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

Indirect vehicle leasing leader contributes to credit unions’ increasing share of leasing market, achieves single-year record for lease originations through credit union partners, and enjoys exponential growth in dealer partnerships

San Diego, CA – January 26, 2022 – Credit Union Leasing of America (CULA) achieved $2 billion in lease originations in 2021, a single year record, the Company announced today. This record is the result of originating 50,000 leases in 2021, also a company first.

In October, for the first time in CULA’s 34-year history, the indirect vehicle leasing leader exceeded 100,000 active leases in its portfolio, which has nearly tripled in five years to $3.8 billion. CULA offers leasing through credit unions in 17 states, adding six more states in 2021 alone. More than 30 credit unions are currently active on CULA’s innovative leasing platform.

CULA’s record growth came during year two of the COVID-19 pandemic, during an increasingly difficult market in which inventory constraints led to record high vehicle prices[1].

Leasing proved a more affordable, more flexible option for car buyers. It was especially beneficial for credit unions, who increased their share of auto loans and leasing during the last year.[2] In fact, leasing is a “critical” option according to Experian,[3] who recently reported that “leasing will continue to remain an important option for those looking to get a new vehicle with a lower monthly payment.”

“We have never seen an auto market like this and, while 2022 promises to have its challenges, as we enter a new year on the heels of a record-breaking year, we are optimistic about the future - thanks in no small part to our extraordinary credit union and dealer partners,” said Ken Sopp, President of CULA.

“With leasing’s flexible terms, and payments on average $109 less than loan payments[4], we look forward to supporting our credit union partners as they help even more members into new vehicles in 2022. We also look forward to our continued work with our innovative auto dealer partners as they have a measurable impact in extending leasing’s benefits to car shoppers. Vehicle leasing, we believe, is the perfect auto lending product, for consumers, auto dealers, and credit unions alike.”

Sopp noted that even in a shrinking market, credit unions generated 20.2% of total auto loans and leases during Q3 2021, higher than the pre-pandemic share of 19.6% in 2019’s third quarter[5].

“Leasing matters for credit union members, and our record-breaking numbers for 2021 prove it,” continued Sopp.

Robert Cashman, CEO of Metro Credit Union, whose credit union began leasing on CULA’s platform in 2021 explained: “Leasing is quickly emerging as an important option for car buyers who are entering a vehicle sales market with constrained inventory and record high prices.” Cashman continues, “We wanted to be in the forefront of offering the affordable and flexible vehicle finance options that leasing provides."

CULA vehicle leasing also proved a key tool for dealers in 2021: CULA experienced exponential growth in dealer partnerships, increasing the number of dealers in its network more than ten-fold in the past three years.

Says Cody Carter, internet sales manager at Tustin Toyota in Southern California, who works with CULA: “There are very few customers a lease won’t work for. And as the market normalizes, having an alternative bank, such as a credit union, means that we can hit payments that work for our customers and gives us an edge that no one else has.[6]”

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

[1] https://www.kbb.com/car-news/average-new-car-price-tops-47000/

[2] https://www.cutimes.com/2021/12/02/credit-unions-gaining-auto-loan-share-in-shrinking-market/

[3]https://www.experian.com/blogs/insights/2022/01/leasing-decreased-in-q3-2021-but-remains-a-critical-option-for-affordability/

[4] Experian State of the Automotive Finance Market: Q3 2021

[5] https://www.cutimes.com/2021/12/02/credit-unions-gaining-auto-loan-share-in-shrinking-market/

[6] https://www.cutimes.com/2022/01/07/covid-19-the-emerging-path-for-indirect-auto-lending/

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

UFCU partners with CULA to become the only Utah-based credit union to offer the affordability and flexibility of vehicle leasing to members

SAN DIEGO, AND SALT LAKE CITY - SEPTEMBER 14, 2021- Credit Union Leasing of America (CULA) and Utah’s University Federal Credit Union (UFCU) today announced that they are partnering to bring the affordability and flexibility of credit union vehicle leasing to Utah, with their first leases having closed in August. This partnership makes University Federal Credit Union the only credit union in Utah to offer vehicle leasing, while further expanding CULA’s national footprint.

University Federal Credit Union, which was founded in 1956, is a values-based, full-service financial co-operative serving the needs of more than 100,000 member-owners and their communities. CULA, the leader in indirect vehicle leasing for credit unions for over 30 years, has experienced record leasing demand over the past six months, and, in addition to Utah, recently expanded into or increased regional coverage in New Hampshire, Texas, Massachusetts, Michigan, Pennsylvania, and California, among the many markets it serves.

