AFSA is governed by a Board of Directors that consists of no more than 56 individuals, including the Association Chair, Chair-Elect and Vice Chair of the Board, representatives of commercial finance companies, the chairs of the advisory groups of the Independents Section and Vehicle Finance Division, the Chair of the Business Partner Board and the Chairs of the State Government Affairs and Professional Development Committees.

The Board of Directors is responsible for the general management of the affairs of the association. Directors are elected by the membership at the Annual Meeting of the association. A list of Board nominees is mailed to the membership 30 days in advance of the annual election.