Breakout Session #13

Tim Kelly

More Loans and Higher Yields with Residual Based Financing
Tim Kelly, Auto Financial Group

Sponsored by Auto Financial Group

Residual based financing programs represent a win-win situation for both credit unions and the members they serve. Consumers get great value from a financial institution they trust, and credit unions benefit from increased loan volume and higher yields. Specifically, members can take advantage of a program that

  • Offers lower monthly payments than conventional loans – in some cases up to 40% less;
  • Provides the member with the opportunity to drive a better vehicle for the same amount of money as a conventional loan;
  • Confers all benefits of ownership as the vehicle is titled in the member’s name;
  • Has lower fees and costs than traditional leasing options.

The credit union benefits from such a program because it

  • Provides more interest income due to higher average daily balances;
  • Positions the credit union to recapture consumer loans currently being lost to other financing products, such as leasing;
  • Protects the credit union by guaranteeing predetermined residual values, offering third-party insurance.

About Tim Kelly

Tim Kelly has over 20 years of experience delivering solutions to financial institutions. Most recently Tim was the CEO of Teres Solutions. After the acquisition of Teres by CRIF S.p.A, he was promoted to President of CRIF Lending Solutions where he led the company through multiple acquisitions and integration. Tim also served as Vice President of business development for Harland Financial Solutions’ UltraData-Enterprise system. During his 10 year tenure with UltraData, he spearheaded key sales initiatives and contributed significantly to profitability and growth. Harland Financials marquee technology solution, the UltraData-Enterprise system, is one of the leading credit union core systems in the industry. Tim holds a Bachelor of Business Administration degree from Texas State University (1983). Tim is a student of his customers, profession, and industry.

View All Sessions