EndTrust Adds Huntington Bank
EndTrust adds Huntington Bank as a client to its managed lease portfolios – over the next five years EndTrust mitigates residual value exposure on over 50,000 lease vehicles resulting in more than $4 million in risk savings to the bank.
Fusion Disrupts the Credit Union Industry
Fusion Auto Finance, LLC disrupts the credit union industry, formed with a goal to provide dedicated residual value management to credit unions. For the first time credit unions can offer auto leasing to their members through franchised new car dealerships with the confidence that Fusion will guarantee the full residual value on all returned lease vehicle maturities.
Teachers Federal Credit Union Joins CU Xpress Lease
Fusion partners with GrooveCar to launch the CU Xpress Lease program for Long Island, NY credit unions. This indirect lease model allows credit unions to offer an auto lease product to their members at point of sale in dealerships with full control of credit approval and rate structures. The first credit union to join the program is Teachers Federal Credit Union (TFCU), a progressive $7 billion credit union based in Hauppauge, NY. TFCU has remained the longest tenured participant in the CU Xpress Lease program.
CU Xpress Lease Reaches 10,000 Vehicles
Despite the auto industry being in the midst of a considerable downturn, the CU Xpress Lease program continues to expand its impact – Fusion’s lease program reaches 10,000 leased vehicles comprised of 16 different brands and totaling more than $300 million in new lending business for partnering credit unions.
Fusion Opens First Lease Return & Resale Center
Fusion opens the first Lease Return and Resale Center (LRRC) and Novak Motors in Hauppauge, NY – this 30,000 square foot indoor facility is dedicated to credit union members who have leased vehicles through the CU Xpress Lease program. Customers have their vehicle inspected and returned here at the end of their lease term or purchase it with credit union financing. Credit union member sales events are also conducted at the LRRC to provide late model, low mileage, clean Carfax vehicles to consumers at below market prices.
CU Xpress Lease Reaches 20,000 Vehicles
The CU Xpress Lease program reaches 20,000 leased vehicles and more than 25 vehicle brands in the Fusion lease portfolio. Novak Motors also opens a second retail dealership in Bedford, Texas.
CU Xpress Lease Reaches 45,000 Vehicles
The CU Xpress Lease program reaches 45,000 leased vehicles and $1.35 billion in total volume. Fusion’s “No Surprises” Excess Wear & Tear policy provides lease customers peace of mind that the condition of their vehicle returned at lease-end will be inspected in a fair manner.
Fusion Opens Lease Return & Resale Center in NJ
A new Lease Return and Resale Center/Novak Motors location opens in Lebanon, New Jersey to accommodate the tremendous growth in the northern and central New Jersey markets. The largest credit union in New Jersey, Affinity Federal Credit Union, joins the CU Xpress Lease program and experiences considerable growth to its new car lending business. The growth of the lease program reaches 60,000 leased vehicles and more than $1.80 billion in new lending.
Fusion Opens Indoor Lease Return & Resale Center in NY
Fusion and Novak Motors open a new 120,000 square foot indoor LRRC and retail center in Farmingdale, NY to replace the outgrown Hauppauge location. The CU Xpress Lease program expands to California. Fusion and Novak Motors reach 100 employees combined in three business locations. In its tenth year, the CU Xpress Lease program reaches more than 85,000 leased vehicles and over $3.1 billion in new vehicle lending.
Fusion Acquires GrooveCar
Fusion acquires its marketing partner, GrooveCar. Prior to the acquisition, CU Xpress Lease was a joint effort between the two companies. GrooveCar provided the indirect lending platform, marketed the program to dealers, acted as a liaison on behalf of the credit union, and managed the dealer relationships. Fusion is the titled owner of each leased vehicle, bears the value risk on all vehicles at lease maturity, and pays full residual value to the credit union at lease maturity. The acquisition has enabled Fusion to increase efficiencies, collaboration, and competitiveness of the leasing program.
CU Xpress Lease Reaches 100,000 Vehicles
The CU Xpress Lease program reaches more than 100,000 leased vehicles and over $3.3 billion in new vehicle lending.
CU Xpress Lease Reaches 150,000 Vehicles, Expands into Florida
The CU Xpress Lease program expands into Florida. Total volume for the program reaches more than 150,000 leased vehicles and over $5.2 billion in new vehicle lending.
CU Xpress Lease Expands into Michigan
The CU Xpress Lease program expands into Michigan. Total volume for the program reaches more than 171,000 leased vehicles and over $6.0 billion in new vehicle lending.
CU Xpress Lease Reaches 195,000 Vehicles
The CU Xpress Lease program reaches more than 195,000 leased vehicles and over $7.4 billion in new vehicle lending. Fusion and GrooveCar look forward to continued growth and expansion into new territories!
