The time trusted program continues to outpace industry growth
San Diego, CA. March 20 – Credit Union Leasing of America (CULA) continued to outpace industry growth, helping its lending partners across the country expand their loan portfolios in 2017 with more than $1 billion in indirect vehicle lease originations, and an active portfolio of nearly $2.5 Billion.
There was significant growth with both long-time CULA partners, as well as success for newly onboarded clients that both outpaced industry growth to deliver strong 2017 results. While the leasing market stayed strong in 2017, CULA substantially over-achieved the market pace. Growth came from a combination of new partners as well as very strong growth with clients that have been CULA partners, some upwards of 15 and 20 years. Those long-term clients have stayed with the program through several economic cycles.
“As the usage-based economy continues to grow, our proprietary algorithmic platform gives our clients a better managed risk program” said John R. Thomas, Chief Executive Officer of CULA. “Today we’re seeing almost 19 out of 20 vehicles at lease end at or above residual value. By delivering a comprehensive, data informed program we’re able to help our lending partners smartly maximize their portfolio return.”
CULA foresees continued opportunity for credit unions in the vehicle market into 2018. With Westlake’s acquisition of CULA last year, the company is on track to continue to expand faster than the market.
CULA powers vehicle leasing programs that enable credit unions to smartly invest in the usage-based economy. We enable our partners to diversify their loan portfolios, expand member services, improve yield, manage risk, and overcome the market complexities and regulations associated with vehicle leasing. We set the standard for data driven leasing analytics, and our comprehensive platform enables a seamless leasing experience. In business since 1988 with 3 U.S. economic downturns under our belt, we strive every day to continue to be a trusted long-term business partner. Best of all, CULA helps credit members drive away in the car of their dreams.