Auto Financial Group Announces Q1 2024 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 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/