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AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF RECEIVABLES TRANSFER

 WESTMONT, Ill., June 16 /PRNewswire/ -- AutoFinance Group Inc. (NASDAQ: AUFN) (AFG) today announced it had successfully completed the transfer of $5 million in finance receivables to the AFG 1993-A Grantor Trust. The AFG 1993-A Grantor Trust was established in May 1993 through the private placement of $28,600,000 of 5.20 percent Asset Backed Certificates, Class A, and $1,950,000 of 6.45 percent Asset Backed Certificates, Class B. The certificates represent 88 percent and 6 percent interests, respectively, in the trust, which owns retail automotive installment sales contracts serviced by AFG, with AFG retaining a 6 percent interest. AFG has now completed the transfer of $22.8 million in receivables to the AFG 1993-A Grantor Trust out of a total of $32.5 million in receivables to be securitized. The remaining receivables will be transferred over the next two months.
 AFG has used the proceeds from the transfer to reduce the balance outstanding under its revolving credit facility.
 -0- 6/16/93
 /CONTACT: A.E. Steinhaus, president, or Blair Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN)


CO: AutoFinance Group Inc. ST: Illinois IN: AUT FIN SU:

LM-JL -- LA011 -- 2456 06/16/93 08:02 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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