Launch in Utah with University Federal Credit Union Leasing Program
We are excited to be able to further expand our presence 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. : serve the community
SAN DIEGO and SALT LAKE CITY (PRWEB)
September 14, 2021
Credit Union Leasing of America (CULA) and the Federal University of Utah Credit (UFCU) today announced that they are teaming up to bring the affordability and flexibility of vehicle leasing through co-ops in credit to Utah, their first leases having closed in August. This partnership makes the University Federal Credit Union the only credit union in Utah to offer vehicle rentals, while further expanding CULA’s national footprint.
The University Federal Credit Union, which was founded in 1956, is a full-service, values-based financial cooperative that serves the needs of over 100,000 member-owners and their communities. CULA, the leader in indirect vehicle leasing for credit unions for more than 30 years, has seen record rental demand in the past six months and, in addition to Utah, recently extended or increased its coverage. regional in New Hampshire, Texas, Massachusetts and Michigan. , Pennsylvania and California, among the many markets it serves.
“Our core values are to create a positive impact on our community and to make a difference for every member, every day, and that means ensuring that a wide range of financial products are available to our members,” said Jack Buttars , Chairman and CEO. of the UFCU. “Finding the right vehicle at the right price has probably never been more difficult than it is today. By working with the formidable team at CULA, who streamline the complexities of leasing – from analysis and insurance to operations and compliance – we are now able to ensure that our members have the opportunity to benefit more affordable leasing payments and term flexibility, critical factors given the current market landscape.
Chip shortages caused by a pandemic and supply chain issues have resulted in severe vehicle inventory restrictions that have driven vehicle prices to record highs, while limiting the choice of car buyers. The estimated average transaction price for a light vehicle in the United States was $ 42,258 in June 2021, with new vehicle prices increasing by $ 2,527 (up 6.4%) from June 2020 and by 928 $ (up 2.2%) from May 2021. (1) offers consumers the option of lower monthly payments – on average about $ 100 less than vehicle loan payments, (2) with payments leases on SUVs averaged $ 109 less than loan payments (3). In addition, leasing offers consumers the option of shorter-term commitments compared to the purchase. This is essential for consumers who need a vehicle, but cannot find the exact model they are looking for in today’s market.
“We are delighted to be able to further expand 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 co-ops are. credit: serving the community, ”said Ken Sopp, ACUL President. “Utah is a new state for us and we are thrilled to be ‘pioneers’ in credit union leasing here. Our leasing program can amplify the client-centric values of the University Federal Credit Union, while expanding and diversifying their service portfolio, thereby helping to further improve membership and performance.
The above market conditions have sparked great interest in leasing; and credit unions, with their positions of trust in their communities in these uncertain times, have helped their members with a record number of leases in partnership with CULA. The first six months of 2021 broke records for CULA, with more than $ 950 million in lease installments, an 88.8% increase over the same period in 2019 and the highest installment period in addition of 30 years of CULA history.
CULA has pioneered indirect vehicle leasing for credit unions with its high-value analytical leasing program backed by exceptional customer service and proven systems, all aimed at helping credit unions achieve their financial and membership goals.
About University Federal Credit Union, Utah
University Federal Credit Union is a full-service, values-based financial cooperative serving the needs of over 100,000 member-owners and their communities. Our mission is to create a positive impact on our community and to make a difference for every member, every day.
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 program support, analytical reporting, compliance assistance, dealer management tools, and premier member services. The CULA Indirect Vehicle Leasing program enables credit union innovators to diversify their existing loan portfolios, improve performance and expand member services. Visit http://www.cula.com to learn more.
Angela Jacobson, mWEBB Communications, angela (at) mwebbcom (dot) com, (714) 454-8776
Melanie Webber, mWEBB Communications, melanie (at) mwebbcom (dot) com, (949) 307-1723
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