HAUPPAUGE, NY – Superstorm Sandy wreaked havoc and widespread power outages on Long Island, metropolitan New York and coastal New Jersey, resulting in overwhelming damage to many homes, communities and vehicles. This, in turn, has led to an upsurge in car sales, primarily in the leasing area, according to CU Xpress Lease, a GrooveCar affiliate company, based here.
Credit Union leasing has become an accessible solution for those in need of replacement vehicles in Sandy’s wake, explained Frank Rinaudo, CU Xpress Lease senior vice president. He underscored that CU members are now taking full advantage of the low out-of-pocket and monthly cost to lease a car. In fact, CU Xpress Lease’s post-Sandy numbers show a 200% increase in auto leasing when compared to their traditional volume for this time of year. Further, if a member is interested in retail or balloon loans, they can defer payments up to 90-days.
Consequently, with loan volume and the demand for vehicles rapidly increasing, dealership inventory is slim. However, CU members are tapping the GrooveCar (www.groovecar.com) network to locate the vehicles they need. Moreover, to help accommodate credit union members, dealerships have started to request aid in restocking from surrounding states and manufacturers.
About CU Xpress Lease, Inc.
CU Xpress Lease is a joint venture of privately held GrooveCar, Inc. in Hauppauge, NY and Fusion Auto Finance LLC in Hurst, TX. It was formed in 2007 to provide an alternative lease product for credit unions and their members. Additional information may be found at www.cuxpresslease.com.