For members not looking to be saddled with car loan payments that stretch to infinity, some credit unions are discovering that leasing contracts are meeting their needs and boosting the bottom line.
"(It's) a very popular product in the New York area," said Nancy Orlando, senior vice president of lending, at the $4.8 billion Teachers Federal Credit Union in Hauppauge, N.Y. "It's a great opportunity to assist in loan growth with good quality loans."
Since 2007, Teachers FCU has offered a car leasing program through CU Xpress Lease, which provides automotive leasing services to the credit union industry. The cooperative currently has $235 million in car leases in its portfolio, Orlando said. It also funded more than 4,300 leases totaling $133 million in 2013, which was a 244% increase from 2012.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
