Auto Financial Group Announces Q2 2023 Results

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Aug 22, 2023, 11:00 ET

HOUSTON, Aug. 22, 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 Q2 2023 today.

In Q2 2023, AFG signed five new credit unions to its Walk-Away Balloon Lending Program: Instep Credit Union, NorState Federal Credit Union, Portland Local No 8 Federal Credit Union, Tarrant County's Credit Union, and Texhillco School Employees Federal Credit Union. These five credit unions represent combined assets of $480 million and a reach increase of over 2 million consumers across four states.

"Our partnership with AFG will allow NorState FCU to continue fulfilling our mission of making a difference in our member's financial lives by providing an auto loan alternative to purchase a vehicle, while having the peace of mind that the payments won't create financial hardships with the high cost of vehicles in this current marketplace," says Jeffrey Davenport, CEO of NorState Federal Credit Union.

"According to Edmunds, 10% of all vehicles sold in May 2023 were priced above $70,000, compared to only 3% of models in 2018. 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