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CUs auto leasing making a comeback
MADISON, Wis. (9/17/10)--Relying on a track record of friendly service and low interest rates, credit unions--a long-time stalwart source for car loans--are making a comeback in vehicle leasing. In an article titled “How to Beat the Dealer’s Price on Leasing,” Gary Hoffman of AOL Autos said the move by credit unions is positive news for consumers and business people because credit unions provide another vehicle-financing option in the face of several months of rough going for borrowers and lenders (KMTR.com Sept. 15). “Between 2002 and 2004, many credit unions abandoned leasing after being burned in cutthroat competition with banks, specialized leasing companies and the automakers’ own financial units,” Hoffman wrote. Bigger credit unions generally have continued leasing despite the economy--and they usually have leasing experts in-house or under contract--Jim Henderson, senior vice president at Educators CU, Racine, Wis., told the publication. Educators has offered leasing since 2002. Now, leasing is attracting the interest of other credit unions and their service providers again, Hoffman wrote. “Credit unions especially are looking at any source they can to get some excitement going, and leasing is slowly creeping back,” John Kurtz, league rep./consultant at the Texas Credit Union League, told the publication. Credit unions often provide creative, flexible terms, such as “tailoring the lease duration and monthly payments to an owner’s specific driving habits,” Hoffman wrote. The article also mentioned the lease programs of Greylock FCU in North Adams, Mass., and Credit Union of Texas in Dallas. To read the article, use the link.
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