Successes for Enterprise Car Sales & AFG in credit union space


Both Enterprise Car Sales and Auto Financial Group (AFG) recently highlighted how much success they’re having with credit unions.

Enterprise Car Sales said it generated a record $575 million in financing volume to more than 31,000 credit union members during 2016. The 2016 amount represents a 15-percent increase from the previous year.

Meanwhile since September, AFG said it has signed seven new credit unions to its balloon lending program, resulting in a reach increase of 1,563,615 new consumers.

Officials mentioned Enterprise Car Sales’ record auto origination volume is following the overall trend of ongoing financing growth in the credit union sector. New reports show credit unions have increased total automotive finance market share to 19.6 percent, up 2 percentage points from a year ago.

In addition, officials added used-vehicle financing offers increased profit potential for credit unions with average used-vehicle finance amounts reaching a record high of $19,227 in the third quarter of 2016.

In fact, Enterprise Car Sales said it has helped generate $10 billion in origination volume during the last 30 years with more than 1,000 credit union partners nationwide.

“Last year’s record-setting credit union loan volume is further evidence of the value both Enterprise and our credit union partners place on the importance of customer service,” said Beth Wheeler, corporate director of business development at Enterprise Car Sales.

“Complete customer satisfaction is the cornerstone of our business, and our credit union partners share that commitment with their members,” Wheeler continued. “As a result, we’ve developed a three-decade partnership that continues to grow stronger and more productive year after year.”

And credit unions appreciate how Enterprise Car Sales structures its retail system, which includes a seven-day/1,000-mile repurchase policy, a 12-month/12,000-mile limited powertrain warranty and a year of unlimited roadside assistance.

“It’s reassuring to partner with a company that cares about customer service as much as we do,” said Sam Whitehurst, chief executive officer and president of Summit Credit Union of North Carolina, which has partnered with Enterprise Car Sales for several years.

“Enterprise provides the same kind of individualized care and attention that we give our members day in and day out,” Whitehurst continued. “When we refer our members to Enterprise for their used vehicle purchases, they frequently come back remarking on the ease of their car-buying experience.”

AFG’s fall growth figures

As mentioned, Auto Financial Group (AFG), a provider of financing products for credit unions and banks said it has signed seven new credit unions to its balloon lending program, resulting in a reach increase of 1,563,615 new consumers. These new organizations include:

— Gold Coast Federal Credit Union

— St. Cloud Federal Credit Union

— PA Central Federal Credit Union

— Laramie Plains Community Federal Credit Union

— Straits Area Federal Credit Union

— Valley Federal Credit Union of Montana

AFG emphasized the company is “thrilled” to partner with these credit unions, representing combined assets of more than $1.3 billion across eight states. In addition to these credit unions, Ignition Financial also signed on as a partner.

“We welcome these financial institutions to the growing AFG family,” AFG chief executive officer Richard Epley said. “Residual based financing is at an all-time high in the U.S. and we’re excited that these institutions have chosen our program.”

Epley added Auto Financial Group expects continued growth through the first quarter as the company seeks to provide their unique financing products and solutions to financial institutions across the U.S.

AFG’s Balloon Lending program can provide institutions with a walk-away, residual based, balloon loan program that is fully insured, and where AFG takes 100 percent of the residual value risk and completely manages the end of term process.

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