HOUSTON, Feb. 8, 2017 /PRNewswire/ -- Auto Financial Group (AFG), a leading provider of innovative financing products for credit unions and banks, announced Fall 2016 growth figures today, revealing increasing momentum in new customer signings with AFG's Balloon Lending program.
Since September 2016, AFG has signed seven new credit unions to their Balloon Lending program, resulting in a reach increase of 1,563,615 new consumers. These new organizations include: Gold Coast FCU, St. Cloud Federal Credit Union, PA Central FCU, Laramie Plains Community FCU, Straits Area FCU and Valley Federal CU of Montana. The company is thrilled to partner with these credit unions, representing combined assets of over $1.3 billion across eight states. In addition to these credit unions, Ignition Financial also signed on as a partner.
The Balloon Lending program provides institutions with a walk-away, residual based, balloon loan program that is fully insured, and where AFG takes 100% of the residual value risk and completely manages the end of term process.
"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 our program."
Auto Financial Group expects continued growth through the first quarter of 2017, as the company seeks to provide their unique financing products and solutions to financial institutions across the US.
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 number of buyers.
For more information about AFG call toll free at 877-354-4234, or visit www.autofinancialgroup.com.
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SOURCE Auto Financial Group