Credit Union Leasing of America (CULA) is coming off its two best quarters in company history.

And now the indirect vehicle leasing program provider that empowers credit unions to diversify their existing portfolios is in the Lone Star State.

This week, CULA announced that it now offers vehicle leasing services in Texas through its partnership with InTouch Credit Union (ITCU).

CULA helped ITCU successfully implement its vehicle leasing program in Michigan in the midst of the pandemic, closing the first contract in November.

Based in Plano, Texas, ITCU has close to $1 billion dollars in assets and serves close to 90,000 members across the U.S., as well as more than 20 countries around the world.

“Launching a brand-new auto finance program during the height of a pandemic may seem unusual, but to us it just made sense: the economic uncertainty fostered by COVID meant our Michigan members were looking for the affordable and flexible vehicle finance options that leasing provides,” said Bridger Robinson, senior vice president of lending and branch operations at ITCU. “Plus, we had a partner in CULA who enabled us to ramp up quickly.

“The success of our Michigan program made the decision to offer vehicle leasing to members in our home state of Texas easy,” Robinson continued in a news release.

“CULA’s understanding of the complexities of leasing, and of each market, their commitment to serving our members while helping us improve yield, and their flexibility in customizing services that fit ITCU’s specific member profiles have all been key to the success of our program in Michigan. We anticipate continued success offering our members the best leasing experience in Texas,” Robinson went on to say.

CULA has been facilitating indirect vehicle leasing for credit unions for more than 30 years, providing vehicle leasing programs for credit unions that help them grow membership, diversify lending options and increase yield. The ITCU leasing program marks CULA’s first leasing offering in Texas where vehicle leasing represents about 15% of all new-vehicle sales, according to Experian.

“Texas is one of the largest car markets in the U.S. and, with less than 4% of its credit unions offering vehicle leasing, we believe the opportunity is significant,” CULA vice president of business development Mark Chandler said.

“We are excited to continue to grow our national footprint right here in Texas with such a high caliber, customer-focused partner. ITCU cares about ensuring its members have access to the best financing programs and options available,” Chandler continued.

After a record-breaking fourth quarter, CULA said it started 2021 with its best Q1 ever.

“October 2020 was a record-breaking month for CULA, with more than $150 million in lease originations in a single month, leading to our best Q4 ever,”, of CULA president Ken Sopp said. “The first quarter of the year is typically not a good one for auto sales, but the momentum from Q4 continued. This resulted in nearly $400 million in lease originations for the quarter — our best Q1 ever.”

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