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SAN DIEGO, July 9, 2019 -- Credit Union Leasing of America (CULA), the leader in enabling credit unions to leverage the $64.6 billion U.S.(1) vehicle leasing market, announces the launch of a redesign to their proprietary lease management system, Seamless Lease Connection. The upgraded Seamless portal features several enhancements and is now accessible anywhere with an Internet connection.
"With one third of consumers(2) who purchase a vehicle opting to lease, leasing represents a huge opportunity for credit unions. Not only can credit unions increase yield and diversify their portfolios, they can also capture additional business from current members who want to lease and add new members," said Ken Sopp, Chairman of CULA. "Seamless Lease Connection is just one more way that CULA reduces the complexity and resource burden of credit unions, giving them a turn-key vehicle leasing solution that deepens dealer relationships and improves the overall member experience."
Incorporating feedback from their credit union clients, CULA developed this version of Seamless in collaboration with Nowcom Corporation, a leader in automotive and financial services management technology and a subsidiary of CULA parent company The Hankey Group. With the latest Seamless enhancements, CULA has reduced the time required to process a lease, which improves productivity for both CULA and its clients. Monika Favreau, Lease Program Manager for Mission Federal Credit Union, is pleased with the new system: "We love the new Seamless. Funding leases is faster and easier and we appreciated the smooth roll out of the updated system." The new format also enables CULA to be more agile in responding to clients' needs due to the online platform that allows CULA to make future improvements more efficiently.
Seamless Lease Connection is one component of CULA's successful program and this launch signifies another step forward in their ongoing evolution. As the largest credit union leasing partner in the industry, CULA handles the entire lease process from origination to remarketing. CULA helps credit unions be more successful through their time-tested vehicle leasing solution.
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 unions to diversify their loan portfolios, improve yield and expand member services. Visit www.cula.com to learn more.
1) "US consumer spending on MV leases is forecast to total $70.0 billion in 2023, representing annual gains of 1.6% from $64.6 billion in 2018." Freedonia Focus Reports. Motor Vehicle Leasing: United States. 2019.
2) Zabritski, Melinda. "State of the Automotive Finance Market." Experian. 2019.
SOURCE Credit Union Leasing of America