Fusion Auto Finance develops turn-key auto leasing programs with credit unions that generate a high return on investment as well as high customer satisfaction. Core competencies in residual value analysis and lease-end account management help mitigate the two most challenging risks associated with automotive leasing. Remarketing is the foundation for Fusion and handling the customer interaction as well as the vehicle at lease maturity. Fusion has developed a true full-circle business with every detail considered, from origination to servicing to resale and disposition.
Fusion focuses its business model on providing competitive programs that are financially sound for the company, the credit union partner, and the credit union member. Along with its marketing partner, GrooveCar, Fusion offers credit unions the CU Xpress Lease, the nation’s number one credit union auto leasing program. Members enjoy the benefits of lower monthly payments, gap waiver coverage, flexible lease terms, and a fair wear-and-tear policy. Credit unions devote their efforts to credit risk and servicing members while Fusion manages all residual value risk.
OUR STORY
Jim Calvert launches EndTrust to provide remarketing services to banks and independent leasing companies. Remarketing of lease portfolios is an emerging process and Jim had been an integral manager in developing the world class methods at Mercedes-Benz Financial Services.
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.
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.
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 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.
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.
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.
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 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.
The CU Xpress Lease program reaches more than 100,000 leased vehicles and over $3.3 billion in new vehicle lending.
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.
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.
The CU Xpress Lease program reaches more than 184,000 leased vehicles and over $7 billion in new vehicle lending. Fusion and GrooveCar look forward to continued growth and expansion into new territories!
Jim Calvert
CEO
Don Porter
President
Chris Meagher
Managing Director
Joe Coreno
National Director of Operations
Meet the Fusion Management Team