Security Service FCU Signs on to AFG's Driving SenseT

HOUSTON – Security Service FCU, the largest indirect lending credit union in the U.S. – it averages more than $100 million auto loans a month in Texas and Colorado – has signed an agreement with Auto Financial Group (AFG), an online provider of residual-based financing products for CUs. Under the agreement, SSFCU will offer AFG's Driving Sense program to its dealers located in Texas and Colorado. The Web-based program allows CUs to substantially improve their vehicle loan product offerings. By guaranteeing the predetermined residual value of a vehicle through third-party insurance, AFG removes the financial risk of an auto loan to the CU. The company also handles the vehicle's disposition. Driving Sense also allows CUs with indirect lending programs to capture loans that dealers previously filled using auto manufacturer or bank supported leasing or balloon financing. AFG currently works with more than 100 CUs nationwide. AFG President Richard Epley said the company's mission is to become the country's largest facilitator of residual-based financing for credit unions. SSFCU is the 10th largest in the U.S. with assets of more than $3.5 billion.