AWARE is a national education campaign with a singular goal of building a greater understanding among consumers about how the vehicle financing process works.

Welcome to our August 2008 E-Newsletter!

AWARE Introduces New H.R. Auto Headquarters

Access to Car and Financing Options Improve Employee Reliability and Quality of Life

AWARE has unveiled a new tool that can help H.R. managers reduce employee tardiness and absenteeism and increase their focus on-the-job—and it's free.

According to the Federal Reserve Board, workplace financial literacy programs contribute to improved worker performance, decrease lateness and absenteeism, and increase job satisfaction. With vehicle purchases ranking among the most expensive purchases most employees make in their lives, workplace automotive financial literacy can save employees—and HR managers—a lot of headaches.

With that in mind, AWARE has launched the new H.R. Auto Headquarters on its Web site. The page provides human resources departments with an auto financing training guide, in addition to comprehensive online tips, information, resources, and tools on auto financing they may share with employees.

Because many workplaces are increasingly making use of technology to improve their employees’ financial literacy, AWARE’s Web site should make this information very easily accessible to both H.R. departments and their employees.

Among the resources in the "H.R. Auto Headquarters" are:

• The Auto Financing Road Map: A Guide for Teaching Auto Financing in Your Community. The Road Map is a free kit that may be used by human resources departments to teach about auto financing in the workplace. It offers educators all the resources and tools needed to hold an auto financing workshop, or to simply incorporate some auto financing principles into an existing financial literacy program.
• Articles, Brochures, and Other Helpful Resources: Human resources departments may suggest that their employees download materials, such as a quick reference wallet card on auto financing tips, and a number of articles on various aspects of the vehicle financing process. AWARE also provides a glossary of auto financing terms, and links to guides to vehicle leasing and credit reports.
• Calculators / Interactive Learning: Employees also have access to a collection of powerful interactive tools, including AWARE’s "Affordability Gauge," a unique interactive calculator that helps consumers compare real costs of owning and operating various vehicles, and provides assistance in calculating savings for vehicle down payments. They may also take AWARE's "Auto Financing Tune Up" Online Quiz, or use other calculators to determine sample monthly payment figures.
• Downloadable Worksheets: Employees may download and print worksheets to help them complete a monthly budget and compare financing quotes from multiple creditors.
• Resources for Young Adults and First Time Car Buyers: AWARE provides articles specifically geared towards the concerns of first time car buyers, as well as links to financial literacy guides for young adults from the Federal Reserve Bank of Dallas and the National Council of Economic Education.

By letting employees know about the "H.R. Auto Headquarters," human resources departments can help the auto shoppers in their companies make informed financing decisions that are best suited toward their individual circumstances and needs.

In sharing this information about auto financing, along with tips and tools on a variety of other personal financial topics, they will most likely find that their employees are enjoying an improved quality of life, and producing an improved quality of work. [Click here to visit the new H.R. Auto Headquarters]

In this monthly column, Eric Hoffman of AWARE addresses consumers questions about all aspects of the auto financing process. Here's an excerpt from this month's column: I have heard that credit history can have a major impact on financing costs, and I want to make sure the employees in my company know how to review their credit before they set out to make major purchases like a home or a vehicle. Where should they begin? How much will it cost them to obtain a copy of their credit report? Does it take a long time to get a copy of one’s credit report? Is it worthwhile to do so? It is absolutely worthwhile and important for your employees to familiarize themselves with their credit reports, and give themselves a chance to correct any errors before setting out to make any major purchases. Credit history is one of the most important factors in determining the financing rate you are offered, so it's in your best interest to know your score and take any steps needed to improve it before your creditors review it. [Click here to read more]