Auto Financial Group, a Houston-based company providing residual based financing and vehicle remarketing for financial institutions, added five new credit unions to its AFG Balloon Lending Program during the third quarter of 2018.
The five CUs are:
- Texas Bay Credit Union ($443 million in assets, based in Houston, Texas)
- C&O United Credit Union ($16 million in assets, based in Edgewood, Ky.)
- Peninsula Federal Credit Union (174 million in assets, based in Escanaba, Mich.)
- University Credit Union ($652 million in assets, based in Los Angeles, Calif.)
- Peace Officers Professional Associations (POPA) FCU ($237 million in assets, based in Cerritos, Calif.)
"In an environment of rising interest rates and high vehicle prices, with average monthly payments now exceeding $525 per month according to Edmunds, credit unions are eager to sign up for the AFG Balloon Program to gain a competitive advantage," Auto Financial Group CEO Richard Epley said in a statement.
The program also allows credit unions to offer lower payment auto financing options to borrowers, according to Epley.
The five CUs represent a “reach increase” of nearly 2.7 million consumers and possess $1.5 billion in assets across four states. They
