Recognizing a growing demand for auto leasing in New Jersey, North Jersey Federal Credit Union said it has partnered with CU Xpress Lease.
The $212 million credit union in Totowa, N.J., will work with CU Xpress Lease, which provides automotive leasing services to the credit union industry. The Hauppauge, N.Y.-based company is a joint venture of privately held GrooveCar Inc. in Hauppauge, N.Y., and Fusion Auto Finance LLC in Hurst, Texas.
“There is a growing demand for auto leasing in New Jersey and this alliance will help us realize our potential,” said Lourdes Cortez, president/CEO of North Jersey FCU. “We are always seeking new products and services to enhance our members’ financial lives.”
CU Xpress Lease said depending on the market, between 25% and 30% of all new vehicles are leased.
In 2012, the company said many residents experienced damage to their vehicles as a result of Hurricane Sandy. As a result, CU Xpress Lease said it experienced a 200% increase in auto leasing when compared to its traditional volume for the time of the year the storm struck.