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SOURCE Auto Financial Group, Inc.
HOUSTON, Aug. 26, 2014 /PRNewswire/ -- Auto Financial Group (AFG), a leading provider of innovative financing products for credit unions and banks, announced mid-year growth figures today, showcasing astounding momentum in new customer signings with the company's DrivingSense™ balloon lending program.
Since the start of 2014, Auto Financial Group has signed fourteen new credit unions to their program, resulting in a reach increase of nearly 300,000 new consumers. These new organizations include: WestStar Credit Union, Dayton Firefighters FCU, Horizons FCU, Great Erie FCU, Finger Lakes FCU, St. Pius X Church FCU, UNO FCU, GHS FCU, Alps FCU, Sun Credit Union, Bridgeton Onized FCU, Members 1st of NJ CU, Sound CU, and Park City CU. The company is thrilled to partner with these credit unions, representing combined assets of over $2 billion across 10 states, from Alaska to Wisconsin.
Growth in the form of new signings is expected to continue throughout 2014, as Auto Financial Group seeks to provide their unique financing products to institutions across the country. The DrivingSense™ program provides institutions with a fully insured, residual based, walk-away, balloon loan program. 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 DrivingSense™ and vehicle remarketing to financial institutions across the United States. The DrivingSense™ vehicle financing program provides the lease-like advantages of low 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 lease like 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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