CULA Selected by Northeast Credit Union for Indirect Vehicle Leasing

SAN DIEGO and PORTSMOUTH, N.H., Sept. 12, 2023 /PRNewswire-PRWeb/ -- Credit Union Leasing of America (CULA) has been selected by Northeast Credit Union to bring its indirect vehicle leasing program to credit union members in New Hampshire and Maine. With this partnership, Portsmouth-based Northeast Credit Union, which has over two billion dollars in assets, is expanding its auto finance portfolio to include the affordability and flexibility of vehicle leasing as an option for its over 150,000 members.

"Skyrocketing vehicle prices in an inflationary environment continue to be an issue for our members who need to purchase a car," said Douglas Sites, Vice President Indirect/Direct Lending of Northeast Credit Union. "CULA's program means that we are able to extend the benefits of vehicle leasing – lower monthly payments, shorter-term commitments – to our community while further diversifying our offerings. In addition, our valued dealer partners now have access to a more complete lending solution, enhancing impact in today's competitive market."

In a recent survey of credit unions, conducted by CULA, the majority of respondents said that they would like an alternative to long-term vehicle loans for their customers, such as short-term financing with affordable payments and higher yield. Vehicle leasing offers all of these benefits. 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.

"As we continue to expand across the US, we are fortunate to partner with Northeast Credit Union, an established and leading indirect lender in New Hampshire and Maine. We are proud to support their long legacy of commitment to doing the right thing for their community through their philanthropic efforts and by enabling their members to reap the many advantages vehicle leasing provides," said Mark Chandler.

Chandler noted that CULA's partnership with Origence, formerly CUDL, has been a key component in this new alliance with Northeast Credit Union. "We are grateful for our relationship with Origence in establishing this partnership, and to Jeff Kane, Director, Client Experience, Origence, for bringing us together," added Chandler.

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 US. 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%.