As member ranks continue to mature, the challenge to bring in new members remains a constant. Currently, the average age of a credit union member is in the late 40s, according to the World Council of Credit Unions, and is part of a generation that grew up with a litany of things millennials have no idea about. Instead of looking at this challenge as an "us versus them," credit unions need to embrace one of the largest purchasing powers bursting onto the scene today.

As some millennials begin hitting their mid-thirties, they will need all the financial products and services thirty somethings have always desired. The question is, how do you reach and connect with them? Millennials want purchase options. They are attracted to leasing, as it fits their budget and puts them in the driver's seat of their favorite auto brands. Nationwide leasing accounts for 28.9% of all new car purchases for this age group, which represents a 46% jump in leasing by millennials over the last five years as reported by Forbes Magazine. Overall, leasing increased by 41.7% during this same time period.

This generation will be responsible for $200 billion in annual buying power, so their influence cannot be ignored. Millennials are acquiring cars – 64 million are expected to purchase a car in the U.S. over the next five years. Taking out low-cost leases in order to afford the must-haves on their income-pinched budgets is driving their inclination toward leasing. The 18- to 34-year-old market segment accounts for 60% of leases in the U.S. and this number climbs in select regions of the U.S., such as California, New York and Florida.