Sunday, Jul. 30, 2006, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
HOUSTON (July 31, 2006) -- Auto Financial Group, an online provider of residual-based financing products for credit unions, announced it has teamed up with GTE Federal Credit Union. Through their partnership, GTE FCU will offer AFG's Driving Sense vehicle balloon financing product to its members.
Driving Sense is a Web-based program that can help credit unions to improve their vehicle loan product offerings, executives explained. By guaranteeing a predetermined residual value of a unit through third-party insurance, AFG said it can remove the financial risk of a loan to the credit union and help them compete with traditional loans and conventional leases.
Through the partnership, GTE FCU will offer AFG's Driving Sense program at the member's point-of-sale through a dealership's finance department.
"Our partnership with GTE FCU is an exciting development," said Richard Epley, president of AFG. "They are one of the oldest and most respected credit unions in the country, and we look forward to working with them to make Driving Sense available to their credit union members who are applying for vehicle financing."
Neil Timson, senior vice president of lending for GTE, added, "We are pleased to be offering this service to our members. We selected AFG after careful consideration, deciding that they could offer the best product and service to our members. We look forward to a partnership with them."
Under the two companies' agreement, GTE FCU will offer Driving Sense to its branches in the Tampa Bay, Fla., area.