GM Financial, General Motors’ wholly owned captive finance subsidiary, has ranked well among mass-market services in the recent J.D. Power 2023 U.S. Consumer Financing Satisfaction Study. GM Financial also ranked mid-pack among luxury services. The latest J.D. Power study is based on the responses of more than 10,000 customers who financed a new or used vehicle in the last three years. The study also provided key findings on customer satisfaction best practices.
The J.D. Power 2023 U.S. Consumer Financing Satisfaction Study was fielded between July and August of the 2023 calendar year, and is based on responses from 11,012 customers having financed a new or used vehicle through a loan or lease service in the last three years. Customer responses were then used to calculate an overall auto financing customer satisfaction score based on five general criteria, including account management and communication; application / approval process; billing and payment process; customer orientation process; and customer service experience.
This data was then distilled down into a single numerical score based on a 1,000-point scale, with a higher overall score indicating greater customer satisfaction. Among mass-market services, GM Financial scored 859 points, placing it fifth out of 22 services ranked. The segment average for mass-market services was 850 points, with Capital One Auto Finance taking the top spot with 877 points, Ford Credit taking second with 867 points, and NMAC taking third with 865 points.
Meanwhile, GM Financial placed mid-pack in the luxury services segment, landing in eighth with 860 points among 12 services ranked. The segment average was also 860 points, while BMW Financial Services was the top-ranked service in the segment with 876 points, followed by Lexus Financial Services in second with 875 points and Chase Automotive Finance with 870 points.
The study also provided several key findings, including the importance of digital engagement for customer advocacy. Digital customers also considered data security to be a top concern, while digital billing helped to drive customer satisfaction.