that vehicle leasing is an important offering for our credit union and dealer partners,” continued Chandler. “As the captive lenders offer fewer incentives, credit unions have the opportunity to grow market share in this competitive rate environment, and we stand ready to do our part to help our credit union and dealer partners succeed."

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 Dort Financial Credit Union

Founded in 1951, Dort Financial Credit Union serves more than 104,000 members, with assets over $1.5 billion and ten locations. Membership is open to anyone who lives, works, attends school or worships in the state of Michigan. The credit union offers comprehensive financial services, including auto loans, mortgages, high-interest checking accounts and much more. Dort Financial prides itself on having fulfilled members’ dreams and supporting community for over 70 years. Learn more at dortonline.org or by calling 800-521-3796.

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] According to a snapshot survey conducted by CULA

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/