Credit unions snapped up auto loan market share in 2022, but Credit Union Leasing of America, or CULA, encountered record levels of interest in leasing from the segment last year as well.
The company connects credit unions and dealers interested in leasing inventory using the residual values it calculates. It facilitated $2.7 billion in leases in 2022, a record that broke the previous high of $2 billion in 2021. Credit unions used it for 64,000 leases in 2022, up from 50,000 in 2021. The company said it grew its dealership count by 42 percent, added seven more credit unions and expanded to nine more states last year.
“Leasing has proved to be a powerful short-term, low-risk, strong-yield option that not only gives credit union members more payment flexibility but also, as vehicle prices skyrocket, provides dealers new opportunities to be more competitive by offering their customers a more affordable way to buy cars while increasing loyalty and CSI,” President Ken Sopp said in a statement. “Our record 2022 numbers reflect the increasing number of credit unions and auto dealers who, in today’s volatile auto finance environment, are offering consumers the benefits of credit union vehicle leasing.”