The association was formed in 1974 to serve independent leasing companies in three primary ways:

• By providing a forum for the interchange of ideas.
• By taking a stand on important legislative issues facing the industry.
• By developing educational programs to help members keep pace with the art of leasing.

When it began, the association, formed as the Western Association of Equipment Lessors (WAEL), had only 15 member firms. 1995 marked the year the association changed its name to the United Association of Equipment Leasing. And today, UAEL represents over 300 member firms throughout the U.S.