CU Xpress Lease partners with Peoples CU
HAUPPAUGE, NY (June 19, 2014) — CU Xpress Lease (www.cuxpress.com), part of the GrooveCar, Inc. (www.groovecarinc.com) family of brands, today announced its partnership with Pembroke Pines. FL-based Peoples Credit Union (www.peopcu.org). The credit union will offer leasing in Broward and Palm Beach County in South Florida.
Peoples, established in 1946, has assets of approximately $85 million and serves more than 12,500 members. It is rated by Bauer Financial Inc. as a five-star financial institution, a designation given to recognize superior strength, performance and safety.
Jeffrey Miller, Peoples CEO stated, “The leasing market in general is very strong right now, in fact, 2013 leases were up by 26% over 2012, and South Florida has one of the top lease markets in the country. We knew that by offering leasing we could build loan volume without compromising credit risk. After reading an Op-Ed about leasing, I reached out to CU Xpress Lease to find out how Peoples could implement their program. “
“South Florida is one of the premier automotive lease markets in the country. Depending on the brand, upwards of 70% of all new vehicle sales are represented by leasing in this region,” stated Frank Rinaudo, senior vice president, GrooveCar, “Our organization is excited about our expansion into the South Florida market.”
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
Founded in 1999, GrooveCar provides an industry 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.