AUTOFINANCE GROUP, INC. COMPLETES TRANSFER OF $40 MILLION IN FINANCE RECEIVABLES.
The AFG 1994-B Grantor Trust, which owns retail automotive installment sales contracts serviced by AFG, was established in November 1994 through the private placement of $70.4 million of 7.70% Asset-Backed Certificates, Class A, and $4.8 million of 8.10% Asset-Backed Certificates, Class B. The Certificates represent 88% and 6% interests, respectively, in the Trust, with AFG retaining a 6% interest. AFG has now completed the transfer of $80.0 million in receivables to the AFG 1994-B Grantor Trust. Proceeds from the transfer were used to reduce the balance outstanding under AFG's revolving credit facility thereby increasing the availability under such facility to fund its contract acquisition activities.
On January 30, 1995, AFG reported record results for both the second quarter and six months ended December 31, 1994. Revenues for the six months increased 60% to $20.1 million while net income rose 54% to $4.7 million or $0.25 per share.
AutoFinance Group, with offices in Illinois, California, and North Carolina, works with franchised new car dealers in 24 states to provide indirect new and used car financing for non- prime customers. In addition, AFG offers contract origination and/or contract servicing/administration services for third parties.
CONTACT: AutoFinance Group, Inc., Westmont
Blair T. Nance, 708/655-7100
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|Date:||Feb 10, 1995|
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