Top Auto Finance Company Ally Financial Expands Its Financial Literacy Program

Detroit  (Profitable.com)  Ally Financial Inc., the No. 1 overall retail automotive finance company in the U.S.(1), has expanded its financial literacy program, Ally Wallet Wise, to include a course on Auto Finance. This new curriculum is in addition to the courses on Budget, Credit and Banking & Investing and is designed to provide consumers with easy-to-understand information on car buying, leasing and options with auto insurance.

“Consumers are wise to equip themselves with personal finance knowledge that can help them make educated decisions when buying or leasing a vehicle,” said Mike Kane, vice president of Consumer Credit Operations at Ally Financial.

According to a recent survey on auto purchasing that Ally Financial conducted, at least 60 percent of buyers spend time researching their options before walking into a dealership. The Wallet Wise website, www.allywalletwise.com, offers information that can help potential buyers do their homework.

The automotive finance curriculum provides consumers with information on:

  • The pros and cons of buying versus leasing a vehicle
  • How to shop for a vehicle
  • Key terms when buying or leasing a vehicle
  • Optional products that consumers may consider on their finance contract or lease agreement (such as a vehicle service contract, GAP protection and lease wear protection)
  • The ins and outs of vehicle insurance

Ally Wallet Wise launched in July and is a free financial literacy program that helps educate consumers on personal finance topics. It offers community-based, in-person sessions, as well as online courses through www.allywalletwise.com. Ally plans to continue updating the curriculum with new features and content over time.

Ally has teamed with community organizations across the country to teach the in-person Wallet Wise sessions. These organizations are equipped with workbook and presentation materials that have been structured to teach consumers in an atmosphere that is fun, interactive and conducive to learning. Consumers can learn about upcoming sessions in their community by visiting www.allywalletwise.com.

“The Ally Wallet Wise program—including the new auto finance curriculum—can empower consumers to make confident decisions, whether it is buying a car or simply creating a budget for the first time,” said Gina Proia, chief communications officer of Ally Financial, who oversees the Community Relations efforts at the company. “With both the in-person and online options available, Wallet Wise can provide consumers with valuable information that can be applied to many personal finance challenges, helping them achieve their longer-term goals.”

About Ally Wallet Wise

Ally Wallet Wise is a free financial education program created by Ally Financial that teaches consumers the basics of budgeting and credit, banking and investing, and financing a vehicle. Ally Wallet Wise is available through www.allywalletwise.com and live sessions hosted by Ally and its affiliates. Previously known as SmartEdge by GMAC, the program launched in 2002 and was rebranded and updated in 2011.

About Ally Financial

Ally Financial Inc. (formerly GMAC Inc.) is one of the world’s largest automotive financial services companies.  The company offers a full suite of automotive financing products and services in key markets around the world.  Ally’s other business units include mortgage operations and commercial finance, and the company’s subsidiary, Ally Bank, offers retail banking products.  With approximately $182 billion in assets as of Sept. 30, 2011, Ally operates as a bank holding company.  For more information, visit the Ally media site at http://media.ally.com.

(1) Ally Financial Inc. is ranked No. 1 overall auto lender in the U.S. (Source: Experian Automotive – U.S. market share as of third quarter 2011.)

Contact:
Beth Coggins
313-656-6964
beth.coggins@ally.com