CULA Selected by Citadel Credit Union for Indirect Vehicle Leasing

Credit Union Leasing of America further extends its reach in Pennsylvania, bringing the benefits of vehicle leasing to more consumers in the US

 

San Diego, CA & Exton, PA – April 2, 2024 – Credit Union Leasing of America (CULA) has been selected by Citadel Credit Union to bring the benefits of indirect vehicle leasing to its credit union members in Pennsylvania. With this partnership, Citadel Credit Union, which has 5.8 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 260,000 members. Established in 1937, Citadel is one of the Greater Philadelphia area’s largest credit unions, proudly serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. CULA has been the leader in indirect vehicle leasing for credit unions for over 35 years. 

 

“In today’s environment of high vehicle prices and elevated interest rates, vehicle leasing is an important option for our community,” said Ed Maier, Senior Vice President, Lending & Collections, Citadel Credit Union. “For over 85 years we’ve focused on delivering a full range of financial and innovative tools for our community and, with the launch of CULA’s program, we can add the benefits of vehicle leasing, including affordable monthly payments and term flexibility, to our service portfolio.”

 

CULA’s partnership with Citadel Credit Union helps support vehicle affordability for even more consumers in Pennsylvania. This is CULA’s fourth credit union partnership in Pennsylvania, increasing CULA’s coverage across the state. In a recent survey of credit unions, conducted by CULA, nearly 60% say they believe vehicle leasing would be a positive addition to their finance portfolio in 2024.

 

“On the heels of a strong 2023 for CULA, with double-digit growth in credit union partnerships, we are thrilled to add Citadel Credit Union as a new trusted partner, further expanding our footprint in Pennsylvania which is a strong vehicle leasing state,” said Ken Sopp, President of CULA. “Citadel Credit Union, a leader in the indirect lending market, has a long track record of delivering financial expertise, guidance and tools to their members and we are proud to further support this with the benefits of our vehicle leasing program.”

 

Mark Chandler, Vice President of Business Development for CULA also noted that CULA experienced double-digit growth in its dealer partners in 2023, and that dealer partners play a vital role in the success of a credit union's leasing program: "Citadel was a natural choice as a credit union partner. Not only are we looking forward to strengthening CULA's footprint in the markets they serve, but Citadel also aligns with our views on the value and importance of the local dealer community. We are excited to welcome Citadel to our family of credit union partners."

 

CULA’s leasing program is analytically driven, handling all the intricacies of leasing for its clients – including insurance, operations, compliance and more – enabling credit unions to easily add leasing to their portfolios and dealers to offer their customers more finance options. CULA's understanding of the credit union financial model has resulted in long-term business relationships with top-tier credit unions, including nine of the top 10 credit unions offering leasing in the U.S. CULA offers vehicle leasing through credit unions in 23 states and more than 40 credit unions are currently active on CULA's innovative leasing platform.

 

 

About Citadel Credit Union

Citadel Credit Union is a not-for-profit, member-owned financial institution that provides banking, investments, and insurance services to more than 260,000 members. At $5.8 billion in assets, it is one of the Greater Philadelphia area’s largest credit unions, proudly serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. Citadel is recognized as a 2023 Fortune Recommends Best Credit Union, Forbes 2022 Best-in-State Credit Union, and a certified 2023 Great Place to Work. For more information, visit CitadelBanking.com

 

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 https://www.cula.com/ to learn more.

 

Media contacts:

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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