CU Xpress Lease Partners with Peoples CU

CU Xpress Lease (www.cuxpress.com), part of the GrooveCar, Inc. (www.groovecarinc.com) family of brands, today announced its partnership with Pembroke Pines based Peoples Credit Union (www.peopcu.org). The credit union will offer leasing in Broward and Palm Beach County in South Florida.

Peoples, established in 1946, has assets of approximately $85 million and serves more than 12,500 members. It is rated by Bauer Financial Inc. as a five-star financial institution, a designation given to recognize superior strength, performance and safety.

Jeffrey Miller, Peoples CEO stated, “The leasing market in general is very strong right now, in fact, 2013 leases were up by 26% over 2012, and South Florida has one of the top lease markets in the country. We knew that by offering leasing we could build loan volume without compromising credit risk. After reading an Op-Ed about leasing, I reached out to CU Xpress Lease to find out how Peoples could implement their program. “

“South Florida is one of the premier automotive lease markets in the country. Depending on the brand, upwards of 70% of all new vehicle sales are represented by leasing in this region,” stated Frank Rinaudo, senior vice president, GrooveCar, “Our organization is excited about our expansion into the South Florida market.”