July 15, 2013


Comments

 
 
 
  • I hope the insurance company that is backing the residual value is still in place when the cars start coming back. I have seen several insurance companies backing these deals go out of business and the credit unions were on the hook--the loss mentioned above. The lease looks good on the books when it is going out the door, but since there is a return trip, the final income results might look quite a bit different.
    D. Harp
     
     
     
  • Previous comment/clarification on 7/17/13 at 11:25 AM was written and prepared by CU Xpress Lease.
    CU Xpress Lease - Executive Office
     
     
     
  • We would like to clarify a few points: 1) Lease program is CU Xpress Lease - a partnership between Fusion Auto Finance, LLC and GrooveCar, Inc. 2) CU Xpress Lease is the number 1 credit union lease program in the country. 3) CU Xpress Lease has originated over 30,000 new car leases and addesd more than $1 billion to the portfolios of our credit union clients since 2007...clearly not a start-up. 4) Fusion has paid our credit union clients the full residual value on over 10,000 lease maturities - that is 100% of the residual value with not a penny of loss to the credit unions. 5) The reference used in the article from another smaller credit union leasing operation has no meaningful link to the story about Bethpage FCU or the CU Xpress Lease program.
    Anonymous
     
     
     
 
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