HAUPPAUGE, N.Y. – 2018 represented another record year for CU Xpress Lease, announced GrooveCar, which reported volume in the product reached $707 million—a 45% year-over-year increase.
The increase in volume was driven by the 19,384 leases originated in 2018, a 41% increase compared to 2017, the company said.
The company pointed out other CU Xpress Lease highlights from 2018:
- Borrowers had a 770 average FICO score
- 65% average look-to-book ratio on transactions
- 100% residual value repaid to credit unions
“CU Xpress Lease continues to outperform market expectations, allowing credit unions to compete at the point of sale for super-prime credit, while mitigating the residual risk and remarketing resources associated with leasing,” the company said.
$4.5 Billion in Volume
Since launching in 2006, CU Xpress Lease has originated over 120,000 leases totaling $4.5 billion in volume. Of the 65,000 leases that have matured since the program’s inception, 100% of the full residual value of each origination has been paid to each credit union, the company said.
“Affordability makes auto leasing a more appealing option than traditional financing, especially for millennial drivers. By providing credit unions the ability to offer full service automotive lending without buying deeper credit and lowering rates, CU Xpress Lease can help successfully capture customers trying to avoid rising vehicle costs and interest rates,” the company added.