HOUSTON -- (BUSINESS WIRE)--Auto Financial Group (AFG), an online provider of residual-based financing products for credit unions and banks, today reported continued strong momentum for its DrivingSense™ balloon loan program. New signings include Amplify Credit Union, APEX Community FCU, Citadel FCU, Commonwealth Credit Union, Dade County FCU, Evansville Teachers FCU, First Heritage FCU, Lyell FCU, Mutual First FCU, Riverside FCU and Ventura County Credit Union. Together these credit unions manage more than $6 billion in assets and serve more than 548,000 members.
"With the growing popularity and need for loans, AFG is able to provide credit unions with an easy to implement, alternative lending program that provides lower monthly payments to their members."
."Consumers are turning to credit unions more often these days to receive better rates, lower fees and superior financial products and services," said Richard Epley, CEO of Auto Financial Group. "With the growing popularity and need for loans, AFG is able to provide credit unions with an easy to implement, alternative lending program that provides lower monthly payments to their members."
DrivingSense™ makes it easy for credit unions to offer branded balloon loans to members. The residual value risk is mitigated because the program guarantees the predetermined residual value of the vehicles.
The recently signed credit unions will offer AFG's DrivingSense™ program as a direct and/or indirect lending option to their members. Key features of the AFG Driving Sense balloon loan program include:
•Residual value insurance
•Compatibility with existing indirect programs
•Automated quoting system
•Automated end-of-term process
•Higher yielding loans
•Positions financial institutions to recapture vehicle financing currently being lost to competitive low payment financing options
"We are pleased with the number of new signings we have had in the past five months and look forward to working with these new credit unions to provide their members with lower payments," said Epley.
About Auto Financial Group, Inc.
Auto Financial Group, Inc. (AFG), a Houston-based company, provides an online residual-based vehicle financing product called DrivingSense™ to credit unions and other financial institutions across the United States. The DrivingSense™ low-payment vehicle financing provides the lease-like benefits of a balloon loan to credit unions and their members. The DrivingSense CarBuilder™ calculator, a customized secure website, gives AFG's credit union partners and their members the ability to "build" vehicles and compare payment terms with conventional loans in one easy process. Credit union members receive the benefit of a low payment, flexible terms, actual ownership of the vehicle and several end-of-term options, including the lease-like option of being able to surrender the vehicle and walk away in lieu of paying the final loan payment.
For more information about getting DrivingSense™ or connecting with a credit union offering DrivingSense™, call 713-812-3333 or toll free at 877-354-4AFG, or visit www.autofinancialgroup.com.