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AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF RECEIVABLES TRANSFER

 WESTMONT, Ill., Aug. 17 /PRNewswire/ -- AutoFinance Group Inc. (NASDAQ: AUFN) (AFG) today announced it successfully completed the final transfer of $9.7 million in finance receivables to the AFG 1993-A Grantor Trust on Friday, Aug. 13, 1993. 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 $32.5 million in receivables to the AFG 1993-A Grantor Trust.
 AFG has used the proceeds from the transfer to reduce the balance outstanding under its revolving credit facility.
 -0- 8/17/93
 /CONTACT: A.E. Steinhaus, president, or Blair T. Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN)


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

JL-MF -- LA001 -- 3382 08/17/93 08:04 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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