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ACVL NADA Press Kit (12702) - ACVL

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ACVL NADA Press Kit (12702) - ACVL

Association of Consumer

    Vehicle Lessors

     Press Conference

     Introducing:

    The Leasing Vs. Buying

    Consumer Quiz

    January 28, 2002 2:00 PM

    Room 256, Ernest N. Morial

    Convention Center

    Attendees include

    Senior Executives from:

    Automotive Lease Guide (ALG)

    Kelley Blue Book

    Edmunds.com

    &

    Terry O'Loughlin From

the Florida State

Attorney General’s Office

1

    ACVL Press Conference

    January 28, 2002

    Introducing: The Lease Vs. Buying Quiz

Table of Contents

Remarks

     Randall McCathren, Bank Lease Consultants ................................. 2

     Bernard de Souza, ACVL ................................................................... 2

     John Blair, ALG .................................................................................. 3

     Charles Vogelheim, Kelley Blue Book .............................................. 4

     Bob Kurilko, Edmunds.com .............................................................. 5

     Ron Loshin, Bank Lease Consultants .............................................. 6

     Terry O’Loughlin, Florida Office of the Attorney General............... 6

     Closing Remarks (de Souza) ............................................................. 8

Press Releases

    “Leasing vs. Buying Quiz: What Will You Do When Your Lease Runs Out?” 12/14/01

    “Consumers Choose Longer Term Vehicle Leases” 8/6/01

    “ACVL Corrects Consumer Reports Advice on Leasing” 2/27/01

    “Association of Consumer Vehicle Web Site Provides Comprehensive Consumer

    Information On Leasing” 10/9/2000

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    Randall McCathren, President, Bank Lease Consultants

Thank you for coming today. Before I introduce this distinguished panel, I‘d like to take just a minute to introduce the

    Association of Consumer Vehicle Lessors (ACVL) to you. ACVL is a relatively young association compared to NADA

    and the other key players in the automotive area. Its creation grew out of recognition by the largest leasing companies

    in the early 1990‘s, whether they were captive finance companies, banks or independent finance companies, that the

    industry needed to do a better job of educating consumers, and dealer staff, about how leasing worked and how it

    compared to financing. However, it took the vision of Bill Odom, then Chairman of Ford Credit, and Bill Lovejoy, then

    President of GMAC, to see that the inconveniences, and potential liability, of embracing new leasing disclosures and

    consumer protections were a necessary cost of developing the long-term health and acceptance of leasing.

I think ACVL has remained true to that initial vision. In 1995, ACVL took the unprecedented step of asking the Federal

    Reserve Board to expand the Regulation M Truth-in-Leasing federal requirements beyond what the Board thought it

    had the statutory authority to require. ACVL then went further and adopted a voluntary capitalized cost disclosure

    standard prior to any state or federal requirement to disclose the value of the vehicle to the consumer. The reason

    was simple: it was the right thing to do to increase consumer understanding and protect the integrity of leasing.

In late 80‘s, prior to ACVL‘s creation and its leadership role in consumer protection, Ron Loshin and I wrote in our book

    and newsletter that consumer leasing was ―the last bastion of under-regulation in consumer financing.‖ I think we

    can proudly say today that ACVL has righted that problem. But where we are left today, in my view, is that leasing is

    now ―the last bastion of consumer misunderstanding in consumer financing.‖ My personal opinion is that if every consumer were able to complete a thorough economic analysis of leasing vs. financing including: (1) his or her true

    personal discount rate on the comparative cash flows and (2) the value of the right to return the vehicle in the all-too-

    common instance where it has depreciated below the lease residual value, the great majority of consumers would

    realize that leasing would be less expensive than financing for them on a net present value basis. Of course, it‘s valid

    as a consumer to simply have a preference for ownership without regard to the relative costs and not all consumers

    would meet leasing credit standards. But at least consumers wouldn‘t be misled into thinking that leasing was more

    expensive because ―you don‘t own the vehicle at the end.‖ My personal goal, which I think the ACVL web site has

    successfully implemented, is simply to help consumers become fully informed about the differences between financing

    and leasing, and to dispel the misunderstandings, half-truths and outright falsehoods that circulate about leasing.

