AWARE sponsored the survey, which measured consumers' auto financing knowledge and experience. Additional findings include:
• Consumer satisfaction with auto financing remains high while interest and desire to learn more about the financing process has held steady-despite the sluggish economy.
• Even with a slowdown in auto purchases, consumers-especially those who report to be educated about auto financing-say they are satisfied with their financing decisions and the outcome of the process.
But Hoffman said more work clearly needs to be done. "Despite auto financing education efforts through AWARE, as well as individual company programs, the survey demonstrates more robust education efforts need to be put forth for consumers facing economic hardship," he explained.
To that end, the group was formed to build a greater understanding among consumers about how auto financing works. To learn more, visit www.AutoFinancing101.org. The site was created to ensure that potential buyers of new and used autos have the tools and resources they need to successfully navigate the auto financing process.