Credit score unions snapped up auto mortgage market share in 2022, however Credit score Union Leasing of America, or CULA, encountered report ranges of curiosity in leasing from the section final 12 months as properly.
The corporate connects credit score unions and sellers taken with leasing stock utilizing the residual values it calculates. It facilitated $2.7 billion in leases in 2022, a report that broke the earlier excessive of $2 billion in 2021. Credit score unions used it for 64,000 leases in 2022, up from 50,000 in 2021. The corporate stated it grew its dealership depend by 42 p.c, added seven extra credit score unions and expanded to 9 extra states final 12 months.
“Leasing has proved to be a robust short-term, low-risk, strong-yield choice that not solely offers credit score union members extra cost flexibility but additionally, as automobile costs skyrocket, gives sellers new alternatives to be extra aggressive by providing their prospects a extra inexpensive means to purchase vehicles whereas rising loyalty and CSI,” President Ken Sopp stated in an announcement. “Our report 2022 numbers mirror the rising variety of credit score unions and auto sellers who, in immediately’s unstable auto finance surroundings, are providing shoppers the advantages of credit score union automobile leasing.”
