Kia Motors Finance and Lincoln Automotive Financial Services were ranked the top lenders among mass market and luxury brands, respectively, according to J.D. Power's 2013 U.S. Consumer Financing Satisfaction Study. Among mass market brands, Kia Motors Finance scored 851 on a 1,000-point scale, closely followed by VW Credit, Hyundai Motor Finance and Ford Credit.
Among luxury brands, Lincoln Automotive Financial Services scored 875, followed by BMW Financial Services. Lincoln Automotive Financial Services was also the top-ranker in last year’s index.
The study also showed that captive finance companies outranked banks and independent finance companies in the overall rankings, although some of the biggest-volume lenders in the United States weren’t ranked due to small sample sizes. This year’s rankings combined loans and leases but kept luxury and mass-market brands separate.
Likewise, in this year’s study, customers were no longer asked to rate lenders on their satisfaction with interest rates or monthly payments. However, the study still measures customer satisfaction in three categories: billing and payment process, Web site, and phone contacts. The study also showed that dealership recommendations were the most cited influencer of lender choice, at around 50 percent.
It also found that providing easily understood "welcome aboard" materials worked wonders for lenders in higher customer satisfaction just as making automatic payments became much easier to set up. The study also showed that 95 percent of auto finance customers who said they were "highly satisfied" remarked that they would probably opt for the same lender again.