Ford Credit, BMW Financial Top Satisfaction Study

By Staff Writer November 17, 2021

 

Ford Credit and BMW Financial Services topped the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study released recently.

BMW Financial Services ranks highest in customer satisfaction among luxury brands, with a score of 874. Chase Automotive Finance (871) ranks second and Ally Financial (865) ranks third.

Ford Credit ranks highest among mass market brands, with a score of 867. Capital One Auto Finance (863) ranks second and Honda Financial Services (860) ranks third.

According to the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study, auto financing pre-approval has become the top of the funnel for auto loan customer acquisition and brand loyalty, putting the focus on digital channels as the starting point for the consumer financing journey.

Among most auto loan customers who research financing options prior to a purchase, the research process begins more than 30 days prior to purchasing or leasing a vehicle. Effective use of both applied for and unsolicited pre-approvals can lead to a greater customer recapture rate and conquest opportunities.

As this interaction continues to shift to digital channels, lenders will need to tailor their outreach to the needs of individual customers.

The newly redesigned U.S. Consumer Financing Satisfaction Study measures overall customer satisfaction in five factors (listed alphabetically): billing and payment process; mobile app experience; onboarding process; origination process; and website experience. The study was fielded in July-August 2021 and is based on responses from 10,462 customers who financed a new or used vehicle through a loan or lease within the past three years.

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Last modified on Wednesday, 17 November 2021 00:37