American General Finance Yakima Wa

American General Financial Services (AGFS) had a significant presence in Yakima, Washington, during much of the late 20th and early 21st centuries. While the company itself no longer exists in its original form, its impact on the Yakima community, particularly in the area of personal lending, is worth noting.

AGFS operated as a consumer finance company, offering a range of financial products including personal loans, auto loans, and home equity loans. Their target market often included individuals with less-than-perfect credit who struggled to secure loans from traditional banks. This meant they filled a gap in the financial market, providing access to credit for those who might otherwise be excluded.

In Yakima, AGFS likely served a diverse population, including agricultural workers, blue-collar laborers, and families with varying income levels. The company’s branch office in Yakima would have been a visible part of the local business landscape, employing local residents as loan officers, customer service representatives, and administrative staff. These jobs provided employment opportunities within the community.

The company’s business model involved assessing the creditworthiness of loan applicants and offering loans with fixed interest rates and repayment terms. While AGFS provided a valuable service by extending credit to underserved individuals, their interest rates were often higher than those offered by banks. This higher cost of borrowing reflected the increased risk associated with lending to individuals with lower credit scores or unstable financial situations.

Over time, American General Financial Services underwent several transformations. In 2001, American International Group (AIG) acquired the company. AIG subsequently renamed it AIG American General. Following the 2008 financial crisis, AIG faced significant financial challenges and began divesting assets. In 2010, AIG sold AIG American General Finance to Springleaf Financial Services, which was later acquired by OneMain Financial. The name “American General” has largely disappeared from the consumer finance market.

While the physical American General branch in Yakima may no longer exist under that name, its legacy remains. For many residents, AGFS was a source of credit when other options were limited. The company’s presence contributed to the economic activity of the area, both through its lending activities and its employment of local residents. The story of American General Financial Services in Yakima is a reminder of the complex role that consumer finance companies play in providing access to credit and supporting local communities.