Credit Union Leasing of America, which reported a record $2.7 billion lease originations in 2022, further extends its reach in Michigan, one of the highest vehicle-leasing states in the US
SAN DIEGO and GRAND BLANC, Mich., April 25, 2023 /PRNewswire-PRWeb/ -- Credit Union Leasing of America (CULA) 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.
The partnership brings to Dort Financial Credit Union a powerful, short-term, low-risk, strong-yield option for auto financing. In addition to enhancing Dort Financial Credit Union's dealer partner relationships, CULA's vehicle leasing program also brings flexibility and affordability, a priority for today's car 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," said Mark Chandler, VP of Business Development for CULA. "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."
Established in 1951 in Grand Blanc, Michigan, Dort Financial Credit Union has over $1.5 billion in assets, more than 104,000 members, and recently earned a 5-Star rating for financial strength and stability from BauerFinancial, Inc., the Nation's Premier 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 ten 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, VP 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."
CULA, which experienced record growth in the last two years, has been the leader in indirect vehicle leasing for credit unions for over 30 years. The company offers an analytically driven, high-value leasing program and partners with the industry's most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S. By handling the intricacies of leasing for its clients – including analytics, insurance, operations, compliance and more – CULA enables credit unions to easily 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 [[1]], we know that vehicle leasing is an important offering for our credit union and dealer partners," continued Chandler. "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."
CULA originated 64,000 leases through its credit union partners in 2022, up from 50,000 in 2021. In addition, the company is now originating loans in nine more states, added nine credit unions, and increased the number of participating auto dealers by 42%.
About Dort Financial Credit Union
Founded in 1951, Dort Financial Credit Union serves more than 104,000 members, with assets over $1.5 billion and ten locations. Membership is open to anyone who lives, works, attends school or worships in the state of Michigan. The credit union offers comprehensive financial services, including auto loans, mortgages, high-interest checking accounts and much more. Dort Financial prides itself on having fulfilled members' dreams and supporting community for over 70 years. Learn more at dortonline.org or by calling 800-521-3796.
About Credit Union Leasing of America
Credit Union Leasing of America (CULA) has been the leader in indirect vehicle leasing for credit unions for over 30 years. Founded in 1988, CULA provides best-in-class program assistance, analytics reporting, compliance support, dealer management tools and member services. The CULA indirect vehicle leasing program empowers credit union innovators to diversify their existing loan portfolios, improve yield and expand member services. Visit https://www.cula.com/ to learn more.
Media contacts:
Angela Jacobson, mWEBB Communications, angela(at)mwebbcom(dot)com, (714) 454-8776
Melanie Webber, mWEBB Communications, melanie(at)mwebbcom(dot)com, (949) 307-1723
[[1]] According to a snapshot survey conducted by CULA
Media Contact
Angela Jacobson, mWEBB Communications, 1 (714) 454-8776, [email protected]
Melanie Webber, mWEBB Communications, (949) 307-1723, [email protected]
SOURCE mWEBB Communications
Share this article