“Our core values are to create a positive impact on our community and to make a difference for every member, every day, and this means making sure a wide range of financial products are available to our members,” said Jack Buttars, Chief Executive Officer of UFCU. “Finding the right vehicle at the right price has probably never been more challenging than it is today. Working with the terrific CULA team, who streamline the complexities of leasing - from analytics to insurance to operations to compliance - we are now able to ensure that our members have the opportunity to benefit from leasing’s more affordable payments and term flexibility, critical factors given the current market landscape.”

Pandemic-driven chip shortages and supply chain issues have led to severe vehicle inventory restraints that have driven vehicle pricing to record levels, while limiting choice for car buyers. The estimated average transaction price for a light vehicle in the United States was $42,258 in June 2021, with new vehicle prices increasing $2,527 (up 6.4%) from June 2020, and $928 (up 2.2%) from May 2021.(1) Vehicle leasing offers consumers the option of lower monthly payments - on average about $100 less than vehicle loan payments,(2) with lease payments on SUVs an average of $109 lower than loan payments(3). In addition, leasing provides consumers with the option of shorter term commitments versus purchasing. This is key for consumers who need a vehicle, but can’t find the exact model they want in the current market.

“We’re pleased to be able to further extend our footprint in the West, at a time when leasing is such an important option for consumers, by partnering with UFCU, an institution that exemplifies what credit unions are all about: serving the community,” said Ken Sopp, CULA’s President. “Utah is a new state for us and we are excited to ‘pioneer’ credit union leasing here. Our leasing program can amplify the customer-centric values of University Federal Credit Union, while also expanding and diversifying their portfolio of services, helping to further enhance membership and yield.”

The above market conditions have driven a swell of interest in leasing; and credit unions, with their trusted positions in their communities in these uncertain times, have helped their members with a record number of leases in partnership with CULA. The first six months of 2021 were record-breaking for CULA, with over $950 million in lease originations, an 88.8% increase over the same period in 2019, and the highest period of originations in CULA’s more than 30-year history.

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 University Federal Credit Union, Utah

University Federal Credit Union is a values-based, full-service financial co-operative serving the needs of more than 100,000 member-owners and their communities. Our mission is to create a positive impact on our community and to make a difference for every member, every day.

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 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://mediaroom.kbb.com/2021-07-19-Average-New-Vehicle-Prices-Hit-All-Time-High,-According-to-Kelley-Blue-Book

(2) https://www.experian.com/content/dam/marketing/na/automotive/quarterly-webinars/credit-trends/q1-2019-safm-final-v2.pdf

(3) https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/state-of-auto-finance-q2-2021.pdf

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

CULA caps record-setting start to year by powering vehicle leasing for Metro Credit Union, the only credit union to offer the benefits of vehicle leasing in New Hampshire

San Diego, CA and Chelsea, MA–June 17, 2021 – Credit Union Leasing of America (CULA) has further expanded its vehicle leasing footprint through its partnership with Metro Credit Union, which launched vehicle leasing in New Hampshire this month.  Metro Credit Union first started working with CULA at the height of the pandemic in Q4 2020 to implement a leasing program for credit union customers in its home base of Massachusetts.  With exponential growth in leases, month-over-month, Metro Credit Union has become one of CULA’s top performing credit union partners.

Metro Credit Union was formed in Massachusetts in 1926. Since then, Metro has grown into the largest state-chartered credit union in Massachusetts with almost $2.5 billion in assets and more than 200,000 members. CULA is the leader in indirect vehicle leasing for credit unions for over 30 years and provides vehicle leasing programs for credit unions to help them grow membership, diversify lending options, and increase yield.

“Leasing is quickly emerging as an important option for car buyers who are entering a vehicle sales market with constrained inventory and record high prices, and we wanted to be in the forefront of offering the affordable and flexible vehicle finance options that leasing provides,” said Robert Cashman, Chief Executive Officer of Metro Credit Union. “Although starting a completely new finance program in the midst of a pandemic, and one as complex as vehicle leasing, is a tall mountain to climb, CULA sped us up the slope.  With CULA handling everything from analytics to insurance to operations to compliance, we were able to launch quickly – and it was an immediate positive for our Massachusetts members, a benefit we are excited to now extend to our New Hampshire members.”  

