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Auto Financial Group positions residual-based financing for CUs

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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.

CU Mobile Apps will be available on Kindle Fire

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FRANKLIN, Tenn. (12/9/11)--CU Mobile Apps, the mobile banking application offered by insurance and financial solutions provider Member Service Solutions LLC, will soon be available for Amazon's new Kindle Fire electronic tablet.

"The Kindle Fire is certainly one of the best implementations of Android on a tablet that we have seen to date, and as a mobile application development company, we have seen a great many different mobile devices," said Crash Bang Studios LLC, developer of the Kindle Fire-supporting app Member Service Solutions will offer.  

Crash Bang Studios said it would make the app available to members by the end of the first quarter of 2012, along with continued availability of the native iPad and Android Tablet versions.

The CU Mobile Apps product is currently functional on iPhone, iTouch and iPad,  and on Android devices.

The product was designed to accept and integrate newer technologies as they become available, said Rick Hargis, owner/partner of Member Service Solutions. "We are now adding Kindle Fire to the list, and making good on our early promise to deliver new technologies at no additional subscription charge—and with no additional costly and inconvenient restructuring or redesign delays for our existing customers."

Because the lightweight and roughly pocket-sized Kindle Fire is so portable, Member Services Solutions hopes a significant number of the five million new Kindle Fires purchasers will rely on it--and its credit union app--for their mobile banking needs.

"More and more credit unions are thus recognizing the value of sending messages as well as using the app as a banking tool," said Tom Gray, a Member Service Solutions partner. "Our cutting-edge app enables credit unions to send push messages and notifications to their members, an exclusive capability that CU Mobile Apps clients are increasingly taking advantage of--at the rate of more than 40,000 push notification messages sent through the system over the last six months."

CU Mobile Apps reports that 11,000 of those 40,000 messages were sent during November, according to Gray. "As more subscriber credit unions realize the benefits of push notifications, we expect the recent explosive increase in usage of this feature to continue--especially as more of the Kindle Fire devices reach the hands of credit union members."