More Than Half of Illinois Auto Shoppers Will Compare Rates Before Purchasing Their Next Vehicle

Illinois Consumers Have Made Significant Progress, but are Still Behind National Average

SPRINGFIELD, Ill., Oct. 19 -- More than half (53 percent) of Illinois consumers say they will shop around for auto financing from multiple sources before making their next purchase, according to a new survey by AWARE, a non-profit organization specializing in auto financing education. While Illinois does lag behind the national consumer figure of 64 percent with regard to rate comparison habits, it is a significant jump up from the 21 percent who compared financing rates for their last vehicle purchase.

Illinois consumers in general score high marks when it comes to auto financing knowledge. Eight in ten understand their credit history may impact their financing. Eighty percent of consumers in Illinois know they have many options when it comes to auto financing. Six in ten feel informed about the auto financing process, with more than a third (34 percent) feeling "very informed."

"Illinois auto shoppers know to do their homework on auto financing, and that's good news for consumers, and frankly for the dealers that serve them," explains Pete Sander, president of the Illinois Automobile Dealers Association. "The auto financing industry is highly competitive in Illinois, and informed, educated consumers end up being our best customers -- because they're our happiest customers, resulting in repeat business and referrals. Clearly, there's room for improvement and we're moving in the right direction."

Education opportunities still exist in Illinois. For their last vehicle purchase, only 18 percent checked their credit score before shopping, and fewer than half (45 percent) plan to check it for their next purchase. Additionally, a majority of Illinois consumers plan to negotiate their financing for their next purchase (59 percent), but with the national average at 70 percent, there are opportunities for Illinois consumers to learn more.

More than 69 percent of Illinois consumers - 6.3 million people - indicate an interest in learning more about the vehicle financing process from the vehicle financing industry, with a quarter (27 percent) being very interested. Those most interested included younger consumers (79 percent) and those with moderate income levels (79 percent).

"This research gives us a further glimpse into the needs of consumers in Illinois and shows why Illinois programs like the Chicago Federal Reserve Bank's Money Smart Week and others, are so important," said Eric Hoffman of AWARE. "It's good news that Illinois auto shoppers are interested in learning more about the vehicle financing process, and we'll continue to work with organizations in Illinois to fill those education needs."

AWARE was formed to build a greater understanding among consumers about how auto financing works. The group's primary initiative is its website, http://www.autofinancing101.org/, available in both English and Spanish. The site aims to provide potential buyers of new and used autos with the tools and resources they need to successfully navigate the auto financing process. AWARE focuses exclusively on auto financing education. Its website, materials, and other educational offerings are entirely free of marketing, advertising, or sales efforts.

The national poll, conducted for AWARE by KRC Research, questioned 3,806 Americans aged 18 and older, from July 5-20.

  AWARE's membership includes the following:

  American Financial Services          Land Rover Capital Group
   Association
  National Automobile Dealers          Lithia Motors
   Association
  National Association of Minority     Mazda American Credit
   Automobile Dealers
  American International Automobile    National Auto Finance Company
   Dealers Association
  American Honda Finance               Nuvell Financial Services
   Corporation
  American Suzuki Financial Services   Saab Financial Services Corp.
  AutoNation                           Sonic Automotive, Inc.
  DaimlerChrysler Financial            Toyota Financial Services
   Services Americas
  Ford Motor Credit Company            United Auto Group, Inc.
  GMAC                                 Volvo Car Finance North America
  Group 1 Automotive, Inc.             Wells Fargo Auto Finance
  Jaguar Credit