GrooveCar Expands with Four More Credit Union Partnerships

CU SoCal Joins Leasing Pipeline

Credit Union of Southern California (SoCal) is preparing to launch leasing in March 2016, Tom Orman, senior vice president of lending, told AFN. “Dealers constantly want speedy decisions and fast loan turnaround,” Orman said. “Especially with leasing, we deal with super-prime customers who demand great service.” To meet those needs, the 80,000-member credit union partnered with CU Xpress Lease on Monday to begin integrating an indirect lease network. Alternative lease provider CU Xpress Lease builds relationships with local auto dealers and then provides lease information on individual lease applications, according to Orman. “The Southern California market is one of the top lease markets in the country, and we felt that being in this channel would allow us to do more contracts of quality,” he said. CU Xpress will also purchase off-lease returns once the leases mature, and it will bear costs for any excess wear and tear. “The process is automated, as the applications are filed online, and our job is to just turn around the paperwork,” Orman said. “It helps us, as we move to integrating e-contracting and e-signatures in the near future.”

CU Xpress Lease Announces Expansion into California Lease Market

GrooveCar’s leasing product for credit unions expands service

HAUPPAUGE, NY (December 11, 2015) — Auto sales are booming in California with new vehicle registrations in the state topping 1 million during the first half of 2015, nearly a 12% gain over the same period in 2014.  Helped by a resurgence of U.S. automakers, sales are expected to reach 2 million by years end, making it the best year since 2006. The favorable sales trend is expected to continue through 2016. With the combination of attractive lease deals, improved fuel, attractive technology and low interest rates, credit unions are looking to attract and service members during this highly profitable time. “CU Xpress Lease, a GrooveCar product, has expanded into the top lease market in the country. Having already mastered the northeast region, we are excited to bring our highly profitable product into another lease market,” stated Robert O’Hara, Vice President of Strategic Alliances, CU Xpress Lease.

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