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AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING AND FIRST QUARTER RESULTS

 WESTMONT, Ill., Nov. 30 ~PRNewswire~ -- AutoFinance Group Inc. (NASDAQ: AUFN)(AFG) announced today the successful completion of its third securitization of receivables. This most recent transaction was a private placement of $16,800,000 of 6.75 percent asset-backed certificates. The certificates represent interests in the AFG 1992-B Grantor Trust, which owns retail automotive installment sales contracts serviced by AFG. The transaction was rated "A" by Standard & Poors and "A2" by Moody's Investor Services. AFG has used the proceeds to reduce short term debt.
 The total value of finance receivables owned and~or services by AFG increased by 41 percent to approximately $45.8 million at Sept. 30, 1992, from a year earlier. As a result of the two securitization transactions which AFT successfully completed during the fiscal year ended June 30, 1992 (aggregating $31.3 million), the average value of finance receivables owned by AFG declined 29 percent from the level of the year-earlier period. Consequently, AFG experienced a similar decline in financing income: for the quarter ended Sept. 30, 1992, financing income was $1,106,000 compared to $1,606,000 for the comparable prior-year period. Other income, including servicing fees and miscellaneous fee income generated by the sold receivables, increased to $462,000 for the current quarter from the $111,000 reported in the quarter ended Sept. 30, 1991. For the quarter ended Sept. 30, 1992 total revenues were $1,568,000 compared to $1,717,000 for the same period in the prior fiscal year. AFG incurred a net loss of $186,000 ($0.02 per share) for the three months ended Sept. 30, 1992. The net loss for the comparable quarter of the prior fiscal year was $198,000 ($0.03 per share).
 AutoFinance Group Inc., with offices in Westmont and Burbank, Calif., acquired automotive installment sales contracts from franchised new car dealers.
 -0- 11~30~92
 ~CONTACT: A.E. Steinhaus, president, or Blair Nance, CFO, of AutoFinance Group, 708-655-7100~
 (AUFN)


CO: AutoFinance Group Inc. ST: Illinois IN: FIN SU: ERN OFR

LS-BP -- LA005 -- 4003 11~30~92 08:01 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:346
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