This week, Credit Union Leasing of America (CULA) expanded its client footprint for the fourth time this year.

After previously expanding in the Northeast as well as into Texas, CULA announced that it now is partnering Utah’s University Federal Credit Union (UFCU).

The companies booked their first contracts in August, as the partnership makes University Federal Credit Union the only credit union in Utah to offer vehicle leasing.

University Federal Credit Union, which was founded in 1956, serves more than 100,000 members and their communities.

“Our core values are to create a positive impact on our community and to make a difference for every member, every day, and this means making sure a wide range of financial products are available to our members,” UFCU chief executive officer Jack Buttars said in a news release. “Finding the right vehicle at the right price has probably never been more challenging than it is today.

“Working with the terrific CULA team, who streamline the complexities of leasing — from analytics to insurance to operations to compliance — we are now able to ensure that our members have the opportunity to benefit from leasing’s more affordable payments and term flexibility, critical factors given the current market landscape,” Buttars continued.

In addition to Utah, CULA now has coverage in New Hampshire, Texas, Massachusetts, Michigan, Pennsylvania and California.

“We’re pleased to be able to further extend our footprint in the West, at a time when leasing is such an important option for consumers, by partnering with UFCU, an institution that exemplifies what credit unions are all about: serving the community,” CULA president Ken Sopp said. “Utah is a new state for us and we are excited to ‘pioneer’ credit union leasing here.

“Our leasing program can amplify the customer-centric values of University Federal Credit Union, while also expanding and diversifying their portfolio of services, helping to further enhance membership and yield,” Sopp went on to say.

CULA highlighted that that first six months of the year have been record breaking for the company, with more than $950 million in lease originations. That amount represents an 88.8% increase over the same period in 2019 and the highest period of originations in CULA’s more than 30-year history.