Credit Union Leasing of America (CULA) said this week that it has been selected by Dort Financial Credit Union to launch its indirect vehicle leasing program, further extending CULA’s reach into Michigan, which is historically one of the highest vehicle-leasing states.

In addition to enhancing Dort Financial Credit Union’s dealer partner relationships, CULA highlighted its vehicle leasing program also brings flexibility and affordability, a priority for today’s vehicle shoppers.

“We are proud to welcome Dort Financial Credit Union as a partner. They have served their community for over 70 years, with a deep legacy in automotive from their founder, stretching back almost 100 years,” CULA vice president of business development Mark Chandler said in the news release.

“Dort Financial has built a strong and resilient institution in Michigan, one that always puts its members first with a vision of serving their financial needs ‘by opening doors of opportunity’ – which vehicle leasing certainly can do for today’s price conscious consumer,” Chandler continued.

Established in 1951 in Grand Blanc, Mich., Dort Financial Credit Union has more than $1.5 billion in assets, more than 104,000 members, and recently earned a 5-Star rating for financial strength and stability from BauerFinancial, a credit union and bank rating firm.

Other recognitions include being named one of the top 100 credit unions in the country, according to a 2022 Bankdash report, named to Forbes top 10 list of best-in-state credit unions for Michigan, and a top performing U.S. credit union by S&P Global Market Intelligence.

“Dort Financial Credit Union is dedicated to being a full-service lender to our membership base and, with vehicle leasing in Michigan as high as 64% of total new car sales, adding the benefits of vehicle leasing to our portfolio just makes sense,” said Sharon Lobo, vice president of lending at Dort Financial.

“CULA was the obvious partner, not only for their proven track record with credit unions, but also for their commitment to customer service and the deep analytics embedded in their program, all of which means we will be offering a best-in-class leasing opportunity to our members,” Lobo went on to say.

CULA recapped that it has experienced record growth in the last two years, as its client portfolio now includes nine of the top 10 credit unions offering leasing in the U.S.

CULA said it originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021.

In addition, the company is now originating contracts in nine more states, added nine credit unions, and increased the number of participating dealers by 42%.

By handling the intricacies of leasing for its clients — including analytics, insurance, operations, compliance and more — CULA can enable credit unions to add leasing to their portfolios and dealers to offer their customers more finance options, especially as affordability becomes their main concern.

“At a time when car buyers’ top concern is the amount of their monthly payment, we know that vehicle leasing is an important offering for our credit union and dealer partners,” Chandler said.

“As the captive lenders offer fewer incentives, credit unions have the opportunity to grow market share in this competitive rate environment, and we stand ready to do our part to help our credit union and dealer partners succeed,” he added.