Credit Union Leasing of America (CULA) is building on its successes from last year by adding another client in a large metro market.

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 in assets, is expanding its auto finance portfolio to include vehicle leasing as an option for its more than 260,000 members.

This is CULA’s fourth credit union partnership in Pennsylvania, increasing CULA’s coverage across the state.

“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,” CULA president Ken Sopp said in a news release. “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.”

Established in 1937, Citadel is one of the largest credit unions in Philadelphia area, serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery and Philadelphia counties.

“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 of lending and collections at 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,” Maier continued in the news release.

According to 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.

So, CULA is upbeat about creating more relationships with institutions like Citadel Credit Union and that dealer partners play a vital role in the success of a credit union’s leasing program.

CULA said it offers vehicle leasing through credit unions in 23 states and more than 40 credit unions are currently active on its leasing platform, including nine of the top 10 credit unions offering leasing in the U.S.

“Citadel was a natural choice as a credit union partner,” CULA vice president of business development Mark Chandler said. “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.”