With that historical background on ACVL, let me introduce our panel: Bernard de Souza of BMW Credit who chairs the

    ACVL Customer Satisfaction Committee that designed the web site; John Blair, CEO of Automotive Lease Guide;

    Charlie Vogelheim, Editor of Kelley Blue Book; Bob Kurilko, Vice President of Edmunds; Ronald Loshin, Chairman of

    Bank Lease Consultants and Terry O‘Loughlin, Chief Investigator for the Attorney General of Florida.

    Bernard de Souza, Chair, ACVL Customer Satisfaction Committee

Background

    I would like to start by giving you a little background on the development of the ACVL site. In 1997, the ACVL was

    asked to provide input into the development of the Federal Reserve Board web site A Consumer Guide to Vehicle

    Leasing. Much of the content on the FRB site was developed with expertise provided by ACVL members. In 1999, the

    ACVL decided to utilize their FRB information and other material to present a simple explanation of leasing for

    consumers. Since then we have steadily expanded the site to improve the understanding of leasing for the general

    consumer. We also provide extremely complete information for dealers, accountants and sophisticated consumers

    through a download from the ACVL.com site.

The reason for spending much of the association‘s resources on the site is to achieve our mandate – to increase

    consumer understanding of leasing. The education goal focuses on two areas: helping consumers make their decision

    whether to purchase or lease and increasing their understanding of how leasing works.

In addition to writing over 80% of the vehicle leases written in America last year, ACVL members also originate a

    majority of the finance contracts for consumers who buy and finance. Thus, the ACVL site is not intended to push

    people into leasing, rather to help make the financing versus leasing decision an educated one.

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The Site

    To that end the ACVL.com site includes material on many areas. One of the more unique sections provides common Leasing Advertising Terms. Using an example ad, this section gives an explanation of the most common phrases used in lease advertising.

The ‗Leasing vs. Buying‘ section offers consumers a side-by-side comparison of the major leasing and financing issues,

    identifying the areas that are similar and those that are different. The section also includes the Leasing vs. Buying Quiz that we are here to announce.

The ‗FAQ‘s‘ section is split into three sections: the beginning of the lease, during the lease and the end of the lease.

    Within all areas of the site, all leasing terms in the glossary are highlighted. Clicking the word opens a pop-up screen that provides an explanation of that term without leaving the page - allowing you to quickly return to the area of interest. I believe this is the most complete leasing glossary available on the web.

The ‗About ACVL‘ section includes a list of the association members, the board of directors and some of our prior

    press releases.

Leasing vs Buying Quiz

    The ‗Leasing vs. Buying Quiz‘ represents the culmination of our work on the site. While other sites have similar quizzes, few explain why certain aspects point toward leasing or buying. The Quiz provides points for each question depending on the consumer‘s response. At the end of the Quiz, the customer is given a score indicating whether ―leasing,‖ ―buying‖ or ―either form of financing‖ best suits their needs and preferences.

    One area that is rarely discussed in leasing explanations is the sales tax issue - although the benefit is not realized equally throughout the country. The Quiz points out that when you buy a car you pay sales tax for the entire car at the point of purchase. However in non-up-front tax leasing states, you only pay that portion of sales tax applicable to your lease payment. You don‘t pay sales tax on the portion of the vehicle that is the residual.

    The Quiz also discusses how the ownership cycle, the desire for a walk-away option and annual mileage impact the Leasing vs Buying decision. Please visit ACVL.com or obtain the information through the sites of other companies participating on the panel.

Protecting the Public Perception of Leasing

    An informed consumer is our goal. Thus, the ACVL also is active in pointing out inaccuracies in media reports on leasing and financing. An example of this was our press release commentary on the Consumer Reports December 2000 article on leasing. The Consumer Reports article did not completely cover certain issues while other areas contained what we felt were inaccuracies. For example, they stated: ―Unless you can claim tax deductions for the business use of an automobile, leasing offers no inherent financial advantages over buying." Anyone on this panel could cite you at least five advantages of leasing that have nothing to do with business use vehicles. After Consumer Reports refused to respond to our requests to discuss their article, we took the role of public information provider via a press release that is also available on the site. While the ACVL is not quite a consumer advocate, we feel that it is our role to correct public sources of misinformation. We will continue to do so in the future.

    I am pleased to now have the opportunity to introduce John Blair CEO of ALG. ALG is also concerned about consumer education on leasing and has devoted a large part of its site to that purpose. They are recognized as one of the leaders in the development of leasing in the country and are always working to help improve this product.