According to a recent Cox Automotive consumer survey[1] most consumers are not delaying their purchase plans, in spite of soaring sales prices, and difficulty finding the vehicles they want. Leasing’s affordability and flexibility offers these buyers a great option: Edmunds experts recently touted leasing as a great option for consumers in the current auto market[2]. This trend is demonstrable in the rapid leasing adoption Metro Credit Union experienced in Massachusetts, with the number of leases closed tripling within their first three full months of offering this new program.

“The most successful credit unions CULA works with are very motivated and want to get up and running quickly and Metro Credit Union is an example of that.  From the start, the Metro team was very engaged and enthusiastic, from top leadership on down,” said Ken Sopp, President of CULA. “This, combined with their understanding of the value of leasing, meant we could ramp up quickly, so they were able to begin doing significant volume and rapidly see gains from leasing.”

CULA experienced first-hand the recent swell of consumer interest in leasing: after a record-breaking Q4, CULA started 2021 with its best Q1 ever. While first quarters are typically not good times for auto sales, in Q1 2021, CULA recorded nearly $400M in lease originations for the quarter. This trend is continuing in Q2, with over $200M in lease originations from more than 5,300 leases in a single month in May.

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.

“We are so pleased to launch Metro Credit Union’s vehicle leasing program in New Hampshire, a state in which over 40% of all vehicles are leased. We’re not aware of any other credit unions currently offering leasing to their members in the state so it’s rewarding to be able to offer this service here,” said Mark Chandler, Vice President of Business Development at CULA.  “With their laser focus on improving the banking experience, and deep commitment to the communities they operate in, the opportunity for Metro Credit Union, and for its New Hampshire members, is significant.”

About Metro Credit Union

Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.5 billion in assets. Metro provides a full range of financial products to more than 200,000 members in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties in Massachusetts, and Rockingham and Hillsborough counties in New Hampshire, as well as to employees of over 1,200 companies through its Metro@work program.

Founded in 1926, Metro currently operates 14 branch offices in Boston, Burlington, Chelsea, Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury. Metro is also a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal. Learn more at MetroCU.org and connect with us on LinkedIn.

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

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InTouch Credit Union follows success of vehicle leasing program in Michigan with new Texas offering

San Diego, CA – April 20, 2021 – Credit Union Leasing of America (CULA) now offers vehicle leasing services in Texas through its partnership with InTouch Credit Union (ITCU). ITCU began offering leasing in its home state of Texas in the first quarter of 2021, closing their first leases in the state in March. CULA helped InTouch successfully implement their vehicle leasing program in Michigan in the midst of the pandemic, closing their first lease with CULA in November 2020.

Based in Texas, ITCU has close to one billion dollars in assets and serves close to ninety thousand members across the U.S., as well as more than 20 countries around the world. ITCU is committed to creating positive value propositions by delivering money management tools and financial services through high-quality, proven digital systems at competitive prices. 

“Launching a brand new auto finance program during the height of a pandemic may seem unusual, but to us it just made sense: the economic uncertainty fostered by COVID meant our Michigan members were looking for the affordable and flexible vehicle finance options that leasing provides,” said Bridger Robinson, Senior Vice President of Lending and Branch Operations at ITCU. “Plus, we had a partner in CULA who enabled us to ramp up quickly. The success of our Michigan program made the decision to offer vehicle leasing to members in our home state of Texas easy.”

CULA, the leader in indirect vehicle leasing for credit unions for over 30 years, provides vehicle leasing programs for credit unions that help them grow membership, diversify lending options, and increase yield. The ITCU leasing program marks CULA’s first leasing offering in Texas where vehicle leasing represents about 15% of all new vehicle sales.

“Texas is one of the largest car markets in the U.S. and, with less than 4% of its credit unions offering vehicle leasing, we believe the opportunity is significant,” said Mark Chandler, Vice President of Business Development at CULA. “We are excited to continue to grow our national footprint right here in Texas with such a high caliber, customer-focused partner. ITCU cares about ensuring its members have access to the best financing programs and options available.”

The strength of the auto industry has been one of the bright spots of the recent economy. CUNA Mutual Group forecasts that car and light truck sales will rise 17% to 17.1 million vehicles in 2021. In a recent blog post, Melinda Zabritski, Senior Director, Automotive Financial Solutions for Experian, commented that leasing is “a financing option consumers are still looking to take advantage of. And as new vehicle inventory increases, we could see leasing increase in the coming months.”1

CULA experienced first-hand the recent swell of consumer interest in leasing: after a record-breaking Q4, CULA started 2021 with its best Q1 ever. “October 2020 was a record-breaking month for CULA, with more than $150M in lease originations in a single month, leading to our best Q4 ever,” said Ken Sopp, President of CULA. “The first quarter of the year is typically not a good one for auto sales, but the momentum from Q4 continued. This resulted in nearly $400M in lease originations for the quarter – our best Q1 ever.”

