NAFCU Services Corporation Selects Auto Financial Group for Auto Balloon Finance Program
HOUSTON--June 7, 2005--| "Preferred Partner" Status Means Enhanced Benefits and Discounts for NAFCU Credit Unions and Their Members |
Auto Financial Group (AFG) announced today that it has been selected as NAFCU Services Corporation's (NSC) "Preferred Partner" for auto balloon note financing for credit unions. The Preferred Partner title was awarded to Auto Financial Group after a highly competitive review that involved an in-depth analysis of each firm's experience, quality and commitment to the credit union industry.
"In a rising interest rate market coupled with a highly competitive vehicle financing market, the need for competing alternatives is becoming more critical for credit unions as borrowers have many creative financing programs available," notes NSC President and CEO, Keith Nolan. "Winning lenders will allow consumers to select the financing plan to obtain the vehicle of their choice at a payment they find affordable. The auto balloon note financing solution available through AFG allows credit unions to offer the most competitive financing solutions in the industry today," he adds.
NSC's Preferred Partner Program offers some thirty products and services from approximately twenty preferred partners to NSC's member credit unions across the country.
"Preferred Partner status with NSC is an exciting milestone for us," states AFG President Richard Epley. "It is an important acknowledgement of the quality of our balloon note financing solution, and gives AFG a respected national presence."
AFG's Preferred Partner status with NSC officially began on April 1, 2005.
About NAFCU Services Corporation
NAFCU Services Corporation (NSC) is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Through a stringent due diligence process, NSC selectively partners with the credit union industry's premier providers under NSC's "Preferred Partner Program." The products delivered through these unique partnerships are provided to the credit union industry with discounted affinity agreements or exclusive member benefits on behalf of NAFCU member credit unions. The NSC "Preferred Partner Program" currently offers 29 products/services that are available through 22 preferred partners. To find out more about the benefits and discounts NSC Preferred Partners provide to credit unions and their members by visiting www.nafcu.org/nsc.
About Auto Financial Group, Inc.
Auto Financial Group's Balloon Note Financing Program is an alternative vehicle financing option that combines the best features of a traditional loan with those of a traditional lease. Specifically, a balloon loan is a simple interest loan that provides similar benefits of a lease with actual ownership. The loan is based on the depreciation of the vehicle with a final balloon (residual value) at the end of the term where the automobile can be refinanced, paid off, traded in, or turned back in to AFG. The member will see 30-40% smaller monthly payments than a conventional loan, low or no down payment, flexible mileage plans (12,000-18,000), 2 to 6 year terms, and many end of term options. A balloon provides minimal cash outlay with flexibility to the member. Through the AFG product, the member credit union can make balloon loans keeping all of the loan interest without concern for end of term liability as AFG provides the residual value guarantee and the disposition of the vehicles. A benefit to the AFG product is the proprietary software that allows credit unions, their staff, and automobile dealers to access and compare balloon payments to conventional loans within seconds. Once a member wants to move forward with a transaction, the credit union staff member and/or dealer can print our addendum online, which attaches to their standard loan documents. Auto Financial Group, Inc. is a Houston-based company that is currently working with over 140 credit unions, transacting business in 29 states. For more information, visit www.autofinancialgroup.com.