November 1-4, 2021
JW Marriott Desert Springs Resort & Spa
Visit our team in Palm Desert, California, at the REACH 2021 conference! We are proud to return as a Silver sponsor of this invaluable event.
Get details on how to attend at the REACH conference website.
Click here to view some of our photos from the event on LinkedIn.
APEX 2021
October 13-14, 2021
Mohegan Sun, Uncasville, CT
Visit our team during APEX 2021 with the Cooperative Credit Union Association and the Credit Union League of Connecticut. We are proud to be a sponsor of this event and look forward to seeing you there!
Learn how you can join us at APEX 2021 here.
CU Times: “The Perfect Storm for Increasing Auto Finance Market Share”
Credit unions have an opportunity to be a key part of the auto finance solution during the COVID-19 recovery, according to this Credit Union Times article by CULA’s own VP of Business Development, Mark Chandler. Mark describes the “perfect storm” created by the pandemic: a retail environment where consumers want to buy while dealers face financing and supply hurdles. He relays how credit unions can be true partners for dealers by providing a leasing program that includes “sterling customer service, creative financing solutions and process flexibility” — all of which credit unions are known for.
Read the full article here:
https://www.cutimes.com/2021/07/26/the-perfect-storm-for-increasing-auto-finance-market-share/
MAXX – NWCUA Annual Convention 2021
October 5-7, 2021
Boise Centre
CULA is a sponsor of the 2021 MAXX Convention. Email info@cula.com to set up an appointment to chat with our staff. We’ll see you there!
Details on the MAXX – NWCUA Annual Convention 2021
ELEVATE: Credit Union Leadership Summit 2021
September 8-10, 2021
GAYLORD ROCKIES RESORT AND CONVENTION CENTER
Visit our team during the Cornerstone Credit Union League’s ELEVATE: Credit Union Leadership Summit 2021. We are proud to be a sponsor of this event. You can find CULA at Booth #105.
Learn how you can join us at ELEVATE 2021 here.
CULA Continues Hot Streak with New Monthly Records in 2021
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
San Diego, CA – July 15, 2021– Credit Union Leasing of America (CULA) today announced that vehicle leasing through its credit union partners continues to gain momentum, after posting its 9th consecutive month of record lease originations in June. After achieving $150 million in lease originations in a single month for the first time in October 2020, CULA broke $200 million in lease originations in a single month for the first time in its history in May of this year. That was followed by more than $215 million in lease originations in June.
The first six months of 2021 brought in over $950 million in lease originations, an 88.8% increase over the same period in 2019, and the highest period of originations in its more than 30-year history. CULA is the leader in indirect vehicle leasing for credit unions and has originated more than one billion dollars in vehicle leases for credit unions annually on average since 2018. CULA helps many of the industry’s most innovative credit unions grow membership, diversify lending options, and increase yield, including nine of the top 10 credit unions offering car leasing in the U.S.
“This has been a remarkable six months for credit union vehicle leasing and for CULA. Our success is only possible because of our extraordinary credit union partners whose competitive rates and ability to scale their teams and processes have enabled them to meet consumer demand,” said Ken Sopp, President of CULA.
In just the last two months, CULA expanded its leasing footprint into New Hampshire and Texas, and recently helped increase regional coverage for credit unions in Massachusetts, Michigan, Pennsylvania, and Southern California, among the many markets it serves.
“As CULA has expanded into new states, bringing on new credit union partners, we are well-positioned to serve a post-pandemic market that is seeking out the affordability and flexibility vehicle leasing offers, all of which is reflected in the record lease volume we have been seeing,” continued Sopp.
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.
[1] https://www.businesswire.com/news/home/20210527005217/en/The-Automotive-Finance-Market-Continued-to-Move-Forward-at-a-Healthy-Pace-in-Q1-2021-With-Total-Open-Loan-Balances-Reaching-1.288-Trillion Leasing was down in Q1 2021: 26.66% of new vehicles were leased, compared to 30.68% in Q1 2020, while 8.56% of used vehicles were leased, down from 9.83% in Q1 2020.
CULA Partners with Metro Credit Union to Offer Vehicle Leasing in New Hampshire
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
[1]https://www.coxautoinc.com/market-insights/eyes-wide-open-new-study-shows-car-shoppers-expect-higher-prices-low-inventory/
[2]https://apnews.com/article/prices-lifestyle-health-coronavirus-pandemic-business-50f88a5819ce6db3ba1e2192dc68db8b
Experian’s Top 10 States for Vehicle Leasing
For Q1 of 2021 Experian has identified the states with the highest share of new-vehicle leasing in its State of the Automotive Finance Market report.
The top 10 states for vehicle leasing are:
CULA is proud to offer leasing in seven of these states: New York, New Jersey, Michigan, Ohio, Florida, California, and Minnesota.
The report also provides the top 10 vehicles leased for that quarter. View the article in AutoRemarketing here: https://www.autoremarketing.com/financial-services/top-10-vehicles-states-leasing-q1. Contact your CULA representative if you need help accessing the article.
You can download the complete Experian report here: https://www.experian.com/automotive/auto-credit-webinar-form
CULA Expands Into Texas, Powers InTouch Credit Union Leasing Program
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 $900 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. InTouch Credit Union 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
1https://www.experian.com/blogs/insights/2021/03/leasing-remains-crucial-option-affordability/
Alliant Credit Union Expands Vehicle Leasing Program, Powered by CULA
Alliant opens up vehicle leasing to members in Pennsylvania
San Diego, CA –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 the CULA’s best quarter ever for lease originations booked through its credit union partners. “October 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 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] https://www.prnewswire.com/news-releases/edmunds-experts-forecast-15-5-million-new-vehicles-will-be-sold-in-2021–301212364.html
