CU Xpress Lease Inc. of Hauppauge, which calls itself the nation’s largest processor of auto leases for credit unions, says business was up 100 percent in September over a year earlier, as the company processed more than 1,500 lease applications.
Based on that, it expects October’s business also to be double that of a year earlier.
The company says leasing of cars is on the increase overall. “In addition,” said senior vice president Frank Rinaudo, “we are witnessing an upsurge in leasing activity as volume increases from credit unions already in our program as well as new entrants.”
The company opened a joint retail center in June in Hauppauge. The 50,000-square-foot state-of-the-art return and retail center accommodates up to 300 vehicles and gives credit union members a local place to turn in their cars coming off- lease, as well as purchase used or pre-owned vehicles before they go to public auction.
CU Xpress Lease was created in 2006 as a joint venture of privately held GrooveCar, also of Hauppauge and Dallas-based Fusion Auto Finance.
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