Auto Financial Group Announces Q2-Q3 2024 Results

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Oct 23, 2024, 14:30 ET

HOUSTON, Oct. 23, 2024 /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-Q3 2024 today.

In the second and third quarter of 2024, AFG signed seven new credit unions to its Walk-Away Balloon Lending Program: Compass Financial Federal Credit Union, Madison County Federal Credit Union, Pittsford Federal Credit Union, Preferred Credit Union, UFirst Federal Credit Union and University of Toledo Federal Credit Union. The seven credit unions represent combined assets of over $1.1 billion and a reach increase of more than 1.5 million consumers across six states.

"We were looking for an alternative to conventional financing and leasing for our members. With the rising cost of living, monthly cashflows are stretched." said Leo Acosta, President and CEO of Compass Financial Federal Credit Union. "The AFG Balloon Financing Program brings the credit union the competitive edge we were looking for, that monthly debt service for our members purchasing new vehicles."

Greg Cook, CEO of University of Toledo Federal Credit Union said that "with the higher rates over the past several years and increased auto prices, our members have felt the pressures of buying a vehicle. A residual based auto loan program makes a new car or truck more affordable."

Learn more about AFG's programs at https://autofinancialgroup.com/products/residual-based-financing/.

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 North America.

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