Used Car NewsUsed Car News

  • ABG +1.28 - +2.34%
  • AN +1.14 - +2.31%
  • CACC -1.05 - -0.56%
  • CAR +0.56 - +1.98%
  • CARZ -0.2391 - -0.7307%
  • CPRT +0.74 - +1.54%
  • CPSS -0.05 - -1.26%
  • CRMT +0.89 - +3.85%
  • DAI
  • F -0.01 - -0.07%
  • FIATY
  • GM +0.10 - +0.32%
  • HMC -0.58 - -2.09%
  • HTZ +0.01 - +0.11%
  • KAR +0.23 - +0.56%
  • KMX +0.20 - +0.37%
  • LAD +0.79 - +0.97%
  • MZDAF +0.00 - +0.00%
  • NSANY -0.09 - -0.49%
  • PAG +0.73 - +1.90%
  • SAH +0.28 - +1.61%
  • TM -1.68 - -1.64%
  • TRAK +0.00 - +0.00%
  • TSLA -2.08 - -0.92%
  • TTM +0.07 - +0.24%
  • VLKAY -0.05 - -0.18%
  • VROM

Featured News

State Fines, Bans Buy-Here, Pay-Here Dealer

The Pennsylvania Department of Banking and Securities has issued an order against Dean M. La...

Read more

Exeter Debuts New Logo, Other Updates
Exeter Finance Corp. unveiled a new company logo to dealers and customers in tandem with the company...

Read more

Edmunds Sees Slight Dip in Sales
Used-cars sales declined slightly in May.
Edmunds.com estimates 3.2 million used cars will be...

Read more

America’s Car-Mart’s Profits Tumble
America’s Car-Mart Inc. reported that net earnings in the latest quarter fell to $3.4 million, compa...

Read more

State Fines, Bans Buy-Here, Pay-Here Dealer
Exeter Debuts New Logo, Other Updates
Edmunds Sees Slight Dip in Sales
America’s Car-Mart’s Profits Tumble

Used Car News | Home

Finance Department Drives Repeat Business

carloanThere is a strong relationship between an exceptional vehicle loan or lease servicing experience and customer intent to use the same finance provider again, according to the J.D. Power and Associates 2012 Consumer Financing Satisfaction Study.

The study also finds that there is a minimal relationship with the servicing experience and customer intent to use the same dealership for a future vehicle purchase or lease, whereas the in-dealership experience significantly impacts likelihood to return to the same dealer.

Many of the best practices in auto finance servicing are related to problem prevention. These practices include providing service alerts; reminding customers of a payment or confirming when a payment has been made; providing accurate and informative billing information; and offering alternative, easy-to-use methods for reviewing account information.

The study measures customer satisfaction in four key factors of the new-vehicle financing experience: billing and payment; interest rate/monthly payment; website and phone contact. The study is conducted across four consumer vehicle financing segments: mass market loan; mass market lease; luxury loan and luxury lease.

Volkswagen Credit ranks highest for traditional financing, performing particularly well in billing and payment as well as interest rate/monthly payment, followed by Mazda Capital Services and Honda Financial Services.

Ford Credit ranks highest for leasing and performs particularly well in all factors, followed by Volkswagen Credit and Honda Financial Services.

Mercedes-Benz Financial Services ranks highest with luxury customers and performs particularly well in phone contact, followed closely by Acura Financial Services. BMW Financial Services ranks third, Lincoln Automotive Financial Services ranks highest for luxury leasing and performs particularly well in all factors. Following in the rankings are Lexus Financial Services and Mercedes-Benz Financial Services.

The 2012 Consumer Financing Satisfaction Study is based on responses from 11,259 new-vehicle purchasers or lessees who completed a vehicle loan or lease transaction between June 2011 and May 2012. The study was fielded between August and October 2012.