NAMAD and Ally Financial Announce Financial Literacy Initiative

by LP Green, II

The National Association of Minority Automobile Dealers (NAMAD) and Ally Financial have teamed up to advance financial literacy and provide auto dealers with resources to further educate consumers and their employees.

Introduced at the NAMAD 2014 Conference in Miami, the “Guide to Being Wallet Wise” is a free toolkit for use by dealers that aims to drive increased knowledge of the vehicle financing process, as well as other key financial topics that consumers should know when making a significant financial decision.

“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.”

The Guide includes a consumer-focused brochure with tips on financing or leasing a vehicle, an Equal Credit Opportunity Act training course for dealership personnel, a social media component, and the option to host a consumer financial education class in the dealership.  The consumer information in the Guide is based on Ally’s financial literacy program Wallet Wise, which offers free courses on budgeting, credit, banking and investing, and auto financing.

As part of the launch of the Guide and to recognize the support from the dealer community, for each NAMAD member that registers for the Guide prior to July 18, Ally will make a donation to support implementation of Junior Achievement’s financial literacy programs in select markets. Junior Achievement is the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs.

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