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Lease a Car

Buying a car—and everything that comes with ownership—may not make sense for your financial needs. That’s why we’ve partnered with Credit Union Leasing of America (CULA) to provide alternative financing options that may be a better fit for your goals. 

See List of Dealer Partners Contact Us
Women sitting in car leased through SELCO Community Credit Union

Benefits of leasing

Leasing is similar to renting. Instead of using a loan or cash to pay the retail price of a car (plus interest), you only pay for what you use. Besides the rising costs of vehicles, there are other reasons to consider leasing:

  • More car for the money. Lease payments are often lower than loan payments, giving you additional wiggle room (and options). 
  • Latest safety features. By leasing a vehicle 5 years or newer, you’ll benefit from the latest safety and security technology. 
  • Option to own. When the lease is over, simply return the vehicle—or choose to purchase the vehicle at any time.
Couple talking with dealer about vehicle leasing options through SELCO Community Credit Union

Leasing options

Currently, SELCO partners with dealerships in Portland and Central Oregon to offer flexible leasing options and benefits, and we look forward to expanding our auto-leasing relationships to additional areas of the state.

  • Leases on new or used cars (5 years or newer). 
  • Terms from 24 months to 60 months. 
  • GAP insurance at no additional charge. 
  • No early termination penalties if you decide to purchase the vehicle before the lease ends.

Ready to get started?

Great! Visit one of our dealer partners to get on the road to your new lease.

See List of Dealer Partners

SELCO Auto Leasing FAQs

SELCO’s vehicle leases are available to Oregon residents who are eligible for SELCO membership. The vehicle must also be registered in Oregon at the beginning of the lease.

Principal only payments cannot be made on a lease.

Unless you plan to purchase the vehicle, there’s no benefit to exceeding your monthly payment. If you pay more than your monthly payment and decide not to purchase the vehicle, the additional money cannot be refunded. 

Absolutely. At any time during the lease, the vehicle can be purchased with no early termination penalty. 

The purchase price is based on the current payoff, plus the purchase option fee, any outstanding late fees, NSF (non-sufficient funds) fees, and accrued interest. Official fees and taxes imposed on the sale are either included in the payoff or are paid directly to the state upon retitling. 

Yes, as long as the used car isn’t more than 5 years old.

Unfortunately, auto leases cannot be preapproved.

US states: You can travel to any state, however a leased vehicle cannot permanently be moved to Alabama, Alaska, Delaware, Hawaii, Louisiana, Missouri, or West Virginia.

Mexico: CULA cannot provide permission for leased vehicles to be taken into Mexico at any time. In the event the leased vehicle has been allowed in Mexico, the lease is considered in default. 

Canada: Permission to take the leased vehicle to Canada may be given with the appropriate insurance documentation and advance written authorization from CULA. For specific requirements, call CULA’s insurance department at 800-878-5400 or email turnin@cula.com. Leased vehicles in Canada without the required insurance and written authorization may be considered in default of the agreement. 

To end your agreement more than six months before the scheduled termination date, call CULA at 800-878-5400 or email turnin@cula.com.  

We’re currently unable to extend lease agreements. 

Yes, if the lessee is listed on the policy as a driver or insured. Please note: The primary lessee cannot be an excluded driver.

Yes, but changing the due date can’t advance your next due date to the following month. All lease payments must be made in order.

No. Leases can’t be transferred to another person or between financial institutions.