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.
[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.
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 www.cula.com to lear
Media contacts:
Angela Jacobson, mWEBB Communications, angela@mwebbcom.com, (714) 454-8776
Melanie Webber, mWEBB Communications, melanie@mwebbcom.com, (949) 307-1723
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 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
Harper brings 25 years of credit union industry experience to help drive growth through new partnerships and innovation
San Diego, CA – January 23, 2025 – Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 35 years, today announced the appointment of Chris Harper as Director of Business Development. Harper will lead strategic initiatives to build new partnerships, strengthen customer engagement, and drive revenue growth, leveraging his extensive experience in financial services, fintech, and credit union sectors.
“We are pleased to welcome Chris to CULA”, said CULA President, Ken Sopp. “Chris, who is a seasoned professional with a proven track record of building strong relationships and delivering exceptional results, will continue the extraordinary work of our dear friend and colleague Mark Chandler, who passed away in November. Chris has a deep background with auto finance and credit unions and we are confident he will build on the strong network Mark built and continue his passion for bringing the benefits of affordable and flexible auto financing options to our credit union partners.”
Harper joins CULA with 25 years of credit union industry experience in sales, partnerships, and business development. Most recently, he served as Senior Director of Credit Union Partnerships at Goalsetter, where he led financial institution sales and acted as the primary liaison to fintech solution providers. Prior to that, Harper held key leadership roles, including Regional Vice President of Sales at Open Lending and Senior Director of Membership at Filene Research Institute, where his teams consistently achieved strong growth and expanded market presence. He also spent 15 years with Origence, where he last served as Vice President of Strategic Alliances during which he cultivated new partnerships with fintechs, broadened market reach and created new revenue streams.
“With vehicle prices remaining at stubbornly high levels, leasing continues to gain traction as an optimal choice for consumers, and we are committed to helping credit unions seamlessly incorporate leasing into their portfolios. Chris’ expertise in sales, strategic partnerships, and team leadership will be instrumental to our mission,” continued Sopp.
“This is a bittersweet moment. I could not be more proud to join CULA and work with such a dynamic and forward-thinking team, but, I know I have big shoes to fill with the passing of our beloved Mark,” said Harper. “I am deeply honored to continue his legacy and look forward to helping credit unions across the country with CULA’s innovative, turnkey leasing solutions.”
For over 35 years, CULA has been a leader in indirect vehicle leasing for credit unions, offering an innovative, analytically driven program that handles the complexities of leasing, including insurance, operations, and compliance. By understanding the credit union financial model, CULA has built long-term relationships with top-tier credit unions, including nine of the top 10 in the U.S. offering leasing. Its program allows credit unions to seamlessly add leasing to their portfolios and enables dealers to provide customers with more financing options, addressing affordability concerns. Currently, CULA’s leasing platform operates in 23 states, with more than 40 credit unions actively participating.
Harper holds a B.S. in Mass Communications/Public Relations from Virginia Commonwealth University and has completed credit union executive leadership and advanced sales management training through Western Credit Union Management School and the American Management Association.
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 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
42% of credit unions report loan volume growth year-over-year, and 57% feel optimistic about rest of 2024, according to a new CULA survey, but uncertainties about presidential election and finance market pushing relief from liquidity and delinquency crises to 2025
San Diego, CA – October 7, 2024 – Credit unions are generally optimistic about the auto finance landscape through the end of 2024, but most don’t expect improvements in the liquidity and delinquency crises, or significant impact from lowered interest rates, until mid-2025, according to Credit Union Leasing of America’s (CULA) most recent “Future of Auto Finance – the Next Six Months” snapshot survey of credit union professionals.
Fulfilling credit union projections recorded in CULA’s last survey in January, where 40% of respondents said they expected to see growth in their auto finance portfolio in 2024, 42% of credit union respondents reported year-over-year loan volume increases. Fifty percent of those report loan volume growth of over 6%, and 21% experienced growth of 11% or more, as a result of positive impacts from this year’s slight decline in vehicle prices, interest rates and inflation. Of the 58% with no positive impact, 21% report that loan volumes have been flat, while 79% have experienced declines.
