JUNE BODES WELL ON THE AUTO LEASE FRONT, ASSERTS GROOVECAR
HAUPPAUGE, NY, June 30 – GrooveCar, Inc., the largest auto dealer marketing product and indirect lender of auto loans in the metro New York region, today reported a steady increase in auto leasing over the last six months with activity for June marking a one-year high in lease volume.
The financial intermediary’s CU Xpress Lease unit expected to close nearly 500 leases -- double that of the comparable period a year ago. In addition, the trend suggested a “better than average” expectation, given the still depressed economy both the region and nation are experiencing.
Targeting credit union members and potential members, CU Xpress Lease has incentivized participating CU’s to increase their market share, despite still lagging sales volume on new and pre-owned vehicles. Volume leaders in this charge have been Nassau Educators Federal Credit Union (www.nassaued.org) and Teachers Federal Credit Union (www.teachersfcu.org), two of the biggest CU’s in the region. Nassau Educators is witnessing a climb in its leasing activity, which it attributes to its new community charter that facilitates membership enrollment, while Teachers has experienced its highest leasing volume in the last 12 months and just shy of the three-year monthly high.
What’s more, GrooveCar has been tracking an upward surge in the FICO (Fair Isaac) credit scores, which are now averaging 768 on leases.
"On all new leases the credit quality has been consistently high and getting higher,” explained David Jacobson, GrooveCar’s founder and chief executive. “New member growth figures for the credit unions have been astonishing and with leasing we experience less of a ‘tug-of-war’ with banks over low-yielding conventional loans."
About CU Xpress Lease, Inc.
CU Xpress Lease is a joint venture of privately held GrooveCar and Dallas-based Fusion Auto Finance. Founded in 2000, GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, financing, leasing, ownership – for credit unions and credit union members, as well as access to motorcycles, recreational vehicles and boats. Additional information may be found at www.groovecar.com or Twitter/GrooveCar, Inc. .
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