GrooveCar Direct Announces 17 New Credit Union Partnerships in Q3 2019

Over 350 credit unions have joined the GrooveCar Direct program nationwide!

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How to maximize your auto loan program

While auto loans often hold a prominent share of a credit union’s overall portfolio, some credit unions make the mistake of viewing indirect financing, leasing, and direct lending as entirely separate programs.  This misconception makes it difficult for credit unions to keep up with member expectations and effectively capture auto loans. In order to maximize the number of auto loans, credit unions need to actively unify all three programs, which in turn will provide members a unique experience that exceeds expectations.

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GrooveCar’s Indirect Auto Lending Increased by 44% in 2018

Hauppauge, NY– GrooveCar, one of the nation’s leading providers of auto loan growth, has announced that its credit union partners have seen a 44% increase in indirect auto loans, the highest loan growth within a 12-month period since the company’s inception in 1999.

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GrooveCar Direct Continues to Grow in 2018

HAUPPAUGE, N.Y. – GrooveCar Direct, the nation's leading platform for credit union member engagement and direct auto loan growth, announced that 2018 was another year of significant growth as it surpassed 300 credit union clients across 36 states.  The program welcomed 65 new credit unions in 2018, a 33% YOY increase in credit union clients.  New credit union partners had a combined asset size of $12 billion, an average asset size of $186 million each.  They also contributed an additional 1.1 million members to the program, an average membership of 17,850 members.

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CU Xpress Lease Sees Record Growth in 2018

Hauppauge, NY– CU Xpress Lease, the nation’s top performing vehicle lease program for credit unions, has announced that 2018 represented another record year as volume reached $707 million, a 45% YOY increase. This increase in volume was driven by the 19,384 leases originated in 2018, a 41% increase compared to 2017.

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