Evaluating a potential administrator's lease product can be overwhelming. However, if you keep your members in mind, you're more likely to recognize a good lease. And don't forget the dealer. If your lease allows the dealer to make a reasonable profit, with a market-competitive monthly payment, the dealer willingly and enthusiastically will advocate your lease product. No security deposit - A security deposit isn't necessary for credit union members.
Some leases claim to have no deposit but make up for it by charging a higher interest rate.
Simple interest - Members are familiar with the benefits of simple interest loans, so look for a lease product with simple interest. Term range - Offering a complete range of lease terms, from a minimum of 24 months to a maximum of 60 months, will open the program to more members. Offer mileage limits from 10,000 to 25,000 miles per year. Assumable - Make it easy to assume the lease at any time during the term. No prepayment penalties.