Auto Financial Group, a source of residual-based financing and vehicle remarketing for financial institutions, announced results for Q2-Q3 2024.
In the second and third quarter of 2024, AFG signed seven new credit unions to its Walk-Away Balloon Lending Program: Compass Financial Federal Credit Union, Madison County Federal Credit Union, Pittsford Federal Credit Union, Preferred Credit Union, UFirst Federal Credit Union and University of Toledo Federal Credit Union. The seven credit unions represent combined assets of over $1.1 billion and a reach increase of more than 1.5 million consumers across six states.
“The AFG Balloon Financing Program brings the credit union the competitive edge we were looking for, that monthly debt service for our members purchasing new vehicles,” said Leo Acosta, president and CEO of Compass Financial Federal Credit Union.
Greg Cook, CEO of University of Toledo Federal Credit Union, said that “with the higher rates over the past several years and increased auto prices, our members have felt the pressures of buying a vehicle. A residual based auto loan program makes a new car or truck more affordable.”