Shared Accounts w/ CU Times: What’s Happening with CUs & Auto Leasing?
Auto affordability is a problem and leasing appears to be one solution for credit unions. How and why should CUs go down this leasing road?
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Personally, I’m a fan of auto leasing. I don’t have the talent or skills to deal with car problems, so I opt to lease my cars. Why do so few credit unions not take part in auto leasing programs/? And why do those who do participate in the leasing world see such strong numbers?
In this episode, we talk about these issues, and more, with Mark Chandler, VP Business Development at Credit Union Leasing of America.
Affordability of cars and trucks have been at record levels for most of 2023 and prices are beginning to level off. To round out your auto lending products, Chandler said, “If you’re doing auto lending, you should be doing auto leasing.”
We discuss average loan terms for credit unions and what that means for leasing, as well as the importance of auto dealer relationships in this lending/leasing environment. We also make a connection to leasing and the movie “Somethings Gotta Give” – what kind of auto loan would Keanu Reeves be? It’ll make sense when you listen.
To listen to the previous episode, click here.
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