Auto Financial Group, based in Houston, developed DrivingSense to provide an auto financing product that offers the lease-like benefits of a balloon loan to credit unions and their members. The product allows credit unions to compare payment terms with conventional loans, offer members lower payments with flexible two- to six-year terms, and offer actual ownership of the vehicle with several end-of-term options.
Credit Union Lending Systems offers services exclusively to credit union members to provide financing right at the dealership.
"We have simply never seen a better time for DrivingSense," said Richard Epley, Auto Financial Group president. "It is a product that provides credit union members with lower payments and credit unions with higher yielding loans, a combination of features that are simply unmatched in the current marketplace."
The DrivingSense product guarantees the predetermined residual value of the vehicle through third-party insurance and Auto Financial Group handles the vehicle's disposition at the end of the term.