Eleven credit unions have recently signed on with Auto Financial Group's DrivingSense balloon loan program.
The Houston-based provider of online residual-based vehicle financing said the new clients will offer DrivingSense as a direct or indirect lending option to their members.
DrivingSense provides the lease-like benefits of a balloon loan to credit unions and their members, according to AFG. The DrivingSense CarBuilder calculator provides AFG's credit union partners and their members the ability to compare payment terms with conventional loans.
Members can receive several end-of-term options, including the lease-like option of being able to surrender the vehicle and walk away in lieu of paying the final loan payment, AFG said.
The program also offers residual value insurance, compatibility with existing indirect programs, automated quoting system, automated end-of-term process and higher yielding loans, the company said.
New signings include the $605 million Amplify Credit Union in Austin, Texas, $36 million APEX Community FCU in Stowe, Pa., $1.8 billion Citadel FCU in Exton, Pa., $929 million Commonwealth CU in Frankfort, Ky., $543 million Dade County FCU in Doral, Fla., $856 million Evansville Teachers FCU in Evansville, Ind., $256 million First Heritage FCU in Painted Post, N.Y., $18 million Lyell FCU in Rochester, N.Y., $105 million Mutual First FCU in Omaha, Neb., $58 million Riverside FCU in Buffalo, N.Y., and $624 million Ventura County CU in Ventura, Calif.
Together these credit unions manage more than $6 billion in assets and serve more than 548,000 members, according to AFG.
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