HAUPPAUGE, N.Y. — CU Xpress Lease, a leading credit union lease provider, says it is witnessing a record-setting pace is auto leasing activity, with September up 100 percent year-over-year.

The company went on to say it processed more than 1,500 lease applications for October. Officials said October is about 150 percent better than the September figures and double that of a year ago.

Overall, CU Xpress Lease says leasing is up in general.

"In addition, we are witnessing an upsurge in leasing activity as volume increases from credit unions already in our program, as well as new entrants," said Frank Rinaudo, senior vice president.

Last year, when credit unions captured more ground as captives tended to fall back, CU Xpress Lease said it was its best year ever connecting dealers with credit unions.

CU Xpress Lease indicated it has incentivized participating credit unions to increase their market share, and is very price-competitive on a wider range of autos — from Acura, Chevrolet, Dodge, Ford, Honda, Hyundai, Infiniti, Jeep, Lexus, Mazda, Mini Cooper, Mitsubishi, Nissan, Toyota and Land Rover — than ever before. 

"This has been helped by the opening of a joint retail center last June at 1818 Pacific Street, Suite 3, Hauppauge, N.Y. The 50,000-square-foot, state-of-the-art return and retail center accommodates up to 300 vehicles and gives credit union members local proximity to turn in their cars coming off-lease, as well as purchase used or pre-owned vehicles before they go to public auction," officials highlighted.

Basically, CU Xpress Lease is joint venture between GrooveCar and Fusion Auto Finance. It was created in 2006.