GM Financial, the captive finance arm of General Motors that handles direct financing and leasing, ranked above average in the mass market and last among luxury brands in the 2020 J.D. Power U.S. Consumer Financing Satisfaction Study.
The study measures overall customer satisfaction in five different factors: the billing and payment process, mobile app experience, onboarding process, origination process, and website experience. The 10,103 customers that were chosen for the study had financed a new or used vehicle through a loan or lean sometime in the past three years. Their responses were then used to calculate a score out of 1,000 points for each lending company. The study ran from July to August of 2020.
In the mass market sector, GM Financial scored 859 points, placing it well above segment average of 850 points. GMF ranked just one point below Bank of America and two above Chase Automotive Finance. BB&T, now Truist, came in first place with 879 points, Capital One Auto Finance and Ford Credit tied for second with 870 points each, while Honda Financial Services came in third with 866 points. Santander Auto Finance placed last with 801 points.
In the luxury sector, GM Financial did not fare as well, placing well below segment average. Lincoln Automotive Financial Services took first with 899 points, followed by Capital One Auto Finance with 885 points. The segment average was 866 points, but GMF tied for last place with Acura Financial Services, placing last with 849 points.
One of the key takeaways from the study is that more customers are using digital methods to acquire an auto loan. This trend was further accelerated by the ongoing COVID-19 pandemic. Patrick Roosenberg, director of automotive finance intelligence at J.D. Power, believes that this behavior will continue even when the pandemic is over as customers are more satisfied with the digital process.
“The pandemic accelerated a trend toward digital auto loan origination that has been developing for some time,” Roosenberg said. “Many buyers who have secured financing digitally had a great experience and won’t go back to the old way of doing things – even when COVID-19 is no longer a factor. To improve satisfaction and lower the cost to serve during these changing times and beyond, providers need to build a robust digital platform that addresses borrower needs, from research and origination through account management and billing.”
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Comments
I can confirm that USAA is Awesome.
there rates are high was charged over 6% with a 830 credit score only did it for a 1500 bonus rebate paid it off in a couple months
We financed our new 2015 Cadillac ATS thru GM Financial and my wife was less than happy with the roller coaster finance percentage each month. She increased our payments to end the connection with GMF.
Because of GMF I will never purchase another GM product. Short version of the latest reason, but there are many. Not sure how this company got good reviews. Leased an Equinox in 2018. Lease was up up during the pandemic but turned in early because of mileage but paid off. Left at dealership March 19th. A day later dealerships closed, making it impossible to lease/buy another. Four months later, and after they reopen, they slam me with the typical “disposition fee” that should’ve been waived but of course it wasn’t. I’d love to know why they think this is fair. They don’t care about customers, just fattening their wallets. I asked them several times if they’d waive it as I couldn’t go to a dealership that was closed to buy one in the 90 days they require. Nope but they blocked me from making a complaint on their website, and Facebook for telling the truth. They just pull out the contract that means nothing. It doesn’t say anything about what happens if the customer can’t buy/lease because of closures or pandemics. I’ll continue to spread the word. Scammers and rip off artists at best.
My GM Financial story: I purchased my GMC Sierra pick-up towards the end of my 3 year lease with GM Financial. I sent a check for the payoff, they sent me the title. I re-titled the truck in my name. I then received a letter from GM Financial saying, in print, my financial obligations with them were complete….2 weeks later they took an automatic withdrawl from my bank account for the last month’s lease payment!!!
It took an angry phone call and they agreed to process and then mailed me a refund check for the amount. Unbelievable they could still take my money after they agreed the lease was over.
Horrible!
Terrible customer support!! Renewed my registration on a leased vehicle, the RMV sent them my plate sticker, after numerous calls to GMF they finally found my sticker and I received it over a month later!! Now Im doing a lease buyout, why isnt the payioff amount printable in my account online?? 2 weeks trying to get it faxed over to BOA my lender!! Endless hold times on the phone, if you chat they get back to you later on in the day with the answer, who does this??…Bruttle!!!
I had to have my states AG get involved because they charged 7 late fees to my account but they never showed up on my bill. They were adamant that they weren’t going to remove them till I had the AG ask for those statements showing the fees. GMF then said that my account had billing irregularities and that it wasn’t their normal billing policies.
STAY AWAY ……GMF WHAT A JOKE COMPANY!
GMF NEVER AGAIN!!!
33 years a GM employee, now a retiree haven driven GMC’s for the past 30+ years.
Currently driving my C-5 Corvette, a 2017 GMC Denali pickup and (2) restored Pontiac Trans-Am’s, so I have a lot invested in GM products.
My only dealings with GMF was a lease contract regarding my previous pickup a 2016 GMC Sierra. I will state up front that I WILL NEVER DO ANY BUSINESS WITH GMF AGAIN!!!
I was give repeated incorrect information “lied to” by numerous customer service representatives time and again, only after repeated calls and speaking to various levels of management representatives did I finally get solid factual answers to not only my options regarding the termination of this lease at its end date, BUT, also what option I had as far extending this lease as this lease ended January 1, 2020. This lease ended right at the beginning of the pandemic and just after GM holds its workforce on strike for 43 days and then takes months to attempt to restore inventory to the truck market which to this minute has not returned.
Moving forward I ordered a new replacement truck in early February 2020. This vehicle arrives at the dealership April 14, 2020. Dealership is shut down to with only the general manger running the sales/delivery of vehicles.
I ran the VIN# of the new pickup “which was still at the dealership awaiting delivery” checking to confirm that any recalls had been corrected by the dealership, only to find out that this VIN# had a “DO NOT SELL RECALL” “lie to again” by the dealership which had told me that the pickup was read for delivery. Now due to the pandemic NO corrective procedure was available for the recall issue. I was forced then to extend the 2016 lease. During that extension period is when GMF destroyed my relationship with them as stated above. After 4 months of extending the 2016 lease while waiting for GM to correct the “NO SALE” 2020 vehicle I notified the dealership that I would NOT accept the deal and ended that fiasco!
Due to the very limited inventory of trucks I was forced to look at used vehicles at which time I did purchase my current 2017 Denali.
Once the pickup market inventory is restored I will be driving a new Dodge Ram Longhorn, done with GM and GMF..