    John Blair, CEO ALG

    As CEO of ALG I am proud to be here to support the efforts of the ACVL. By way of background I will tell you a little about our company.

    Automotive Lease Guide forecasts Residual Values (lease-end values) for the automotive industry. We have been in the leasing business for 38 years. As such, we are often consulted on automotive leasing matters by both the industry and consumers. While our emphasis is directed toward working with automotive manufacturers and lenders, we also feel it is highly important to provide education to consumers about the risks and benefits of leasing compared to

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financing. In our view, leasing still remains a mystery to most of the buying public. When you unravel the mystery

    often you find a financing solution that is tailor-made for a consumer. The problem has been educating the public.

The best example I can think of is the effect of declining used car values over the last several years. As many of you

    know, automobile manufacturers finance organizations have been aggressive with Residual Values to drive volume

    and, of course, the parent company makes a considerable amount of money on the sale of the vehicle. In essence,

    they risk potential lease-end value losses against this profit and hope for a strong used car market or low lease-end

    returns when the cars mature. Because consumers have the right to return the vehicle and walk away, many lessors

    have suffered losses of several thousand dollars on returned vehicles. Somehow, though, consumers still don‘t understand that if they had purchased and financed the vehicle and tried to trade it or sell it, that loss would have been

    theirs. Then, even though the lessee may have saved $3,000 on depreciation that he didn‘t pay for in his lease, if he

    drove 10,000 excess miles and owes $1,500, the lessee still feels this is somehow ―unfair.‖ It continues to be hard for

    consumers to understand the benefit they receive by paying much less per month for the vehicle, not building equity in

    their car, and shifting this ―residual risk‖ to the lessor. Especially in hindsight, consumers tend to forget the benefits

    they have received and focus only on the out-of-pocket amount they owe at lease end. I‘m glad no one in this room

    takes this simplistic, erroneous view.

The ACVL quiz and web site help consumers understand the full benefits, along with the risks of leasing compared to

    financing.

The ACVL has advanced consumer education in automotive leasing to new levels with the introduction of its website.

    In fact we were so impressed with the work that we borrowed the ―leasing 101‖ content from the ACVL for our own

    website. In addition we link our visitors to the ACVL site if they are desirous of additional leasing educationthat says

    a lot coming from a company that‘s name is synonymous with leasing. We have been fortunate to work closely with

    the ACVL over the years and have enjoyed watching the success of the association. From it‘s crafting of Regulation M

    legislation to the annual lessor‘s survey, the ACVL has continued to advance the interests of both lessors and

    consumer lessees in a responsible manner. As a company, we listen carefully to the concerns of the organization and

    take many cues from its members. We congratulate the ACVL on launching a fine site and encourage anyone

    interested in leasing a car to visit www.acvl.com. In addition, our staff looks forward to borrowing more material in the

    future!

     Charlie Vogelheim, Editor, Kelley Blue Book

    In recent years, Kelley Blue Book and it‘s Internet site, www.kbb.com, have grown to be virtually synonymous with consumer advice on vehicle values. However, we aren‘t content to just tell consumers (as well as dealers and

    finance companies) the value of vehicles in different configurations. We also want to be the trusted resource for all types

    of consumer information on vehicles.

    In that regard, we have taken the initiative to work closely with the ACVL in helping consumers understand

    the ins and outs of leasing vs. financing. We think the Leasing vs. Buying Quiz will be a great source of information

    for consumers making this decision. Having the Quiz accessible from the ―Advice‖ page of our kbb.com website

    now gives millions of car shoppers the opportunity to make a more informed decision on buying vs. leasing. We

    recognize ACVL as the experts in the leasing field and applaud the great job they‘ve done with all the leasing

    information they‘ve put into their ACVL.com lease site. It‘s definitely the best on the Web.

