In the recent 2023 J.D. Power U.S. Dealer Financing Satisfaction study, GM Financial was ranked well below the segment average, indicating that dealerships aren’t satisfied with General Motors’ financial arm.
According to a report from J.D. Power, GM Financial was given a score of 687 out of a possible 1,000 points. This places the subsidiary well below the segment average of 731, while Southeast Toyota Finance was ranked at the top of the list with a score of 901.
“Finance teams overwhelmingly prefer one-on-one interaction with lending sales reps in the dealership, but there is a catch,” J.D. Power Automotive Finance Intelligence Senior Director Patrick Roosenberg stated in a prepared statement. “Those sales reps need to be prepared and the meetings need to be highly effective. When sales reps can clearly communicate current and upcoming programs and speak to the specifics of the dealership customer base, dealers are four times more likely to send more business within the next 12 months. The problem is, today, lender reps miss the mark on delivering a highly effective sales meeting nearly 40 percent of the time.”
In the report, J.D. Power discussed how the auto lending business has begun to shift towards AI and a more electronic experience. However, the publication did note that 77 percent of surveyed dealership finance and insurance (F&I) teams claim that in-person meetings with sales reps are the key to increased business with lenders.
“When it comes to the introduction of AI and machine learning in the loan adjudication and approval process, 30 percent of dealership finance teams say they are comfortable with the process,” Roosenberg added. “However, half say they are not, so it really is about striking the right balance between people and technology as the industry evolves.”
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Comments
This is my Eighth (8th) GM Financial Lease and it will be my last even if I have to change my make of vehicle. My last Two (2) Leases have been horrible. Never have I been late or missed any payments over the many years. However, these last Two leases have shown just how horrible, unprofessional, and totally customer unfriendly GM Financial has become. I have already told my dealership who has handled all of my Eight leases that I will not use GM Financial and will choose another brand of vehicle if necessary. I tell everyone who ask me about my satisfaction with my Cadillac XT6 and my Buick Enclave that the vehicles were fine but the dealings with GM Financial Leasing was and is horrible and will never use again. Ms. Bara, spend more time getting ahold of that disaster GM Financial Leasing mess and less time profiling for the cameras and maybe the ratings will increase.
Thank you for your input Dave! The word needs to get out, -regardless of it being good or bad. Help your fellow man! This is what this forum is all about!
Actual reasons as to why they were horrible would help.
Is this a surprise to anyone who has used a GM Lease program with less than stellar results?
You’d think this sort of bad press news would be important to GM Financial & Leasing, but in truth if it were, I don’t think this sort of negative news would be tolerated. It’s just “business as usual”.