The CU Xpress Lease program reaches 20,000 new leased vehicles and more than 25 vehicle brands in the Fusion lease portfolio. Novak Motors also opens a second retail dealership in Bedford, Texas.
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Fusion opens the first Lease Return and Resale Center (LRRC) and Novak Motors in Hauppauge, NY – this 30,000 square foot indoor facility is dedicated to credit union members who have leased vehicles through the CU Xpress Lease program. Customers have their vehicle inspected and returned here at the end of their lease term or purchase it with credit union financing. Credit union member sales events are also conducted at the LRRC to provide late model, low mileage, clean Carfax vehicles to consumers at below market prices.
Despite the auto industry being in the midst of a considerable downturn, the CU Xpress Lease program continues to expand its impact – Fusion’s lease program reaches 10,000 leased vehicles comprised of 16 different brands and totaling more than $300 million in new lending business for partnering credit unions.
Fusion partners with GrooveCar to launch the CU Xpress Lease program for Long Island, NY credit unions. This indirect lease model allows credit unions to offer an auto lease product to their members at point of sale in dealerships with full control of credit approval and rate structures. The first credit union to join the program is Teachers Federal Credit Union (TFCU), a progressive $7 billion credit union based in Hauppauge, NY. TFCU has remained the longest tenured participant in the CU Xpress Lease program.
Fusion Auto Finance, LLC disrupts the credit union industry, formed with a goal to provide dedicated residual value management to credit unions. For the first time credit unions can offer auto leasing to their members through franchised new car dealerships with the confidence that Fusion will guarantee the full residual value on all returned lease vehicle maturities.