GM Financial, the finance arm of General Motors, performed reasonably well in the recently published J.D. Power 2023 U.S. End of Lease Satisfaction Study.
GM Financial received a score of 851 out of a possible 1,000 points in the annual study, placing it sixth overall among mass-market captive finance institutions. Notably, this ranking is the same as the year before, yet positioned three spots lower. Ford Credit was placed first with a score of 873, followed by Toyota Financial Services with a score of 857. The industry average was 847, while Mazda Financial Services was ranked last with a score of 808.
In order to obtain the data necessary for the 2023 U.S. End of Lease Satisfaction Study, J.D. Power surveyed 2,513 mass-market lease customers who ended an auto lease within the past nine months of the survey period. The study was active from November 2022 through January 2023.
It’s worth noting that J.D. Power mentioned that leasing volumes continue to fall and only accounted for approximately 17 percent of all new-vehicle sales, and that lenders need to focus on luring customers back to their brand.
“In this market, lenders need to take actions that create and maintain brand loyalty,” said J.D. Power director of automotive finance intelligence Patrick Roosenberg. “Because there are fewer lease opportunities, the best course of action is for lenders to do everything in their power to maintain their current customers. In that effort, we compare the different end of lease journeys, between customers that are brand loyal and those that leave the brand, to identify and understand lender specific actions that affect loyalty. According to our data, the optimal recapture point is long before a customer ever sets foot in a dealership. The greatest opportunity to retain lease customers is six to nine months before vehicle turn-in.”
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