Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Auto Financial Group positions residual-based financing for CUs
HOUSTON (12/9/11)--Auto Financial Group's DrivingSense balloon-loan program is gaining momentum, the company said.

"At a time when credit unions are looking for opportunities to book more loans and mitigate risk, AFG's DrivingSense program is well-positioned to appeal to credit union members looking for lower payments and flexibility," said Richard Epley, Auto Financial Group president.

"DrivingSense has always protected credit unions from residual-value risks," said Epley, Auto Financial Group president. "For the last 12 years, AFG has guaranteed predetermined residual values of the vehicles. But today, a number of industry and broader economic factors have combined to increase used-car values, allowing AFG to offer broader, more comprehensive coverage which further mitigates risk to all stakeholders."

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; and
  • Positioning of financial institutions to recapture vehicle financing lost to competitive low payment financing options.
New signings and renewals include:

  • Anheuser-Busch Employees FCU, St. Louis;
  • Congressional FCU, Oakton, Va.;
  • Corning (N.Y.) CU;
  • Dupaco CU, Dubuque, Iowa;
  • Frankenmuth (Mich.) CU,
  • GPO FCU, Utica, N.Y.
  • SeaComm FCU, Massena, N.Y.; and
  • Security CU, Flint, Mich.
Together these credit unions manage more than $4.5 billion in assets and serve more than 400,000 members.


RSS





print
News Now LiveWire
Pennies, nickels cost more to make than they are worth @usmint report http://t.co/FOT51DF8v2
17 minutes ago
Strong biz lending leads 3Q loan growth at Minn. #creditunions http://t.co/DKYjyj6iC3
1 hours ago
.@FAACreditUnion named a top Okla workplace by @TheOklahoman via @Cornerstone_CUL http://t.co/qQP1zpxJrO
2 hours ago
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
3 hours ago
Shop for Miracles day nets $450K for CUs for Kids #NewsNow #System http://t.co/N809BLkzGP
3 hours ago