Tuesday, Aug. 15, 2006, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
HOUSTON -- Auto Financial Group, an online provider of residual-based financing products for credit unions, announced it has signed a deal with Credit Union Services. Under the deal, AFG is responsible for marketing CUSI's vehicle lease solution to other credit unions, in addition to handling remarketing, disposition of lease vehicles as maturity and providing residual value insurance.
As a subsidiary of Credit Union of Texas, CUSI has been originating leases to its members for more than a decade, according to executives. Through the deal with AFG, CUSI can originate leases with additional credit unions in 45 states, specifically the approximately 175 credit unions that AFG has as current customers.
"We are particularly enthusiastic about our partnership with CUSI," said Richard Epley, president of AFG. "AFG can leverage our experience and existing relationships with our 175 credit union customers to create this lease solution with CUSI. Combining our strengths will be a win-win for both companies, as well as the credit unions and their members."
Jeff Gurney, president of CUSI, added, "Our lease programs were created by credit union people for credit union members. We have a keen understanding of credit union needs and the indirect lending business. This new relationship allows credit unions to package lease capabilities with already established successful programs."