By: Frank Rinaudo, Senior Vice President GrooveCar and CU Xpress Lease
Building auto loan portfolios takes effort. Let us help shoulder some of this effort. There’s a lot of work that goes into servicing members and building relationships with the goal of having members bring their business to your credit union. The road to issuing a loan can take many turns, and this is why I am so excited about leasing. If I was thrilled before, I am even more so for 2018.
GrooveCar’s CU Xpress lease is helping credit unions achieve success in markets once thought out of reach. The reason is the desire for members to lease vehicles is at an all-time high. We see the pace for leasing to remain steady into 2018. It’s time to consider letting CU Xpress Lease help your credit union enter this highly lucrative vehicle leasing market and become a full-service lender.
Why is becoming a full-service lender important? As industry statistics point out, there are many regions of the U.S. where leasing outpaces traditional financing. The current lease average is 30 to 33 percent of all new vehicle sales are accomplished through leasing. That number climbs to 70 percent or more in urban areas. It’s a very good bet that without a lease program your credit union is not growing at the rate it should. Now is the time to be 100 percent competitive at the point of sale.
Here’s why opportunities are so abundant in 2018: There will be a more diverse number of manufacturer opportunities for credit union vehicle leasing programs. The manufacturers will not be supporting or offering lease programs on some of their popular models, this allows CU Xpress Lease to provide leases on the vehicles the manufacturers are not offering a lease on. The result: Credit unions can offer more vehicles through a lease, than ever before. The market conditions are just right for increased growth through additional inventory. This is very attractive to members who are looking for more choices on popular vehicles.
We invite you to learn more about the program that opens the door to greater growth. CU Xpress Lease provides customized consulting, in-house credit union support and dealer relationship managers, the program covers all areas of concern a credit union might have when starting up a new program. We provide guidance and management of the program every step of the way. It’s all about growing the auto loan portfolio with knowledge-based solutions by offering a a lease option for your members. The CU Xpress Lease dealer relationship managers train and maintain strong dealer relationships while communicating with the CUs. The result is a credit union competitive on all levels as the program closes the gap and opens more market opportunities.
Did I mention risk? There is none, our program makes your credit union whole at the end of each lease cycle.