EFG Companies<\/a>, the innovators behind the award-winning Hyundai Assurance program, announced today a strategic partnership with Auto Financial Group to increase market share for its DrivingSense\u2122 program, a highly relevant, post-recession consumer finance product.<\/p>\n DrivingSense is a residual based, walk-away, balloon loan program that provides consumers a more friendly financing option with no down-payment and lower monthly payments. Currently, residual-based financing accounts for almost 30 percent of the new vehicle market.<\/strong> While consumers look to their financial institutions for the best rates on conventional loans, they frequently choose captives or other competitors for residual-based financing options. With DrivingSense, financial institutions are now positioned to recapture those consumers\u2019 loans<\/strong> by providing a credible residual-based financing option from a source they trust.<\/p>\n \u201cLenders and Dealerships are hungry for new financing programs that increase sales and loan volume by directly addressing the consumer needs\u201d said Stephen Roennau, Vice President, EFG Companies\u2019 Transcend Group<\/a>. \u201cWith that in mind, DrivingSense is primed to tip the market.<\/strong>\u201d<\/p>\n To understand DrivingSense, consider the difference between balloon financing and leasing. With balloon financing, consumers can make a very low down payment, or have no down payment at all. They get the vehicle\u2019s title in their name and agree to make small monthly payments over the term of the loan. The last payment, known as the balloon or residual, is one large payment at the end of the term that pays off the loan.<\/p>\n Consumers typically have three options prior to loan maturity and at loan maturity:<\/strong><\/p>\n DrivingSense provides the same protection to the consumer as a lease with the guaranteed future value, but the vehicle is titled in the consumer\u2019s name giving them the tax benefits of balloon financing.<\/strong> DrivingSense also has lower fees than traditional leasing and lower costs for excess mileage.<\/p>\n \u201cWe approached EFG not only because of their demonstrated success in implementing distinctive market-differentiation programs and customized training, but also because of their strong engagement model,\u201d said Richard Epley, CEO, Auto Financial Group. \u201cEFG understands how to successfully position game-changing products and penetrate the market aggressively<\/strong>.\u201d<\/p>\n AFG is partnering with EFG to provide ongoing training for their lenders and their indirect dealership clients to increase their market-share in residual-based lending with DrivivingSense. EFG is developing a behaviorally-based guided-discovery training curriculum<\/a> for market implementation. The hands on training includes how to present the DrivingSense option to consumers and how to quote payments using AFG\u2019s user-friendly customized web-based CarBuilder calculator.<\/p>\n DrivingSense is available on both new and pre-owned vehicles up to 4 years old. With mileage terms of 12,000, 15,000 and 18,000 and finance terms of 24-72 months DrivingSense will make sense to any consumer!<\/p>\n\n