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New AWARE campaign attempts to educate consumers about vehicle financing ins/outs

November 16, 2010

As the auto show season approaches, a number of industry groups have joined behind a campaign to help educate consumers on the basics of vehicle financing. The campaign is led by Americans Well-informed on Auto Retailing Economics (AWARE).

"It’s in all of our interests for consumers to have a good understanding of how auto financing works," said a spokesman for the NADA, one of the group members. "With many car buffs and families alike shopping for a new vehicle during the upcoming auto show season, it’s a good opportunity to educate consumers on the basics of auto financing."

The campaign encourages dealers to have available AWARE tips for car shoppers to follow, like setting a budget, staying in an affordable price range when shopping, and reading any contracts before signing them.

"Consumers who take the time to research their financing options are more likely to be satisfied with their vehicle purchases," said AWARE spokesman Eric Hoffman.

AWARE was formed by the vehicle financing industry to build a greater understanding among consumers about how auto financing works. The group’s primary initiative is its Web site, www.AutoFinancing101.org, which contains information in English and Spanish.

The Web site aims to provide potential buyers of new and used autos with the tools and resources they need to successfully navigate the auto financing process.

The education via the Internet is free of advertising or lead generation sales tactics.

Other AWARE group membes include most manufacturer financing arms and dealer groups, like the American International Automobile Dealers Association.

 

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