HOUSTON, Sept. 13, 2016 /PRNewswire/ -- Auto Financial Group (AFG), a leading provider of innovative financing products for credit unions and banks, announced 2016 summer growth figures today, revealing increasing momentum in new customer signings with AFG's Balloon Lending program.
Since May 2016, Auto Financial Group has signed six new credit unions to their Balloon Lending program, resulting in a reach increase of 3,351,865 new consumers. These new organizations include: Community Star Credit Union, Cooperative Federal Syracuse's Community Development Credit Union, Credit Union of Colorado, Isabella Community Credit Union, Palisades Federal Credit Union, and Rutgers FCU. The company is thrilled to partner with these credit unions, representing combined assets of over $1.75 billion across Colorado, Michigan, New Jersey, New York and Ohio. "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."
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 walk-away, 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
Auto Financial Group (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.
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SOURCE Auto Financial Group