HOUSTON, May 10, 2023 /PRNewswire/ -- 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 2023 today.
In Q1 2023, AFG signed four new credit unions to its Walk-Away Balloon Lending Program including Community Resource Credit Union, Foothills Credit Union, and West Texas Credit Union. These four credit unions represent combined assets of $388 million and a reach increase of over 2 million consumers across four states.
"For Foothills Credit Union, we were looking to add a couple of loan products to our existing mix to better aid members in affording the high cost of automobile loans, said Scott McNeil, CEO of Foothills Credit Union. "AFG provides that with a turn-key program that assists our lenders in comparison shopping with the member. Having an alternative to leasing was also a big plus for us."
"According to Edmunds, almost 17% of people financing a new vehicle in Q1 of 2023 signed up for a loan with a monthly payment surpassing $1,000. AFG's balloon lending program will help these financial institutions offer a more affordable, low payment vehicle financing option to their members," 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
SOURCE Auto Financial Group