Auto Financial Group, a Houston-based source of residual-based financing and vehicle remarketing for financial institutions, announced it has signed eight new credit unions to its balloon lending program since October 2017.
The eight institutions are:
- Great Basin Federal Credit Union ($171 million in assets, based in Reno, Nev.)
- Cencap Federal Credit Union ($51 million, Hartford, Conn.)
- Two Harbors Federal Credit Union ($73 million, Two Harbors, Minn.)
- Pima Federal Credit Union ($513 million, Tucson, Ariz.)
- Best Financial Credit Union ($87 million, Muskegon, Mich.)
- Northern Kentucky Educators Credit Union ($18 million, Highland Height, Ky.)
- HealthCare Associates Credit Union ($340 million, Naperville, Ill.)
- I-C Federal Credit Union ($505 million, Fitchburg, Mass.).
AFG said that these eight CUs represent a “reach increase” of nearly 7 million consumers and combined assets of over $1.7 billion across eight states.
“We heard about AFG’s balloon lending program through another credit union in our state that has enjoyed great success with it.” Marco Signorello, Cencap FCU’s CEO, said in a statement. “We decided to sign on with AFG because their program enables us to offer our members an affordable, low-payment auto loan.”
Richard Epley, CEO of AFG, said via email, “We welcome these financial institutions to the growing AFG family. As vehicle prices continue to rise and with rates hikes looming in the horizon, the AFG balloon lending program allows credit unions to continue to offer an affordable auto financing option to their members.”