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.

Additional takeaways from CU Xpress Lease’s 2018 performance include:

  • Borrowers had a 770 average FICO score
  • 65% average look-to-book ratio on transactions
  • 100% residual value repaid to credit unions

CU Xpress Lease continues to outperform market expectations, allowing credit unions to compete at the point of sale for super-prime credit, while mitigating the residual risk and remarketing resources associated with leasing. Since launching in 2006, CU Xpress Lease has originated over 120,000 leases totaling $4.5 billion in volume. Of the 65,000 leases that have matured since the program’s inception, 100% of the full residual value of each origination has been paid to each credit union. CU Xpress Lease is the only credit union lease program that will guarantee full residual value at lease maturity.

Affordability makes auto leasing a more appealing option than traditional financing, especially for millennial drivers. By providing credit unions the ability to offer full service automotive lending without buying deeper credit and lowering rates, CU Xpress Lease can help successfully capture customers trying to avoid rising vehicle costs and interest rates.

CU Xpress Lease will be attending CUNA’s Governmental Affairs Conference in Washington, D.C., March 10th to March 13th, 2019. Credit unions are invited to stop by booth #471 to test drive the auto resource, discover what’s new, and discuss how the program can deliver solutions to grow your auto loan portfolios.

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.

The strong demand for auto loan volume by GrooveCar’s credit union partners is consistent with current industry trends. New vehicle sales reached 17.3 million units nationwide in 2018, a modest increase of 1.2% over 2017. Credit unions took full advantage of the growing market in 2018, experiencing a 10.7% in auto loan growth nationwide.

In the New York region, new car sales remain a solid performer for auto loan growth. Credit union members total over one million strong and nearly 90% of franchise dealerships participate in the GrooveCar program. GrooveCar brings all parties together with its online auto buying platform for indirect loans and its dealer network solutions with dedicated dealer reps and support services. As part of the fabric of car buying for nearly two decades, credit unions, members and dealerships look to the GrooveCar program to provide dedicated ways to help drive business.

Demand is projected to remain strong through 2019. This is especially true of the auto leasing market. In addition to traditional financing, there is a continued interest in leasing. In certain markets, almost 70% of new vehicle loans are structured through a lease. Vehicle financing is also performing extremely well, with members buying vehicles through their credit unions in record numbers.

GrooveCar will be attending CUNA’s Governmental Affairs Conference in Washington, D.C., March 10th to March 13th, 2019. Credit unions are invited to stop by booth #471 to test drive the auto resource, discover what’s new, and discuss how the program can deliver solutions to grow your auto loan portfolios.

GrooveCar Direct Continues to Grow in 2018


HAUPPAUGE, NY – 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.

Credit unions continue to value capturing auto loan borrowers during the car research phase. The average car shopper will spend over 14 hours researching a car before purchase. At least 60% of this time is devoted online. GrooveCar Direct allows credit unions of all sizes to compete, providing a customized platform that connects credit unions with relevant auto shopping members in real time. Credit unions can also utilize their preferred dealer network, which is ideal for credit unions that self-manage their indirect program.

Additionally, credit unions value the need to provide relevant and meaningful experiences to their existing members to strengthen their relationships. Offering relevant information at the right place and time is critical for building loyalty and brand awareness. GrooveCar Direct allows credit unions to carry out this function, while increasing product per member ratios.

In 2018, GrooveCar improved the member experience by adding several new features to its shopping platform:

  • Refreshed homepage design to better enhance the user’s experience
  • KBB Price Advisor compares real-time pricing on used vehicles, giving users transparency on a vehicle’s purchase average sales in their market
  • Search by Payment Calculator allows users to find available inventory based on desired monthly payment