Popular Vehicle Financing Resource Updated - MyFoxTallahassee.com

Popular Vehicle Financing Resource Updated

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SOURCE AFSA Education Foundation and NADA

AFSAEF and NADA Publish Consumer Education Brochure  

WASHINGTON, Feb. 4, 2014 /PRNewswire-USNewswire/ -- Understanding Vehicle Financing, an educational brochure for vehicle shoppers, has been updated to reflect relevant vehicle finance laws, terms and statistics. The brochure takes consumers through the vehicle financing process and highlights the importance of budgeting, checking one's credit report, and shopping around.

Originally produced in 2003, the brochure has provided important information to help millions of potential borrowers understand vehicle financing options and evaluate their own financial situations before financing or leasing a new or used vehicle. It was developed by the American Financial Services Association Education Foundation (AFSAEF) and the National Automobile Dealers Association (NADA), and prepared in cooperation with the Federal Trade Commission (FTC).

The brochure contains several useful tools, including:

  • Worksheet to determine a monthly payment amount that the borrower can afford;
  • Glossary of common vehicle financing terms;
  • Worksheet to allow borrowers to compare terms from up to three creditors;
  • Checklist of recommended actions to take before, during and after visiting the dealership; and
  • Revised list of federal laws regulating financing and leasing.

"Buying a vehicle is one of most important purchases that a consumer can make, and this brochure lays the foundation for making a wise financial decision," said Susie Irvine, AFSAEF president and CEO.  "Understanding Vehicle Financing is our most popular resource because it walks consumers through the entire process, from pre-planning to after the purchase."

"The collaboration between AFSAEF, FTC, and NADA enhanced the content of this already excellent one-stop guide for vehicle shoppers," said Dave Westcott, NADA chairman. "NADA encourages its dealers to provide copies of this great educational tool to their customers."

The FTC includes Understanding Vehicle Financing among a list of consumer resources posted on its website (www.ftc.gov). In addition, consumers may obtain a free copy of the brochure by downloading it from AFSAEF's website (www.afsaef.org) or NADA's website (www.nada.org).

Based in Washington, D.C., AFSAEF's (www.afsaef.org) mission is to help consumers realize the benefits of responsible money management, understand the credit process and seek help if credit problems occur. It is affiliated with the American Financial Services Association (www.afsaonline.org), the national trade association for the consumer credit industry, protecting access to credit and consumer choice. The foundation's primary initiative is MoneySKILL® (www.moneyskill.org), a free online personal finance course.

NADA (www.nada.org) represents nearly 16,000 new car and truck dealerships with 32,000 domestic and international franchises. The association promotes educating consumers about auto loans and leases, as well as ways to make informed financing decisions. It seeks to ensure that financing remains available and affordable to the broadest possible spectrum of consumers.

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