Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Auto Financial Group teams with CU Lending Systems
HOUSTON (7/7/09)--Auto Financial Group (AFG), a Houston-based online provider of residual-based financing products for credit unions, announced Friday that it signed an agreement with Credit Union Lending Systems (CULS). Under the agreement, CULS credit unions will offer AFG’s DrivingSense to their members. DrivingSense is an auto financing product that offers the lease-like benefits of a balloon loan to credit unions and their members. It allows credit unions to “build” a vehicle for their members; compare payment terms with conventional loans; and offer their members lower payments--often as much as 40% lower, as well as flexible two- to six-year terms, actual ownership of the vehicle and several end-of-term options (Business Wire July 3). DrivingSense removes the financial risk to the credit union by guaranteeing the predetermined residual value of the vehicle through third-party insurance, and handling the vehicle’s disposition at the end of the term, said the companies. AFG is paid one administration fee for each DrivingSense loan, while the credit union earns all the interest. Credit unions are protected while building a relationship with their member, they said. CULS, based in St. Louis, is a service offered exclusively to credit union members. CULS and credit unions have teamed up with hundreds of auto, boat, motorcycle and recreational-vehicle dealers to provide credit union financing at the dealership.


RSS print
News Now LiveWire
Buy me some peanuts and Cracker Jack ... on a budget, says @NW_Banking, See #NewsNow http://t.co/ddBEQ0BblR
2 minutes ago
.@CUNA leaders discuss #creditunion housing finance reform policy issues @WhiteHouse http://t.co/2O0pFr5nxg
32 minutes ago
Last day for potential Crashers to apply for @CUNA #CFO Council conference http://t.co/HZ0VG3LCpk
50 minutes ago
Deadline Extended! Leagues now have until this Friday, April 25 to enter in @CUNA’s Blockbuster Awards. http://t.co/TH18cK4Agx
59 minutes ago
Leagues have until Friday, April 25, to enter into @CUNA 's Blockbuster Awards. The original deadline was April 18. http://t.co/rnJYm76N8U
16 hours ago