GM Financial performed well in the recently published J.D. Power 2021 U.S. Consumer Financing Study, which measures overall customer satisfaction among the top auto financing firms in the United States.
To conduct this study, J.D. Power surveyed 10,462 customers who financed a new or used vehicle through a loan or lease within the past three years. Survey participants were asked to rate their level of satisfaction with their chosen financing firm across five categories: billing and payment process, mobile app experience, onboarding process, origination process and website experience. Financing firms were then given a customer satisfaction score based on a 1,000 point scale, with a higher number reflecting a higher level of satisfaction among customers.
GM Financial received a score of 854 in the J.D. Power 2021 U.S. Consumer Financing Study – just above the market average of 845. Ford Credit led the way with a score of 865, followed by Captial One Auto Finance (863), Honda Financial Services (860), Toyota Financial Services (857) and NMAC (856).
Patrick Roosenberg, director of automotive finance intelligence at J.D. Power, says a greater portion of the auto financing business has moved online in recent years, so having a clear and easy-to-read website is an easy way for auto financers to boost their customer satisfaction. Customers are also researching their financing options well in advance of their vehicle purchase, giving lenders an opportunity to help gain and retain customers in these interactions.
“Auto financing customer behavior has fundamentally shifted from an exercise that largely took place in a dealership finance department to one that takes place online upwards of 30 days prior to a vehicle purchase,” he said. “Nearly half—45%—of all customers now do research prior to financing a vehicle and their experiences with lenders can have a tremendous influence on that process. That really puts the onus on lenders to deliver a superior customer experience to existing customers and to position their websites and consumer marketing initiatives to maximize conversions.”
J.D. Power says most customers looking to finance their new vehicle also have long memories and will recall how they were treated by an auto lender in the past. For this reason, lenders should treat every interaction with the customer, even brief ones, with importance.
“Current and past experiences with auto lenders matter now more than ever as many customers begin the shopping process because of marketing information or incentives they’ve received from their existing lender or auto manufacturer,” J.D. Power said.