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
vehicle.

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.

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