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Auto Financial Group Partners with Credit Union Services to Provide Lease Solution for Credit Unions

August 16, 2006

HOUSTON—Auto Financial Group (AFG), an online provider of residual-based financing products for credit unions, recently announced the signing of an agreement with Credit Union Services Inc. (CUSI). Under the agreement, AFG will be responsible for marketing CUSI’s vehicle lease solution to other credit unions, handling all proactive remarketing, the disposition of lease vehicles at lease maturity, and providing residual value insurance.

The deal with AFG will allow CUSI to originate leases with additional credit unions, which would consist of the approximately 175 credit unions that AFG counts as current customers.

By removing the financial risk to the credit union, AFG empowers the credit union to compete with traditional loans and conventional leases from auto manufacturers and banks.

AFG has prior experience with auto financial products for credit unions. Its Driving Sense product includes many of the same features as the lease solution it is now providing to CUSI; including a guaranteed, predetermined vehicle residual value through third-party insurance, automatically generated loan documents and handling disposition of the vehicle.

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