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Credit Union Leasing of America Surpasses Milestone of 100,000 Vehicle Leases Originated
CULA expects to continue to grow rapidly as more credit unions are choosing leasing as one of their lending options
San Diego - October 4, 2016 - Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing, specializing in the development of vehicle leasing programs for credit unions, has surpassed the milestone of 100,000 leases originated. The leases have an aggregate asset value of more than $3 billion. Both milestones are industry firsts.
According to auto industry statistics, leasing now accounts for 31 percent of all consumer vehicle sales, with higher ratios among both Millennials and Baby Boomers, who are looking for the lower payments that leasing affords. CULA has grown dramatically in recent years, in excess of the growth of the leasing sector.
Founder of CULA Terry Bowdler says, "We pioneered auto leasing in credit unions back in 1988 when it was a new concept by developing the smart and reliable way to make it work for them. Now, after 28 years, even with this significant milestone reached, we see that we have just scratched the surface. Today auto leasing really makes sense for credit unions because the growth potential is just phenomenal."
CULA works predominantly with large credit unions that are looking for smart ways to diversify their portfolio of assets with higher-performing options. According to CEO John Thomas, auto leasing offers a higher yield and also brings much-appreciated value to members of all ages.
"Larger credit unions with room in their loan-to-asset ratio are looking for ways to diversify their risk with accretive earnings," says Thomas. "CULA's experience, proven infrastructure and solid compliance knowledge for auto leasing provide them the opportunity to add better performing assets and mitigate risk. We see an evolution occurring in this industry and think that now is the time for them to take advantage of this sustainable growth."
Consumers who lease through credit unions rather than through automotive manufacturers generally receive better leasing rates and also tend to have higher credit ratings; the positive experience created for them can result in them becoming long-term members of the credit union who bring additional business in terms of other loans and mortgages. CULA's auto leasing programs also help the credit unions solidify relationships with auto dealers in their community and SEG.
About Credit Union Leasing of America (CULA)
Now in its 29th year, CULA is a smart and reliable choice in indirect vehicle leasing for credit unions. CULA pioneered The Simply Perfect Lease, a low risk, high value leasing program for credit unions supported by stellar customer service and proven systems that make vehicle leasing a win for credit unions, auto dealers and credit union members. With its deep regulatory knowledge and understanding of the credit union model, CULA maintains long-term business relationships with top-tier credit unions throughout the U.S. that want to offer the gold standard in auto leasing programs to their valued members. Visit us on LinkedIn.