HOUSTON, May 4, 2016 /PRNewswire/ -- Auto Financial Group (AFG), a leading provider of innovative financing products for credit unions and banks, announced 2016 Q1 growth figures today, revealing increasing momentum in new customer signings with AFG's Balloon Lending and Remarketing programs.
Since December 2015, Auto Financial Group has signed eleven new credit unions to their Balloon Lending program, resulting in a reach increase of over 256,090 new consumers. These new organizations include: ACMG FCU, America's Christian CU, Chicago Patrolmen's FCU, Diversified Members CU, ECCU, Florida State University CU, Hudson River Community CU, Houston Texas Fire Fighters FCU, Inner Lakes FCU, TCT FCU, and Trius Federal Credit Union. The company is thrilled to partner with these credit unions, representing combined assets of over $2.54 billion across California, Florida, Illinois, Michigan, Nebraska, New York and Texas. "We welcome these financial institutions to the growing AFG family," said Richard Epley, CEO of AFG. "Residual based financing is at an all-time high in the US and we're excited that these institutions have chosen AFG's Balloon Lending program to offer to their members."
In addition, Auto Financial Group has signed six new credit unions as remarketing partners, resulting in a reach increase of over 330,190 new consumers. These new remarketing partners, representing combined assets of over $3.67 billion, include: Carolina Cooperative Federal Credit Union, CommunityWide Federal Credit Union, Family First Federal Credit Union, GEICO Federal Credit Union, Texas Dow Employees Credit Union, and West Community Credit Union.
Auto Financial Group expects continued growth through the remainder of 2016, as the company seeks to provide their unique financing products and solutions to financial institutions across the US. The Balloon Lending program provides institutions with a residual based balloon loan program that is fully insured. Through AFG's software, financial institutions are able to secure higher-yielding loans with lower monthly payments for their consumers, mitigate residual value risk, and position themselves to take advantage of the record market increases in residual value based financing.
About Auto Financial Group, Inc.
Auto Financial Group, Inc. (AFG), a Houston-based company, provides an online residual based vehicle financing product called AFG Balloon Lending and vehicle remarketing to financial institutions across the United States. The AFG Balloon Lending vehicle financing program provides the advantages of lower payments, flexible terms, actual ownership of the vehicle and several end-of-term options, including the option of being able to surrender the vehicle and walk away in lieu of paying the final loan payment. The financial institution receives higher loan yields, a competitive residual based financing alternative and AFG manages the entire end-of-term process. The AFG Remarketing program is a proven solution for financial institutions that offers the greatest financial return to their clients by matching assets to the selling network with the greatest amount of buyers. While competitors use a centralized approach to liquidate assets, AFG uses selling networks ranging from traditional auto auctions to direct wholesale to internet selling platforms.
For more information about AFG's Balloon Lending or Remarketing programs please call Stacy Freeman or Richard Epley at 713-812-3333 or toll free at 877-354-4234, or visit www.autofinancialgroup.com.
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SOURCE Auto Financial Group