AWARE Highlights How Teens' Quest for First Car Can Be Educational Opportunity
July 31, 2013
| Email this story Printer Friendly Version |
WASHINGTON, D.C. — With August straight ahead and
back-to-school campaigns for clothes and more about to intensify, Americans
Well-informed on Automobile Retailing Economics urged parents to provide
guidance and support so teenagers can take an active role in selecting a
AWARE emphasized that teens can learn money management basics while doing homework to find the vehicle that fits their driving needs and budget.
"The vehicle shopping and financing process puts key financial concepts into practice for young adults," AWARE spokeswoman Susie Irvine said. "Teens can calculate how much insurance, gas and routine maintenance will cost and budget for these expenses."
AWARE provides an array of free educational materials such as a glossary of key terms, auto finance calculator, comparison shopping and budgeting worksheets, and a knowledge check quiz on its website at autofinancing101.org. The website provides many educational resources used by teachers nationwide with high school students.
Some of the financing concepts that parents can teach their teens include:
—Comparing financing offers from several sources and selecting the best option.
—Negotiating financing terms to meet your needs.
—Understanding the differences between buying and leasing.
—Reading the fine print and only signing a contract that you have read and that does not contain blank spaces.
—Asking questions about optional add-on products like extended service contracts, credit insurance, and guaranteed auto protection, and only signing up for the products you want.
—Recognizing the importance of making timely monthly payments, which can help build a positive credit history.
AWARE is a vehicle financing industry coalition to help consumers understand how auto financing works. The group provides potential buyers of new and used autos with the tools and resources they need to successfully navigate the auto financing process.
AWARE's members include: American Financial Services Association, National Automobile Dealers Association, National Association of Minority Automobile Dealers, American International Automobile Dealers Association, Ally Financial, American Honda Finance Corp., American Suzuki Financial Services, AutoNation, Ford Motor Credit Company, GM Financial, Group 1 Automotive Inc., Lithia Motors, National Auto Finance Co., Nissan Motor Acceptance Corp., Saab Financial Services Corp., Sonic Automotive Inc., Southeast Toyota Finance, Toyota Financial Services, United Auto Group Inc. and Wells Fargo Dealer Services.
Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.
- Experian: Subprime Volume Still Rising But Rate Is Slowing
- CNW: BHPH Sales Volume Jumps by Double Digits in November
- 4 Leading Recovery Firms to Hold Free Webinar on Finding Repo Agents
- November Bankruptcy Filings Drop 15 Percent Year-Over-Year
- Overhauled NAF Association Survey: Competition Intensifying
- Report: CFPB's Material in Clearer Language Than Other Federal Agencies