Overall, the majority are looking to mid-2025, and beyond, for significant improvements in the auto finance market. For example, nearly 60% don’t expect to see the auto loan delinquency rate stabilize until 2025 and, while 34% say they already see signs that the liquidity crisis is abating, the majority (60+%) see it lasting well into the next year and beyond. Likewise, the majority don’t anticipate changes in interest rates significant enough to impact their business until 2025 (it should be noted, however, that while there had been small interest rate declines at the time of this survey, it was deployed before the recent half point reduction).
“The overall sentiment of credit unions today is one of cautious optimism, with the vast majority expecting no declines in their auto finance portfolios across the next six months, and nearly half expecting further growth, a slight uptick from our January 2024 survey,” said CULA President, Ken Sopp. “That being said, continued uncertainties around the current auto finance market, as well as the presidential election, are pushing credit unions’ projections for improvements in liquidity and delinquency well into 2025.”
Sopp noted that 69% of those surveyed agreed that most consumers are waiting until after the election to make big ticket purchases, such as a vehicle. And, while the survey confirmed that 57% of respondents are feeling optimistic about the auto finance landscape through the end of 2024, 43% are apprehensive or pessimistic. Rising delinquencies, continuing inflation, high interest rates, and financial uncertainty are contributing to their apprehension or pessimism, with delinquencies and overall financial uncertainty the biggest factors.
Vehicle leasing continues to be a strong auto finance option for credit unions, with 76% saying that consumers are as likely to consider leasing today as they were when vehicle prices were higher because of leasing’s flexibility and affordability compared to long term auto loans. Interestingly, as electric vehicle (EV) sales reach record heights (albeit with a slower growth rate), credit unions expect that leasing will continue to increase as a percent of total EV purchases. In fact, EV leasing tripled YoY to a 35.2% share of all EV purchases in Q1 2024.
“The continued popularity of vehicle leasing with credit unions, even as vehicle prices soften, was a striking finding of the survey, although it makes perfect sense given the significant increase in car buyers opting for leasing in 2024,” said Mark Chandler, Vice President of Business Development for CULA.
Experian’s State of the Automotive Finance Market Report: Q2 2024 reports that vehicle leasing grew to 25.35% in Q2 , up from 21.14% last year and 19.30% in Q2 2022, as “consumers who continue to seek flexibility and affordability as the market evolves, see leasing as an optimal choice.”
CULA’s “Future of Auto Finance – the Next Six Months” snapshot survey was conducted online from August 28 through September 18, 2024 among 120+ credit union professionals.
Key Survey Takeaways
● Overall Sentiment
o 57% are optimistic about the auto finance landscape through the end of 2024.
● Loan Volumes
o 42% report that their auto finance portfolios are seeing a positive impact in originations from the slight YoY decline in vehicle prices, interest rates and inflation.
o 50% of those seeing a positive impact say loan volumes grew 0-5% YoY, 29% say loan volumes grew 6-10%, 17% say loan volumes grew 11-35%, and 4% say loan volumes grew 36+%.
o 21% of those not seeing a positive impact say loan volume has been flat, with 79% saying loan volumes have decreased.
o 87% say their auto loan portfolio will grow (45%) or remain flat (42%) in the next six months compared to the previous six months.
● Delinquencies and Liquidity
o 59% expect the auto loan delinquency rate to begin to stabilize in 2025 (28% first half, 31% second half).
o 28% don’t expect the auto loan delinquency rate to begin to stabilize until 2026.
o 34% say they are already seeing signs of the liquidity crisis abating.
o 57% say the liquidity crisis will last from six months to two years.
● Leasing / Purchasing Predictions
o 76% say consumers are as likely to consider leasing as they were when prices were higher because consumers are still very price conscious and even in the best of times, vehicle leasing offers flexibility and affordability compared to long term auto loans.
o 60% think vehicle leasing as a percent of total EV purchases will continue to grow.
o 69% believe consumers are waiting to make big ticket purchases, such as vehicles, until after the presidential election.
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 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
