Auto Financial Group, an online provider of residual-based financing products for credit unions and banks, recently reported continued strong momentum for its DrivingSense balloon auto loan program by signing a dozen new institutions.
The latest additions include Amplify Credit Union, APEX Community FCU, Citadel FCU, Commonwealth Credit Union, Dade County FCU, Evansville Teachers FCU, First Heritage FCU, Lyell FCU, Mutual First FCU, Riverside FCU and Ventura County Credit Union.
Together, these credit unions manage more than $6 billion in assets and serve more than 548,000 members.
“Consumers are turning to credit unions more often these days to receive better rates, lower fees and superior financial products and services,” said Richard Epley, chief executive officer of Auto Financial Group.
“With the growing popularity and need for loans, AFG is able to provide credit unions with an easy to implement, alternative lending program that provides lower monthly payments to their members,” Epley continued.
Epley explained DrivingSense can make it easy for credit unions to offer branded balloon loans to members. The residual value risk is mitigated because the program guarantees the predetermined residual value of the vehicles.
The recently signed credit unions will offer AFG’s DrivingSense program as a direct and/or indirect lending option to their members. 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
—Positions financial institutions to recapture vehicle financing currently being lost to competitive low payment financing options
“We are pleased with the number of new signings we have had in the past five months and look forward to working with these new credit unions to provide their members with lower payments,” Epley said.