Press
CU Xpress lease adds largest NJ credit union
HAUPPAUGE, NY (January 29, 2015) — CU Xpress Lease (www.cuxpress.com), the nation’s leading credit union lease program and part of the GrooveCar, Inc. family of brands (www.groovecarinc.com), has announced its partnership with Affinity Federal Credit Union (www.affinityfcu.com) in Basking Ridge, NJ.
Affinity, the largest credit union in the Garden State, will offer auto leasing to its members in NJ, PA and NY starting March 16.
Founded in 1935, member-owned Affinity has over $2.3 billion in assets. With a network of more than 135,000 members hailing from more than 5,100 businesses, organizations and clubs and 15 branches, it is one of the nation’s 100 largest credit unions.
Scott Witherspoon, senior vice president, chief credit officer for Affinity stated, “New Jersey represents one of the top lease markets in the U.S. By working with CU Xpress, Affinity is able to add value to our members with affordable vehicle financing while enhancing the credit union’s dealership exposure. Further, leasing provides us an opportunity to immediately expand our automotive portfolio. Since leasing is becoming more popular due to lowered monthly payments and no money down requirements, we know our potential will only increase with this new service for our members.”
“The cost for new cars has steadily increased and driven the popularity and demand for leasing simply by virtue of the fact that monthly payments make otherwise unaffordable vehicles affordable,” offered Frank Rinaudo, senior vice president for GrooveCar Inc. “2014 saw leasing rise nationally to represent 24.9% of the new retail market – that translated into 3.36 million cars leased. For 2015 we project that growth to rise to approximately 26%, making leasing incredibly attractive for both members and credit unions in highly saturated markets.”
Added Robert O’Hara, vice president of strategic alliances for GrooveCar Inc.: “The CU Xpress lease program provides our credit union partners incremental loan volume, super prime credit, terms that are ALM (asset-liability management) friendly, better ROI than traditional auto loans and greater relevancy with local dealerships. Consumers are payment-driven and leasing provides a true medium for credit unions to capture that market share without the responsibility of managing the residual risk when the lease matures.”
About CU Xpress Lease
CU Xpress Lease was formed in 2007 by GrooveCar, Inc. and its affiliated partner, Fusion Auto Finance, LLC, to provide an automotive leasing product exclusively for the credit union industry. It features incremental loan growth with strong credit and ROI along with an average look-to-book ratio of 85%. Additional information may be found at www.cuxpress.com
About GrooveCar
Founded in 1999, privately held GrooveCar provides industry leading automobile and automotive services and products – shopping, buying, leasing, financing, and ownership – for credit unions and credit union members. Additional information may be found at www.groovecarinc.com
About Affinity FCU
Affinity Federal Credit Union, the largest credit union headquartered in NJ, is a member-owned, not-for-profit, full-service financial institution with 15 branches throughout New Jersey with more than 135,000 members from over 5,100 businesses, organizations and clubs, and total assets in excess of $2.3 billion. Affinity Federal Credit Union has been offering superior financial services with a member-oriented focus since 1935. It is Federally insured by NCUA. Additional information may be found at www.affinityfcu.com.