DETROIT — AOL Autos recently took a look at how credit unions are coming back into the business of leasing vehicles. While the analysis concedes credit unions usually can't compete with heavily subsidized leases put out by automakers, some organizations are finding unique ways to fill the lease requests of their members.

AOL Autos sought feedback from a variety of credit unions to create a picture of how vehicle leasing might be a viable option again. Here are some of the highlights:

—Greylock Federal Credit Union in North Adams, Mass., has developed a leasing program that doesn't require a down payment and permits customers to buy the vehicle at any time — or walk away from a lease after paying for wear and tear.

—Dallas-based Credit Union of Texas allows customers to make small down payments and to set their own mileage limits through its FairLease Program. Officials told AOL Autos that if the driver commits to a low annual mileage in the lease — perhaps 8,500 miles instead of the more typical 12,500 miles — that would translate into a lower the monthly payment.

—David Jacobson detailed with AOL Autos about CU Xpress Lease on Long Island, a company he launched about four years ago to make credit union leasing available to more consumers through dealerships. In Jacobson's model, CU Xpress assumes the risk of a poorer-than-expected resale value when a vehicle is turned in, and the credit union provides the financing and assures that lessee will indeed make the payments. Jacobson believes CU Xpress's role takes away a major source of risk for credit unions. The company plans to expand into New Jersey, Pennsylvania, Michigan, Florida and California.

Correspondent Gary Hoffman asserted many credit unions got out of the vehicle-leasing business between 2002 and 2004 because competition from commercial banks, specialized leasing companies and the automakers' own financial units became too great. Hoffman indicated only the largest credit unions maintained some kind of lease presence, even through the recession that began in 2008.

"Credit unions especially are looking at any source they can to get some excitement going, and leasing is slowly creeping back," John Kurtz of the Texas Credit Union League told Hoffman.

Hoffman contended credit unions aren't likely to beat automakers' advertised lease specials, such as $149 a month on a compact unit like the Subaru Impreza or a $199 on a midsize vehicle such as the Nissan Altima. He believes automakers routinely subsidize these deals to move excess inventory or gain market share.

The site also reiterated a factor many credit union leaders already understand — vehicle leasing is not for all customers, especially drivers who are looking to keep their vehicles for five years or longer.

"But if a person normally keeps a car two or three years, a lease is an opportunity to save money, and sometimes to reduce risk," Jim Henderson, senior vice president at Educators Credit Union in southeastern Wisconsin, pointed out to Hoffman.

AOL Autos' complete report about credit unions and leasing is available here.