GROOVECAR LAUNCHES XPRESS LEASE –ONLY PRE-OWNED VEHICLE LEASING IN METRO AREA
HAUPPAUGE, NY, July 26 – Vowing to get you “more car for less money” and “more car for your money”, GrooveCar, Inc., today unveiled CU Xpress Lease™, its new turn-key auto lease program that is being offered through New York credit unions to franchised auto dealers.
This is the first time that credit unions will offer leasing directly through auto dealers. The launch of GrooveCar’s CU Xpress Lease™ allows credit unions to be the first lending institution to provide leasing for pre-owned vehicles in the metro New York region in many years. The lease program is only available at participating GrooveCar dealerships -- not at credit union branches.
While credit unions have always championed being the smart choice for low-cost auto financing, the new GrooveCar lease product, enables credit union members to lease a car with no money down, and realize significant potential savings each month than they would with a loan. In addition, since credit union members would now pay only for the portion of the car they use, they would be getting more car for their money (lower initial and monthly payments) and a simplified maintenance plan to boot. Further, no down payment or security deposit is required, subject to credit approval.
“This is the most revolutionary auto finance opportunity for CU members in over a decade,” said Frank Rinaudo, GrooveCar’s vice president and director of dealer development. “What’s more, pre-owned leasing is back with a vengeance. We’ve created hassle-free excitement in the credit union set and with over 300 auto dealers in our growing network, the largest in the metropolitan New York region. In addition, as with conventional financing, the lease is available to anyone who is eligible for credit union membership.”
GrooveCar’s Xpress Lease™ not only offers flexible terms – 24- to 60-months on a new car and 12- to 48-months on a pre-owned car – but customized mileage allowances, lease end options, GAP insurance covering damages exceeding the user’s insurance policy (up to the lease value) to a “no surprises” wear and tear policy, which includes a mechanical breakdown warranty (sold in conjunction with a new car lease). Any pre-owned vehicle in the 2007-2004 model years is eligible for the program based on mileage at the inception.
Additional credit unions are expected to participate in the program in the third quarter of the year, Mr. Rinaudo added.
Participating GrooveCar dealers can be found at www.groovecar.com or simply calling 866-Groove4 (4766834).
About GrooveCar, Inc.
Founded in October 2000, the privately held GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, financing, 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. |