CU Xpress Lease Expands in NJ

HAUPPAUGE, NY, Dec. 11 – CU Xpress Lease (www.cuxpress.com) today announced a partnership with Totowa, NJ-based North Jersey Federal Credit Union (www.njfcu.org).

Part of the GrooveCar, Inc. (www.groovecarinc.com) family of brands, CU Xpress provides an advanced automotive leasing product to the credit union industry that features incremental loan growth, increased efficiency and the ability to compete at the highest level.

North Jersey Federal Credit Union holds assets of nearly $212 million and a membership exceeding 32,000.

Commented Lourdes Cortez, North Jersey president and CEO: “We are always seeking new products and services to enhance our members’ financial lives. There is a growing demand for auto leasing in New Jersey and this alliance will help us realize our potential.”

Robert O’Hara, GrooveCar’s vice president-strategic alliances, added that “Leasing is a critical component that most credit unions are missing in becoming a full service automotive lender. The benefits that accompany credit unions who enter the vast lease market are significant, such as high quality credit, stronger ROI (return on investment) than finance auto loans and entry into capturing a substantial portion of new vehicle market share.”