HOUSTON, May 14, 2019 /CNW/ -- 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 2019 today, increasing the number of new customer signings compared to every quarter in 2018.
In this quarter, AFG signed eleven new credit unions to the AFG Balloon Lending Program: Cinfed CU, Traverse Catholic FCU, Financial Builders FCU, Velocity Credit Union, MountainCrest Credit Union, CapEd Federal Credit Union, Ray Federal Credit Union, Forest Area Federal Credit Union, Med5 Federal Credit Union, PenFed Credit Union and LifeWay Credit Union. These eleven credit unions represent combined assets of over $26.5 billion and a reach increase of over 333 million consumers across ten states.
"Velocity Credit Union has long been a leader in automotive lending in our market and we are always interested in new products that benefit our members and our indirect dealer group. Auto Financial Group's balloon loan program provides a great way to expand our lending services, offer a compelling alternative to leasing, provide a new way to address the rising cost of vehicles and to meet consumer demand for more flexible loan terms," said Jack Jordan, EVP and COO at Velocity. "Auto Financial Group is, hands down, the leader in balloon lending in the credit union industry. They have years of experience and staying power in this business, along with excellent technology and service to support the program. AFG is a very good fit to help Velocity meet its financial and service goals for years to come."
"We welcome these financial institutions to the growing AFG family," said Richard Epley, CEO of AFG. "The geographic diversity of these newly signed credit unions demonstrates that the demand for residual based financing solutions continues to rise across the United States."
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
SOURCE AFG
For further information: Monica Mendoza, 713-812-3333, http://www.autofinancialgroup.com
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