HAUPPAUGE, N.Y. -

CU Xpress Lease, a part of the GrooveCar family of brands, recently formed a partnership with McGraw-Hill Federal Credit Union, which is based in Windsor, N.J., and now will offer leasing in New Jersey, New York City and Westchester County markets.

This institution is the fourth credit union that conducts business in the Garden State signed by CU Xpress Lease. Others include Pinnacle Federal Credit Union, (Edison, N.J.), Sun East Federal Credit Union, (Aston, Pa.) and North Jersey Federal Credit Union (Totowa, N.J.).

Established in 1935, McGraw-Hill FCU has assets of approximately $310 million serving more than 20,000 members. It is rated by Callahan and Associates in the top 2 percent of credit unions nationwide for its Return-of-the-Member Index (ROM), which reflects the value provided to a member through their credit union, accounting for deposit rates, number of products offered and the usage rates of those products.

"Our decision to enter the leasing market was based on the value it offers our members," McGraw-Hill FCU vice president of lending Kathleen Petrelli said.

"A leasing program is attractive because members can take advantage of an increasing number of vehicles available for lease and lower monthly payments," Petrelli continued. "We are known for helping members achieve financial wellness by aligning products and services that meet their individual life goals, a leasing program is a natural extension of that philosophy."

GrooveCar vice president of strategic alliances Robert O'Hara added, "The New Jersey, New York City and Westchester markets are some of the strongest auto lease markets in the nation. Moreover, the expansion into Westchester is particularly noteworthy because it is untouched by credit unions with a leasing product at this time."