Southern California Credit Union expands leasing opportunities in the region

San Diego, CA – December 16, 2020 – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, has joined forces with SCE Federal Credit Union to offer SCE FCU members access to vehicle leasing. 

SCE Federal Credit Union, which was founded in 1952, currently serves more than 60,000 members in Southern California and Southern Nevada. CULA enables credit unions to leverage the $64.6 billion U.S.[1] vehicle leasing market and 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.

“SCE FCU has a nearly 70-year record of commitment to improving the lives of its members and communities. CULA is thrilled to help further that mission by enabling SCE FCU to expand their financial services portfolio to include vehicle leasing,” said Mark Chandler, Vice President of Business Development for Credit Union Leasing of America. “In today’s challenging times – when the personal vehicle has never been more important – leasing’s lower monthly payments and flexible terms provide SCE FCU with a great way to help its members acquire a new vehicle.”

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. As consumers head back to the car market, they are often choosing leasing, with more than a quarter of new vehicles sold being leases. 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.

“Since our founding in 1952, our vision has been to be the trusted financial partner for our members and surrounding communities,” said Kitty Hunter, Chief Lending Officer. “Leasing is a great opportunity for our members, but a process filled with complexity. To confidently offer this to our members, we needed a trusted partner with the most user-friendly and efficient technology, a strong track record of customer service, and a deep understanding of the critical role credit unions play in their communities. We are excited that CULA is just that partner.”

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 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

New 'Seamless Lease Connection' from Credit Union Leasing of America streamlines the lease management process for credit unions and enhances the member experience

SAN DIEGO, July 9, 2019  -- Credit Union Leasing of America (CULA), the leader in enabling credit unions to leverage the $64.6 billion U.S.(1) vehicle leasing market, announces the launch of a redesign to their proprietary lease management system, Seamless Lease Connection. The upgraded Seamless portal features several enhancements and is now accessible anywhere with an Internet connection.

"With one third of consumers(2) who purchase a vehicle opting to lease, leasing represents a huge opportunity for credit unions. Not only can credit unions increase yield and diversify their portfolios, they can also capture additional business from current members who want to lease and add new members," said Ken Sopp, Chairman of CULA. "Seamless Lease Connection is just one more way that CULA reduces the complexity and resource burden of credit unions, giving them a turn-key vehicle leasing solution that deepens dealer relationships and improves the overall member experience."

Incorporating feedback from their credit union clients, CULA developed this version of Seamless in collaboration with Nowcom Corporation, a leader in automotive and financial services management technology and a subsidiary of CULA parent company The Hankey Group. With the latest Seamless enhancements, CULA has reduced the time required to process a lease, which improves productivity for both CULA and its clients. Monika Favreau, Lease Program Manager for Mission Federal Credit Union, is pleased with the new system: "We love the new Seamless. Funding leases is faster and easier and we appreciated the smooth roll out of the updated system." The new format also enables CULA to be more agile in responding to clients' needs due to the online platform that allows CULA to make future improvements more efficiently.

Seamless Lease Connection is one component of CULA's successful program and this launch signifies another step forward in their ongoing evolution. As the largest credit union leasing partner in the industry, CULA handles the entire lease process from origination to remarketing. CULA helps credit unions be more successful through their time-tested vehicle leasing solution.

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 unions to diversify their loan portfolios, improve yield and expand member services. Visit www.cula.com to learn more.

1) "US consumer spending on MV leases is forecast to total $70.0 billion in 2023, representing annual gains of 1.6% from $64.6 billion in 2018." Freedonia Focus Reports. Motor Vehicle Leasing: United States. 2019.
2) Zabritski, Melinda. "State of the Automotive Finance Market." Experian. 2019.

Contact: Lindsay Ball
Title: Marketing Manager
Phone: 619.209.7545
Email: lball(at)cula.com 
Website: www.cula.com

SOURCE Credit Union Leasing of America