CULA streak of record lease originations now at 9 consecutive months
Credit Union Leasing of America (CULA) is on quite a roll after posting its ninth consecutive month of record lease originations in June.
After booking $150 million in lease originations in a single month for the first time in October, CULA said it surpassed $200 million in lease originations in a single month for the first time in its history in May.
Then the company followed that performance by facilitating more than $215 million in lease originations in June.
CULA highlighted in a news release that the first six months of 2021 brought in more than $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 $1 billion in vehicle leases for credit unions annually on average since 2018.
CULA looks to help 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,” CULA president Ken Sopp said in the news release.
In just the past 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,” Sopp said.
Meanwhile, CULA noted that it has also increased its engagement with dealerships during the past six months, hitting new records for dealerships submitting leases through CULA credit union partners.
For the first time in its history, CULA said it 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-unit mark.
“CULA’s recent milestones were achieved during the lowest new car inventory level in history,” CULA vice president of business development Mark Chandler said. “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,” he said. “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,” Chandler went on to say.