HAUPPAUGE, N.Y.- Mid-Hudson Valley FCU is now using GrooveCar’s CU Xpress Lease product, the company reported.
Kingston, N.Y.-based MHVFCU began offering auto leasing to its members in April. MHVFCU has over $1.04 billion in assets and 77,000 members.
"The Hudson Valley region represents one of the top lease markets in the U.S. By working with CU Xpress Lease, we are able to add value to our members with affordable vehicle financing while enhancing the credit union's dealership exposure,” said Steve Carle, senior vice president/chief lending officer for MHVFCU. “Additionally, leasing provides us an opportunity to immediately expand our automotive portfolio. Since leasing is becoming more popular due to lowered monthly payments and no-money-down requirements, we know our potential will only increase with this new service for our members."
Payment-Driven Consumers
"We are excited to partner with Mid-Hudson Valley FCU and look forward to bringing the CU Xpress Lease program to their members,” said Robert O'Hara, vice president of strategic alliances for GrooveCar. “Consumers are payment driven and leasing provides a true medium for credit unions, such as MHVFCU, to capture that market share without the responsibility of managing the residual risk when the lease matures."