Press
CU Xpress Lease partners with McGraw-Hill Federal Credit Union
HAUPPAUGE, NY (February 19, 2014) – CU Xpress Lease (www.cuxpress.com), a part of the GrooveCar, Inc. (www.groovecarinc.com) family of brands, today announced its partnership with Windsor, NJ-based McGraw-Hill Federal Credit Union (www.mcgrawhillfcu.org). The credit union will offer leasing in New Jersey, New York City and Westchester County markets.
This is the fourth credit union that conducts business in the Garden State signed by CU Xpress Lease. Others include Pinnacle Federal Credit Union, (Edison, NJ), Sun East Federal Credit Union, (Aston, PA) and North Jersey Federal Credit Union (Totowa, NJ).
Established in 1935, McGraw-Hill FCU has assets of approximately $310 million serving more than 20,000 members. It is rated by Callahan and Associates in the top 2% of credit unions nationwide for its Return-of-the-Member Index (ROM), which reflects the value provided to a member through their credit union, accounting for deposit rates, number of products offered and the usage rates of those products.
Kathleen Petrelli, vice president of lending, commented: “Our decision to enter the leasing market was based on the value it offers our members. A leasing program is attractive because members can take advantage of an increasing number of vehicles available for lease and lower monthly payments. We are known for helping members achieve financial wellness by aligning products and services that meet their individual life goals, a leasing program is a natural extension of that philosophy.”
Added Robert O’Hara, GrooveCar’s vice president-strategic alliances: “The New Jersey, New York City and Westchester markets are some of the strongest auto lease markets in the nation. Moreover, the expansion into Westchester is particularly noteworthy because it is untouched by credit unions with a leasing product at this time.”
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, GrooveCar provides aindustry leading automobile and automotive services and products – shopping, buying, leasing, financing, ownership – to credit unions and credit union members. Additional information may be found at www.groovecarinc.com.