Honda Tops Lease Satisfaction Study

By Staff Writer April 02, 2021

Honda, Hyundai and Toyota topped the J.D. Power 2021 U.S. End of Lease Satisfaction Study, released in April.

Honda Financial Services ranks highest in end of lease satisfaction in the mass market category, achieving a score of 848 (on a 1,000-point scale). Hyundai Motor Finance (843) and Toyota Financial Services (843) tied for second.

The study showed the key to capturing returning lessees is coordinated communication through the right channels at critical moments in the auto shopping journey—sometimes starting as early as 12 months prior to lease end.

The study showed nearly three-fourths (72 percent) of returning mass market lessees and 68 percent of premium market lessees lease another vehicle when their existing lease ends. Among first-time lessees, those numbers drop to 50 percent among mass market customers and 57 percent among premium market customers, illustrating the importance of strategies focused on recapturing existing lessees

Both returning and first-time lessees start considering a new vehicle as early as 12 months prior to the end of their existing contract and can be heavily influenced at this stage by proactive communication from lenders, dealers and manufacturers customer satisfaction and retention.

Inspections play a pivotal role in end of lease satisfaction. Addressing customer pain points or areas of opportunity in the lease return process can lead to a better experience and increase lease retention. Lenders need to coordinate efforts with lease inspection companies within their SLAs to ensure the best customer experience possible and execute on multiple KPIs surrounding the process.

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Last modified on Friday, 02 April 2021 13:12