    Probably the biggest consumer issue related to leasing is vehicle condition. If a consumer plans to drive

    the vehicle hard, not repair scratches, stains and dents and be lax on following the manufacturer‘s recommended

    maintenance schedule, choosing leasing just because the payment is lower can be a big mistake. Inevitably,

    these consumers end up owing a substantial amount at lease end because of their failure to follow the

    maintenance and ―upkeep‖ requirements of their lease. For example a 1999 Explorer in Excellent Condition shows

    a value of $11,365, while the value of same vehicle in Fair condition is $9445. The $1,920 difference is the excess

    wear that the consumer might owe if they returned the vehicle at lease end. Moreover, that consumer rarely

    understands that they would suffer a similar financial loss if they had financed the purchase of vehicle. The only

    difference in the purchase is that the loss is incurred only when they trade in the car. In many cases, to ensure

    loyalty, the amount assessed by the leasing company is less than the actual loss in value as a result of the wear.

    On the other hand, many of the consumers most suited for leasing are afraid that the vehicle will have to

    look brand new or they‘ll be hit with unreasonable excess wear charges. To alleviate this fear, many leasing

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companies now provide specific guidance on the extent of the scratches, scrapes and dents that are permissible

    before they are judged to be ―excess.‖ The ACVL Quiz alerts consumers to this issue and helps steer the ―wrong‖

    consumers away from leasing, while alleviating the concerns of consumers who should be considering leasing.

    Along these lines Kelley Blue Book is working with ACVL to develop a survey regarding the experiences of

    consumers at lease end.

    Coming from California, a high insurance cost state, I‘m also impressed with the good advice the ACVL

    Quiz gives in this area. Consumers with the minimum state requirements, or who periodically let their insurance

    lapse, are not good candidates for leasing. They often discover, after they have signed their lease, that moving up

    to the 100/300 coverage typically required is very expensive. On the other hand, many consumers who already

    have 100/300 coverage or more are misinformed to believe that their car insurance is more expensive when they

    lease. The ACVL Quiz helps both kinds of consumers understand the insurance aspect of leasing.

    About Kelley Blue Book

     Based in Irvine, California, Kelley Blue Book is relied upon by both consumers and the automotive industry, as

    the trusted resource for car-buying research and information. The company is currently celebrating its 75th anniversary.

    It‘s website kbb.com is the number one automotive site in the nation, according to Jupiter Media Metrix and

    Nielsen//netRatings. It attracts over 4 million unique visitors generating nearly 30 million pricing reports per month. For

    the 4th year in a row, kbb.com is also the most visited site by consumers who go on to buy both new and used

    vehicles according to research by J.D. Power and Associates.

     Bob Kurilko, Vice President Product Development & Marketing, Edmunds.com

About Edmunds

    Edmunds is pleased to join forces with the Association Of Consumer Vehicle Lessors in a joint effort to educate the

    public about vehicle leasing.

Launched in 1966 Edmunds is a content provider whose mission has always been to provide automotive consumers

    with complete, accurate, timely, and, most importantly, unbiased information needed to make informed purchase and

    ownership decisions.

    o First with FREE content on the web

    o First wireless site

With approximately 3 Million unique visitors a month, and a website that provides complete transparency of automotive

    information, this partnership with ACVL is a natural extension of our mission to aggregate and distribute relevant

    information.

Consumer Misinformation In The Marketplace

    It‘s amazing how much misinformation there is in the marketplace regarding leasing. Clearly there is currently no real

    information transparency out there. Consumers naturally avoid what they don‘t understand. There is a lot of angst

    that still remain in the public from the days of ―open ended‖ leases and even today‘s mishandling of leases whereby

    the lease is structured without regard to the consumer‘s personal situation (annual mileage driven, etc.). Leasing is a

    very favorable way to finance a new and used vehicle purchase, but it has to be done properly. Creating transparency

    of leasing information is the key to eliminating consumer frustration and also enabling others to take advantage of

    leasing as a preferred way to finance a vehicle.

This transparency will come in two forms:

    1. Using ACVL‘s information as a foundation to educate the car buying public regarding the general topic

    of vehicle leasing.

    2. Edmunds is supplementing this qualitative information with uniquely smart, decision tools that guide

    the consumer to make the right financing decision based on their individual circumstances. These

    products will include a Market Pricing Based Leasing Calculator and a Buy Versus Lease Decision

    Tool that will actually tell each consumer, in real dollar terms, whether it is more advantageous to use

    traditional financing or to lease.

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     Closing Comment Using ACVL‘s first rate information combined with Edmunds.com‘s proprietary leasing decision tools, we believe, we will take a mammoth step in creating much needed information transparency regarding leasing.

