Because car buyers come in all shapes and sizes, meeting the needs of the vehicle-buying population should go beyond a one-size-fits-all approach. When a member is shopping for a vehicle, credit unions should provide as many options as possible – especially to millennials, a group that is starting to define the lending landscape. While applications for leases grew 7% in 2016 over 2015, in the last five years leasing has increased by double digits (from 16% to 33%).

Overall, there was a 49% increase in millennials with a lease contract on a new vehicle between 2012 and 2016, according to Dealertrack. Their influence will only continue to grow as their buying power increases. Providing a lease option will not only attract this segment of the population, but also provide a healthy boost for a credit union’s loan portfolio. With one of every three new cars being driven off the lot via a lease, being part of this all-time high will be an important consideration for credit unions.

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