Houston, Texas – Auto Financial Group (AFG), one of the nation’s leading sources of residual based financing and vehicle remarketing for financial institutions, announced results for Q1 2022 today.
In the first quarter of 2022, AFG signed seven new credit unions to its Walk-Away Balloon Lending Program: Empire ONE Federal Credit Union, Limestone Federal Credit Union, P1FCU, Sikorsky Financial Credit Union, Inc., MyCredit Union, Vibe Credit Union, and Clearpath Federal Credit Union. These seven credit unions represent combined assets of over $2.3 billion and a reach increase of 16.5 million consumers across six states.
“This partnership will allow us to better meet the auto financing needs of our membership,” said Korey Jenkins, VP Consumer Lending at Vibe Credit Union, “and we are excited to add another program that will help keep car payments affordable for our members.”
“Due to shortages in the supply chain and high vehicle demand, MSRP is no longer the ceiling that buyers can negotiate down from. Instead, many dealers can command a sales price well above it, putting a vehicle purchase beyond the reach of many Americans. These financial institutions, however, will now be able to provide a low monthly payment alternative with shorter terms to their borrowers through the AFG Balloon Lending Program,” said Richard Epley, CEO of AFG.
Learn more about AFG’s programs at https://www.autofinancialgroup.com/products/
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