American general finance
American general finance corporation is a member of American International group, Inc. Being one of the top consumer credit companies in the US, American General Finance offers loans, insurance policies, retail financing and other credit related products. It has more than 1500 branches spread across 45 states and also in Puerto Rico and the US Virgin islands. Over 2 million customers are estimated to be availing the products and services of AGF (American General Finance).
History of AGF: AGF was established in 1921, as a small company then known as Interstate financial corp., in Evansville in the southwest of Indiana. The company was formed for underwriting sales for the inland motor truck company in Evansville. By 1928, interstate started providing consumer loans and shortly, as the company experienced rapid growth, it also started issuing insurance policies. The company, by 1942, had established three branch offices and started issuing business loans and a wider range of insurance plans. The very next year, Interstate bought a local loan company which was the first in the list of the companys acquisitions that continued into the 80s and played a crucial role in the growth strategy of the company.
In the post war period, Interstate, exploring the situation of escalating consumerism, focused on providing finance for automobiles, TVs, radios and furniture. Its insurance division was further strengthened after the purchase of the Merit Life Insurance Company in 1957. Interstate finance was incorporated as Credithrift in 1967, and in the decade which followed, saw the company making steady progress.
By the 80s, Credithrift had established more than 500 branches and also had attracted industry giants like the American General Corp. in 1983, CrediThrift bought the assets of General finance and in the coming years, a couple of loan companies as well. In 1988, CrediThrift had made profits of $85m on sales of $930m. The companys size had doubled after the purchases made in 1983 which affected its growth rate and resulted in lower earnings for its parent, American general, which invited criticism from the business experts.
After the retirement of its CEO Dixon in 1988, drastic changes were brought about by American general corp. in Credithrift's corporate culture and in its day to day operations. The company gradually adopted its parents management techniques and policies. Later, American general corp.'s finance companies namely Credithrift, General Finance and Manufacturers Hanover, were consolidated and the company was renamed American General Finance Corp.(AGF)
Products and services offered by AGF:
AGF offers its customers, a wide range of loans suited to cover the varied needs of people. Besides providing loans, company also issues credit insurance plans for people. Also there are a number of career opportunities for aspirants related with the different branches of functioning of the company.
AGF's major products and services offered are listed below.
1) Real estate loans: American general finance offers real estate loans under the following categories. Home equity line of credit, home improvement loans, cash back loans and contract for deed (AGF purchases the land contract and hand the title over to you. in effect, AGF converts your land contract to a mortgage and set up an affordable monthly payment schedule for you).
2) Consumer loans: AGF provides loans for varied purposes such as home improvements, education, major purchases and debt consolidation. Various plans have been designed to meet people with different budgets. The application for the loan could be done for free online or through your local office. Loans for any amount are provided to meet your needs. Both secured and non secured loans are approved, and the time taken to process a loan is usually within an hour after the receipt of the application.
3) Retail financing: AGF helps a vast number of retailers through its financing plans. There is a wide variety of payments of plans available to choose from, to make your product or service affordable and competitive in the market, which will help you achieve higher business rate, bigger revenues together with a high consumer satisfaction.
4) Retail auto financing: AGAF (American general auto financing), a wing of American General Finance is responsible in providing flexible auto financing. AGAF has 18 branches spread over 9 states with over $150m provided as auto loans. With AGAF, you will get service from local representatives who know your needs, fast approval of loans and their disposal, usually within an hour.
5) Direct pay: this is an automated payment option provided by AGF, which is open for both the existing and new customers. It works by debiting your checking or savings account on the due day of the payment. By availing the direct pay option, you will have the following advantages.
You don't have to write the checks every month.
Payment will be automatically posted on the due date of payment, which avoids any late charges
You could be at peace of mind about making payments, as there will be no mail delays
The need to pay cost per check processing fee is absent
Correspondent lending: though American general finance is not directly engaged in correspondent lending, it recommends its affiliate, Wilmington finance Inc for your correspondent lending needs. Wilmington's correspondent program offers wide range of programs including varying credit profiles, purchase and refinance transactions. Programs under fixed and adjustable rates are available. The programs included are primarily intended, but not limited to, those which allow for borrowers with a slightly bad credit, lack of standard income documentation or those who are in need of additional cash.
6) Corporate development: The corporate development group of the American General Financial services makes partnership with businesses, which result in higher enterprise value of the business due to the strategic alliances aimed to increase customer returns, portfolio asset acquisitions and business enterprise acquisition opportunities. Having a partnership with American General Finance will go a long way in facilitating your decision making when encountered with a multitude of different choices available, to make your business healthier and more competitive. Developing a relationship with AGF, will help you reap benefits from the professional approach that AGF employs in analyzing and facing business risks.
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