    Ronald Loshin, Chairman, Bank Lease Consultants

I am Ronald S. Loshin, Chairman Bank Lease Consultants, Inc. and Co-Founder and Co-Administrator of ACVL. From

    the very inception of ACVL, a sincere and dedicated commitment was made to make consumer vehicle leasing an

    exemplary industry in consumer practices and satisfaction. Preceding ACVL‘s inception, this was not the case.

    Without reciting a litany of practices that could then be found in the industry, however non-universal and limited they

    may have been, the industry was a focal point of regulatory interest and embarrassing media scrutiny, which

    undermined public confidence in consumer vehicle leasing. Many companies, particularly many of the captive finance

    companies and major banks active in consumer vehicle leasing were, along with consumers, also victims of such

    unfair and unethical practices by being placed at a competitive disadvantage and by making the marketing of their

    ethical products more difficult. These leading leasing companies came together in 1993 to form the ACVL. Members

    of ACVL then accounted for over 75% of all consumer vehicle leasing in the country. With the consolidation that has

    since occurred, that figure now may be as high as 85%.

    Among the mandates and commonality of interest in the establishment of ACVL was the ―cleaning up of the industry‖

    and elimination of unfair and onerous practices. ACVL soon earned an outstanding reputation with both federal and

    state agencies for this commitment and our active, indeed sometimes pro-active support in cases when regulatory

    bodies lagged behind the industry in their attention to redress these problems. Regulation M (―Truth in Leasing‖)

    reform, for example, directly traces its roots to ACVL member initiatives and the work of ACVL staff and member

    counsels. Officials of the Federal Reserve Board have publicly recognized the pre-eminent role of ACVL in Reg. M

    reform. No less is our standing with state regulatory agencies.

    ACVL‘s Web site, the reason we are here today, is an extension of our ongoing efforts to increase public knowledge

    and understanding of consumer vehicle leasing. As with our support of regulation when appropriate, we have created

    an Internet-based site that has been acclaimed for its wide breadth of information and its OBJECTIVITY. The result is

    the wide support and utilization of our site by key Internet providers of car buying and lease finance information, by

    Internet services and by public agencies for both their internal use and as a means of furthering public education in

    consumer vehicle leasing.

    ACVL welcomes and applauds enlightened and well-informed regulators who can work with us to identify and solve

    consumer problems. In this spirit, I am very proud to introduce such a regulator Terrence O'Loughlin, Assistant

    Attorney General, State of Florida, who is held in wide esteem by Attorney General offices throughout the country for

    his knowledge of consumer vehicle leasing. Terry has most graciously responded to our invitation to comment on

    ACVL‘s Web site from the perspective of a regulator. I am very pleased and greatly honored to invite Terry‘s remarks.

    Terry O’Loughlin, Chief Investigator for the Office of the Attorney General

    for the State of Florida

Thank you for inviting me

Disclaimer

Government offices cannot endorse products or services but we can endorse consumer education. We endorse and

    encourage all industries to provide accurate information to consumers so that they can make informed choices. In fact,

    the truth remains that full and fair disclosure of information regarding consumer purchases, whether they are for

    automobiles, products or services, provides the consuming public an opportunity to exercise its buying option with

    informed consent. Government agencies spend considerable sums of money to assist in this effort by providing public

    service announcements, press releases, brochures, and website data to further this effort.

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Experience With The ACVL As a government representative, I cannot endorse the ACVL website and Leasing versus Buying Quiz; however I am here today to support efforts of this nature in providing this kind of informed consent assistance. I think that it is safe to I have had the pleasure of working with the ACVL for the past six years in addressing consumer issues regarding say that most, if not all consumer agencies support these types of efforts. motor vehicle leasing. In fact, my experience with one of the principals of the organization pre-dates the ACVL. Randall McCathren, along with attorney Tom Hudson drafted a model automobile leasing statute sometime around

    1994, which predated most if not all the state statutes that were passed in the mid to late 1990's.

My direct experience with Randall began with a leasing consumer education committee sponsored by the Federal

    Reserve Board. There were numerous representatives from both the private and public sectors who participated on

    this committee, but there was really only one professor: Randall McCathren. He educated the committee, and me in

    particular, about the leasing industry and its inherent complexity and served as an excellent ambassador of the

    automobile industry. I benefited greatly from this experience.