“CULA’s understanding of the complexities of leasing, and of each market, their commitment to serving our members while helping us improve yield, and their flexibility in customizing services that fit ITCU’s specific member profiles have all been key to the success of our program in Michigan. We anticipate continued success offering our members the best leasing experience in Texas,” continued Robinson of ITCU.

CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program supported by stellar customer service and proven systems. CULA handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more, all with a focus on helping credit unions meet their financial and membership goals.

About InTouch Credit Union

InTouch Credit Union (ITCU) is a financial cooperative that has proudly served members since 1974. ITCU is committed to creating member value by placing the financial needs and delivery of exceptional service to the membership ahead of profit while maintaining fiscal responsibility. With branches in three states, and assets of about $950 million, ITCU serves approximately 90,000 members in all 50 states and more than 20 countries around the world. Membership eligibility rules are available on ITCU.org. ITCU can also be found on Facebook, Twitter, Instagram and LinkedIn.

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

(1) https://www.experian.com/blogs/insights/2021/03/leasing-remains-crucial-option-affordability/

Alliant opens up vehicle leasing to members in Pennsylvania

SAN DIEGO - March 11, 2021 - Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, is helping power the expansion of Alliant Credit Union’s vehicle leasing program into Pennsylvania, completing their first leases in the state in February 2021. CULA has been successfully working with Alliant Credit Union since 2017, administering their existing vehicle leasing programs in Colorado, Michigan, and Florida.

Based in Chicago, Alliant Credit Union is one of the largest credit unions in the nation with more than $13 billion in assets. Alliant’s history spans over 80 years and it has over 500,000 members nationwide.

CULA enables credit unions to offer the flexibility and affordable payments of new vehicle leasing, while helping them grow membership, diversify lending options, and increase yield.

“As consumers emerge from the economic and personal challenges of the pandemic, they are seeking affordable, flexible options in vehicle financing, which is exactly what leasing provides,” says Jeremy Pinard, Vice President of Consumer Lending at Alliant Credit Union. “And, with vehicle leasing representing over one third(1) of all new auto financing in Pennsylvania, it just makes sense for us to offer it to our members there, and to continue expanding that opportunity to more states nationwide.”

The strength of the auto industry has been one of the bright spots of the recent economy. According to an Edmunds forecast(2), in the third quarter of 2020 consumers purchased 30.6% more vehicles than in the second quarter in the immediate wake of the COVID-19 pandemic’s emergence, with 15.5 million new cars predicted be sold in 2021, a 6.5% lift over 2020(3). As consumers head back to the car market, they are often choosing leasing, with more than a quarter of new vehicles sold nationally being leased.

“We are excited to further deepen our partnership with Alliant Credit Union as they expand their auto finance offerings into new states,” said Mark Chandler, Vice President of Business Development for CULA. “Their member-first philosophy, along with their commitment to digital services, means they are well-positioned to meet consumer interest in leasing in today’s new pandemic normal. Like Alliant, CULA has a customer-first philosophy, and we are laser-focused on helping our credit union partners achieve their growth goals.”

CULA experienced first-hand the recent swell of consumer interest in leasing: after the challenges of Spring’s COVID lockdown, Q4 represented CULA’s best quarter ever for lease originations booked through its credit union partners. “October 2020 was a record-breaking month for CULA, with more than $150M in lease originations in a single month,” said Ken Sopp, President of CULA. “We finished the quarter strong, and we are well-positioned for a successful 2021.”

“CULA has been doing leasing for a long, long time, and they have the historical data to answer any questions a credit union might have. As a partner, they really help you understand the complexities of a lease. Specifically, important elements like residual risk, wear and tear, and how that ties into the risks related to leasing,” continued Pinard. “With CULA, you can work to create a leasing program that fits your credit union’s desires, goals and expectations.”

CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program supported by stellar customer service and proven systems. CULA handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more, 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 http://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) According to Experian’s State of the Automotive Finance Market report for Q3 2020, 35.5% of all new auto financing is leasing
(2) “New Car Sales Showing a Pulse in the Third Quarter.” Credit Union Times, Sept. 24, 2020
(3) Edmunds Experts Forecast 15.5 Million New Vehicles Will Be Sold in 2021: https://www.prnewswire.com/news-releases/edmunds-experts-forecast-15-5-million-new-vehicles-will-be-sold-in-2021--301212364.html