Auto Financial Group Announces Q1 2023 Results

- 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 2023 today.

In Q1 2023, AFG signed four new credit unions to its Walk-Away Balloon Lending Program including Community Resource Credit Union, Foothills Credit Union, and West Texas Credit Union. These four credit unions represent combined assets of $388 million and a reach increase of over 2 million consumers across four states.

In Q1 2023, AFG signed four new credit unions to its Walk-Away Balloon Lending Program.

"For Foothills Credit Union, we were looking to add a couple of loan products to our existing mix to better aid members in affording the high cost of automobile loans, said Scott McNeil, CEO of Foothills Credit Union. "AFG provides that with a turn-key program that assists our lenders in comparison shopping with the member.  Having an alternative to leasing was also a big plus for us."

"According to Edmunds, almost 17% of people financing a new vehicle in Q1 of 2023 signed up for a loan with a monthly payment surpassing $1,000. AFG's balloon lending program will help these financial institutions offer a more affordable, low payment vehicle financing option to their members," said Richard Epley, CEO of AFG.