www.autoweek.com/assets/doc/AutoWeekIAMAAwardrelease.doc

3764 users shared this document! click

FOR IMMEDIATE RELEASE May 1, 2006
Contacts: Trish Wexler Patrice Robinson AWARE Bethel New Life (703) 200-5571 (773) 826-8121 twexler@autofinancing101.org probinson@bethelnewlife.org CHICAGOANS LEARN THE A-B-Cs OF AUTO FINANCING DURING MONEY SMART WEEK Bethel New Life Teams Up with National Auto Finance Education Group to Teach Auto Financing Skills to Underserved Communities CHICAGO Now in its 5 th consecutive year, Bethel New Lifes $mart Savers Program, more than 250 individuals residing in Chicagos West Side are saving towards their goal of homeownership,
adult education, small business development and car purchase and receive a match of $2 for every $1
saved after completing an eight-week financial literacy course. Of the 250 Smart Savers, 30 are
saving specifically for a car. This week, these and others intend to learn how to put their savings and
their new financial literacy skills into practice at a series of workshops to be held at various Bethel
locations.

As part of the Federal Reserve Bank of Chicagos Money Smart Week, Bethel is teaming up with
General Motors Acceptance Corporation (GMAC) and Americans Well-informed on Automobile
Retailing Economics (AWARE) a national consumer education campaign sponsored by members of
the vehicle financing industry to teach these individuals and other area residents the essentials of
the vehicle financing process.

Several studies have shown that car ownership can significantly improve ones life, explains
Patrice Robinson, financial education coordinator at Bethel New Life. These studies of savings
programs similar to Bethels have shown marked improvements in earning potential, work
performance, and quality time with family. It is so satisfying to watch people make such positive
changes in their lives, and live out their dreams.

After working so hard to save up for a down payment for a car, its vital to not drop the ball on
making smart financing decisions, explains Eric Hoffman of AWARE. Our mission at AWARE is
to be a resource for anyone who is thinking about buying a vehicle. Were so proud to be working
with an organization like Bethel New Life that has such a significant impact on peoples lives and a
great way to get this important information to people who need it the most.

One of AWAREs primary initiatives is a Web site www.autofinancing101.org that provides consumers with information needed to make educated financing decisions. The Web site includes auto finance calculators, advice and tips about financing and leasing, printable wallet cards with tips
and more. All materials are available in English and Spanish.

Since its inception six years ago, Bethels $mart Savers Program has enrolled more than 150 men and
women, many of whom are now living in their own home, driving their own car, or running their own
business. Bethel partners with individuals and families who commit to complete financial education
classes and save to meet specific goals. Savings are matched at a 2:1 ratio, after the saving goal is
met. Basic financial education classes are conveniently held in the evening for up to 8 weeks. The
group aims to encourage an additional 250 households to become $mart Savers in 2006. For more
information on Bethel New Life, visit www.bethelnewlife.org.
Bethel New Life, Inc. is a faith-based community development corporation located on Chicago's West Side. For 26 years,
Bethel has worked to rebuild Chicago's West Garfield Park and Austin communities by developing affordable housing,
combating societal ills, and empowering community residents to lead self-sustaining lives. Bethel's approach is
community-driven, solution-oriented, and value-centered. As a result, Bethel is among the nation's largest and most well-
respected community development corporations for its comprehensive mix of programs and initiatives.

AWARE (Americans Well-informed on Automobile Retailing Economics) is a collaborative industry effort to provide
consumers with information, tools, and other resources to better understand the auto financing system. AWAREs
membership includes the American Financial Services Association, National Automobile Dealers Association, National
Association of Minority Automobile Dealers, American International Automobile Dealers Association, American Honda
Finance Corporation, DaimlerChrysler Financial Services Americas, General Motors Acceptance Corporation, Ford
Motor Credit, Toyota Financial Services, Wells Fargo Auto Finance, AutoNation, Group 1 Automotive, Lithia Motors,
Sonic Automotive, United Auto Group and other auto dealers.
###

Comments