- While dealer recommendations remain the most critical driver of lender choice (48% luxury and 50% mass market), nearly one-fourth (24%) of luxury customers and nearly to one-third (32%) of mass market customers consider multiple lenders before selecting their finance provider.
- Overall satisfaction is higher for captive lenders than for non-captive lenders. Luxury segment captive lenders score 851 (on a 1,000-point scale), compared with 793 for non-captive lenders. Mass Market segment captive lenders score 836, compared with 805 for non-captive lenders.
- Satisfaction is higher when lenders provide onboarding information that customers completely understand, compared to when they do not provide clear information (+131 points in the luxury segment and +115 points in the mass market segment). Providing tools for customers to self-manage their account, particularly setting up auto-payments, increases satisfaction more than 150 points in the luxury and mass market segments (+157 points and +152 points, respectively).
- There is a relationship between higher levels of overall satisfaction and future intent, with 95 percent of highly satisfied automotive financing customers (overall satisfaction scores of 800 and above), indicating they are likely to choose their lender again.
- Overall satisfaction among automotive financing customers in the luxury segment is 835, compared with 820 among those in the mass market segment.
Mass Market Segment
- Financial Services
- Auto Finance
- Auto Finance
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Lincoln Automotive Financial Services Ranks Highest in the Luxury Segment; Kia Motors Finance Ranks Highest in the Mass Market Segment
Lenders that provide excellence in the servicing and onboarding experiences from the beginning of the loan or lease process set the stage for customer satisfaction throughout the financing duration, according to the J.D. Power 2013 U.S. Consumer Financing Satisfaction StudySM released today