Auto Financial Group Announces Q1 2024 Results

HOUSTON, April 16, 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 Q1 2024 today.

In the first quarter of 2024, AFG signed three new credit unions to its Walk-Away Balloon Lending Program, Maine State Credit Union, MCT Credit Union and Texans Credit Union. The three credit unions represent combined assets of over $3 billion and a reach increase of more than 10 million consumers across two states.

"At Maine State Credit Union, we always seek ways to help our members. The recent increase in rates coupled with the high demand for vehicles made the AFG program something that we wanted to consider," said Stephen Wallace, President and CEO of Maine State Credit Union. "Cash flows for some are considerably tight, and a car or truck is an essential need in Maine for most people to get to work. This product allows us to provide another option for them to consider."

"A recent headline from Edmunds read 'Elevated Auto Loan Rates Hinder New- and Used-Car Shoppers in Q1 2024'. High rates coupled with increasing vehicle prices are the main obstacles for consumers looking to purchase a car this year. AFG's walk-away balloon lending program will help these financial institutions offer a more affordable, low payment vehicle financing option to their members while reducing their risk of negative equity," said Richard Epley, CEO of AFG.

Learn more about AFG's programs at https://www.autofinancialgroup.com/products/

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