![]() ![]() Missing payments can have significant impact on your finances, including negative credit reporting, increased fees on your loan, and repossession of your vehicle. A temporary financial burden-such as a job loss, medical emergency, or car repair-could cause you to fall behind on your auto loan payments. Sometimes the unexpected happens that puts a strain on your wallet. Power has been delivering industry intelligence on customer interactions with brands and products for more than 50 years.Most consumers rely on cars to function in their everyday lives: commuting to jobs and school, visiting family and friends, and carrying out daily errands and tasks. A pioneer in the use of big data, artificial intelligence, and algorithmic modeling capabilities to understand consumer behavior, J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. Consumer Financing Satisfaction Study, click here. The study was conducted in July-August 2022 and is based on responses from 10,199 customers who financed a new or used vehicle through a loan or lease within the past three years.įor more information about the U.S. Consumer Financing Satisfaction Study measures overall auto financing customer satisfaction in five factors (listed alphabetically): account management application/approval process billing and payment process customer orientation process and customer service experience. To view the ranks charts for each segment, click here. Southeast Toyota Finance (874) ranks second, while Capital One Auto Finance (870) and Honda Financial Services (870) each rank third in a tie. GM Financial (865) ranks second, and BMW Financial Services (858) ranks third.įord Credit ranks highest among mass market brands for a second consecutive year, with a score of 877. ![]() Key actions to drive brand advocacy: Specific actions taken by auto lenders that have the most positive effect on customer advocacy include easy-to-use websites, useful account review information, and electronic statements that are easy to set up.Ĭapital One Auto Finance ranks highest in customer satisfaction among luxury brands, with a score of 879.Effective use of both applied for and unsolicited pre-approvals can lead to a greater customer recapture rate and conquest opportunities. Most auto financing research begins a month before a purchase: Among auto loan customers who research financing options prior to a purchase, most begin the research process more than 30 days prior to purchasing or leasing a vehicle.Industry-wide, customers who are promoters (those who say their likelihood to recommend their current lender as a 9 or 10 ) are nearly twice as likely to say they “definitely will” consider their current lender for their next vehicle when compared to customers who are passive (those who say their likelihood to recommend their current lender as a 7 or 8). ![]() The average Net Promoter Score (NPS) for captive lenders is 56 and the average NPS for non-captives is 40.
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