SAN DIEGO, Dec. 16, 2020 /PRNewswire-PRWeb/ -- Credit Union Leasing of America (CULA), the leader in indirect vehicle leasing for credit unions for over 30 years, has joined forces with SCE Federal Credit Union to offer SCE FCU members access to vehicle leasing.
SCE Federal Credit Union, which was founded in 1952, currently serves more than 60,000 members in Southern California and Southern Nevada. CULA enables credit unions to leverage the $64.6 billion U.S.(1) vehicle leasing market and is a trusted partner to many of the industry's most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.
"SCE FCU has a nearly 70-year record of commitment to improving the lives of its members and communities. CULA is thrilled to help further that mission by enabling SCE FCU to expand their financial services portfolio to include vehicle leasing," said Mark Chandler, Vice President of Business Development for Credit Union Leasing of America. "In today's challenging times – when the personal vehicle has never been more important – leasing's lower monthly payments and flexible terms provide SCE FCU with a great way to help its members acquire a new vehicle."
The strength of the auto industry has been one of the bright spots of the recent economy. According to an Edmunds forecast(2), in the third quarter of 2020 consumers purchased 30.6% more vehicles than in the second quarter in the immediate wake of the COVID-19 pandemic's emergence. As consumers head back to the car market, they are often choosing leasing, with more than a quarter of new vehicles sold being leases. CULA enables credit unions to offer the flexibility and affordable payments of new vehicle leasing, while helping them grow membership, diversify lending options, and increase yield.
"Since our founding in 1952, our vision has been to be the trusted financial partner for our members and surrounding communities," said Kitty Hunter, Chief Lending Officer. "Leasing is a great opportunity for our members, but a process filled with complexity. To confidently offer this to our members, we needed a trusted partner with the most user-friendly and efficient technology, a strong track record of customer service, and a deep understanding of the critical role credit unions play in their communities. We are excited that CULA is just that partner."
CULA pioneered indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program supported by stellar customer service and proven systems. CULA handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more, all with a focus on helping credit unions meet their financial and membership goals.
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 http://www.cula.com to learn more.
(1) "US consumer spending on MV leases is forecast to total $70.0 billion in 2023, representing annual gains of 1.6% from $64.6 billion in 2018." Freedonia Focus Reports. Motor Vehicle Leasing: United States. 2019.
(2) "New Car Sales Showing a Pulse in the Third Quarter." Credit Union Times, Sept. 24, 2020
Angela Jacobson, mWEBB Communications, +1 (714) 454-8776, [email protected]
Melanie Webber, mWEBB Communications, (949) 307-1723, [email protected]
SOURCE Credit Union Leasing of America