AFSA is pleased to welcome its two newest Board members, Chris Ballinger of Toyota Financial Services and Timothy Stanley of Heights Finance Corporation.

Chris Ballinger of Toyota Financial Services (TFS) recently replaced Alan Cohen on the AFSA Board of Directors. Mr. Ballinger is Corporate Manager of Treasury for Toyota Financial Services (TFS). He is responsible for the Treasury Department at TFS, which encompasses Financial Risk Management, Sales and Trading, Capital Markets and Cash Management. Mr. Ballinger joined TFS in September 2003. Prior to joining Toyota, he served as Assistant Treasurer for Providian Financial and Senior Vice President of Treasury for Bank of America.

Effective February 16, 2004, Kenneth Hoerr of Heights Finance Corporation, will be relinquishing his board seat to Timothy L. Stanley.

Mr. Stanley was appointed President of Heights Finance in April 2003. Prior to joining Heights Finance, he served as Corporate Vice President for Wells Fargo for Global Learning and Development and Senior Vice President of Technology. He held many other senior level positions during his 18 year tenure with Wells Fargo.