Ford Motor Credit Co. released the beginning of what will become a series of educational videos to help millennial consumers strengthen their financial knowledge, specifically regarding auto finance.
“We’re making it easy for people to understand automotive financing by providing the straightforward information they need to make good decisions about one of their biggest purchases – a vehicle,” Krista Conyers, Ford Credit Marketing director, said in a press release. “For example, the ‘What is Credit?’ video compares a credit score to a grade on a school report card.”
A mere 24% of millennials (roughly four out of 10 Americans) can offer an adequate answer to four or five financial questions, according to research from The Financial Industry Regulatory Authority (FINRA).
To assuage this, the captive released a series of instructional videos to provide basic information about getting and using credit – for example: credit scores versus credit reports.
The new videos, in both English and Spanish, are designed to help consumers’ wizen up before making one of the most common big purchases, a vehicle.
The other two videos available are called “Buy or Lease” and “Lease End.” The second video is designed to provide viewers with the information required to make smart purchases.
The third video in the series helps them predict the effects of a lease contract coming to an end on a user’s broader financial situation, e.g., vehicle inspection, the big bid to buy the vehicle, or returning the old vehicle to the dealer, respectively.
Have a look at the first one, titled “What is Credit,” below.