Since that time, I have had the pleasure of working with Ron Loshin, and the ACVL as well as Randall. They have

    been helpful partners in responding to my questions and I want to compliment them for their assistance in responding

    to consumer inquiries, which is the subject of this press conference.

    Government And Industry

The public and private sectors, especially in the automobile business, shouldn‘t be antithetical towards one another.

    Both serve the same essential market: the consuming public. Truly effective economic markets depend upon accurate

    information. However, in the early 1990's there was tremendous confusion in the ranks of the consuming public

    regarding leasing. And even worse, some consumers became the victims of outright fraud and theft.

The State Of Florida’s Investigation Of Motor Vehicle Lease Fraud

When Florida Attorney General Bob Butterworth directed our office to investigate leasing in late 1992, we didn‘t know

    much about the car business or leasing. There were numerous complaints about leasing and they varied significantly.

    Consumers were angry about their leasing experience.

Our legal research indicated that the federal Consumer Leasing Act, even though it was a part of Truth in Lending, did

    not provide sufficient disclosures for the average consumer. Even with these limited disclosures, some dealers were

    avoiding disclosing them by using

     ―N/A‖ (not available or not applicable).

The result was that there were major discrepancies in these complaints and how the leases were being prepared and

    calculated.

Legal Developments Regarding Leasing

The good news is that I can stand before you ten years later and state that many of these abuses were cured by state

    legislation and federal regulation. Many states, such as Florida, passed motor vehicle lease disclosure acts, which

    provided contractual information and disclosure so that consumers could better understand their leases.

On the federal level, the Federal Reserve Board promulgated a revised Regulation M, which took effect on January 1,

    1998, with direct participation from the industry. The new Regulation M provided many new disclosures, which assists

    the public greatly in weighing the advantages of leasing and understanding their leases.

During 2002, many states will consider an even more detailed Uniform Consumer Leases Act, adopted last summer by

    the National Conference of Commissioners on Uniform State Laws.

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Benefits Of A Quiz Of This Nature

    As Albert Einstein remarked, certain matters can be made simpler; however, in some cases, these matters cannot be made simple. Automobile leasing may be the most complex transaction consumers enter. The ACVL‘s Leasing versus Buying Quiz helps consumers identify whether they are good candidates for leasing and simplifies the process. By taking the quiz, consumers are led to consider factors that they may not consider otherwise. Moreover, the answers are explained in complete helpful detail. Consumers can then proceed to educate themselves further if they have additional questions about leasing.

ACVL‘s Leasing versus Buying Quiz does, indeed, simplify the leasing process.

Conclusion

Thank you very much.

    Bernard de Souza, Chair, ACVL Customer Satisfaction Committee

Closing Remarks

    I would like to close the meeting by thanking the members of the panel for their participation. John Blair, Charlie Vogelheim, Bob Kurilko, and Terry O'Loughlin have taken time out of their schedules to support a better understanding of leasing. All of the participants have consumer education as the major goal of their organizations. Each has seen the value of the easily accessible information provided by the ACVL and has promoted the use of the information.

    I would also like to thank Ron Loshin and Randall McCathren of Bank Lease Consultants, the group that has provided the ACVL with tremendous expertise over their 8-year relationship with the association. Their services have provided the foundation for the success of the ACVL and particularly this web site.

    I would like to close by discussing the impact of word of mouth on the public perception of leasing. Often consumers will state that they will never lease again because of an unexpected surprise, usually due to early termination charges or excess wear and tear. They will often publicize their anger about leasing to anyone who will listen. Many consumers who are strong candidates for leasing, upon hearing the outcry, will avoid leasing without taking the time to understand the product. Had that original customer been informed about both the risks and benefits of leasing, they might have lived within the terms of the contract and hopefully would not have been so irate. Why is it that people do not consider being upside-down on a retail installment loan as being a problem of this type of financing? Both types of financing have risks, yet consumers find problems with retail installment loans more acceptable.

    One misinformed customer will often lead to many missed opportunities. It is the responsibility of all organizations associated with automotive consumer financing to educate and to provide a balanced view of the available options, both the pros and the cons. The ACVL has done so and will continue to devote its resources towards this effort. Journalists in the audience can support consumer education by referencing the ACVL.com site in both the popular press and in industry periodicals.

Thanks again

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