|GROOVE CAR INKS PACT WITH FUSION AUTO FINANCE
HAUPPAUGE, NY, Oct. 30 – In an effort to offer and market a nationwide auto leasing product, GrooveCar, Inc., the financial intermediary based here today announced it has signed a joint venture agreement with Fusion Auto Finance, based in Hurst, TX, a Dallas suburb.
GrooveCar will partner with Fusion to provide turn-key retail balloon and lease programs, including dealer training, marketing and technology solutions for credit unions, while Fusion provides front-to-back servicing and safeguards against risk by guaranteeing lenders the full balloon/residual value at the end of a lease. This is believed to be the industry’s first complete leasing solution.
Terms of the agreement were not disclosed.
“Our core competencies in residual value analysis and lease end management harmonize the two most challenging risks associated with automotive leasing,” explains Jim Calvert, Fusion’s chief executive. “Our partners manage their credit expertise while Fusion manages its expertise in residual risk. We are excited to have the opportunity to work with GrooveCar because of their experience, integrity and success with both Credit Unions and dealers.”
The Fusion management team has an automobile leasing background exceeding 110 years.
GrooveCar President David Jacobson commented, “We already know that this product is necessary for credit unions to compete at the highest level. The exciting part is that this product leapfrogs other lease products in many ways, even those offered by the manufacturer.”
This partnership with Fusion also enables GrooveCar to offer its auto lending expertise to credit unions nationwide
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.
About Fusion Auto Finance
Founded in January 2005, Fusion Auto Finance offers residual management and lease end management in affiliation with EndTrust Lease End Services established in October 1998. Additional information may be found at www.fusionautofinance.com and www.endtrust.com.