ORLANDO, Fla. — With more consumers getting turned down for financing during the credit crisis, financiers have boosted efforts to explain the lending process to potential car buyers — before they set foot on a showroom floor.
During a session at the American Financial Services Association’s Vehicle Finance Conference last month, representatives from AFSA, Capital One Financial Corp., Ford Motor Credit Co., GMAC, Toyota Financial Services, and the Walt Disney World Boys & Girls Club outlined initiatives to educate consumers of all ages about budgeting and finance.
Depending on the lender, financial literacy efforts may target students — college, high school or junior high — adults, minorities, or military personnel.
“If you think about financial literacy, we learn about financing a car when we buy our first car,” said Brenda Hines, vice president of global communications for Ford Credit. “We learn about a mortgage when we buy a house.”
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