The National Association of Minority Automobile Dealers and Ally Financial introduced a financial literacy initiative today at NAMAD’s 2014 Conference that is designed to help dealers educate consumers and employees about the financing process.

The free “Guide to Being Wallet Wise” is a resource dealers can use to not only increase knowledge of car financing but also teach consumers about additional topics pertinent to financial decision-making.

Included in the Guide are:
— A brochure with vehicle financing and leasing tips for consumers
— An Equal Credit Opportunity Act training course for dealership personnel
— A social media resource
— An optional consumer financial education class to be taught in the store.

The consumer-facing brochure mentioned above is based on Wallet Wise, which is Ally’s financial literacy program. Wallet Wise includes free courses on budgeting, credit, banking and investing, and auto financing. 

Ally plans to make a donation towards implementing Junior Achievement’s financial literacy programs in various markets for each NAMAD member registering for the guide before July 18. Junior Achievement uses hands-on programs to educate students on workforce readiness, entrepreneurship and financial literacy.

“Dealers play a key role in helping consumers understand the vehicle financing process,” said Damon Lester, president of NAMAD. “Becoming a financial literacy leader in their community provides NAMAD members additional opportunities to build and strengthen their relationship with customers.”

“Ally has been a supporter of advancing financial literacy for about a decade, and we know that education can be a powerful tool,” said Jeffrey Brown, president and chief executive officer of Dealer Financial Services for Ally. “With the support of NAMAD and its member dealers around the country, consumers will receive this valuable information to make informed decisions about the auto financing process.”