Auto Financial Group Announces Q2 2022 Results
HOUSTON, July 12, 2022 /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 Q2 2022 today.
In the second quarter of 2022, AFG signed four new credit unions to its Walk-Away Balloon Lending Program: First Service Credit Union, Allied Healthcare Federal Credit Union, Northern Credit Union and Centricity Credit Union. These four credit unions represent combined assets of over $1.6 billion and a reach increase of 6.8 million consumers across four states.
"Partnering with AFG allows us to assist our members with their auto purchase while providing them an affordable payment. We're thrilled to offer different avenues for our member's lending needs with this new auto program that allows borrowers to purchase their automobile through their credit union on their terms," says Dan Estal, Vice President of Lending at Northern Credit Union. "Having the ability to finance it through our new lease like program gives them the flexibility to acquire new or used vehicles and for terms of up to 72 months with various mileage options providing many of the same benefits of a new car lease – but on our members terms!"
"TrueCar reports a 30% increase in the mix of loan terms of 84 months or more last quarter compared to last year, with borrowers opting for longer loan terms to offset the impact of rising interest rates. 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/
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
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