HOUSTON, May 10, 2017 /PRNewswire/ -- Auto Financial Group (AFG), one of the nation's leading sources of residual based financing and vehicle remarketing for financial institutions, announced Q1 2017 growth figures today, revealing increasing momentum in new customer signings.
Since January 2017, AFG has signed four new credit unions to the AFG Balloon Lending Program: Torrington Municipal & Teachers FCU, Sioux Falls FCU and Great Lakes First FCU. The fourth credit union could not be disclosed due to marketing policies. These four credit unions represent a reach increase of 634,389 consumers and combined assets of over $1.9 billion across four states. Additionally, FNCB Bank signed on as a partner in the first quarter.
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.
Learn more at https://www.autofinancialgroup.com/products/balloon-lending-program/
"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 has also started to receive transactions from its recently launched leasing program and expects continued growth through the second quarter of 2017, as the company seeks to provide their unique financing products to financial institutions across the US. Learn more about the leasing program at: https://www.autofinancialgroup.com/products/leasing-program/
About Auto Financial Group
Auto Financial Group (AFG), a Houston-based company, provides an online, residual based, walk-away vehicle financing product called AFG Balloon Lending, as well as vehicle leasing and vehicle remarketing to financial institutions across the United States.
AFG's residual based financing solutions provide the advantages of lower payments, flexible terms, in the case of the balloon loan, actual ownership of the vehicle and several end-of-term options, including the option 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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/auto-financial-group-announces-continuing-momentum-in-q1-2017-growth-figures-300454735.html
SOURCE Auto Financial Group