Ford Credit – FoMoCo’s financing arm – has fared reasonably well in a number of recent J.D. Power studies, ranking second in the 2020 U.S. Consumer Financing Satisfaction Study, fifth in the 2021 U.S. Dealer Financing Satisfaction Study, third in the 2021 Canada Dealer Financing Satisfaction Study, and first in the 2021 U.S. Consumer Financing Satisfaction Study, all of which is rather important as most Blue Oval customers have opted to finance their new vehicles rather than lease in recent months. Now, it continues that streak with another first-place finish – this time in J.D. Power’s 2022 U.S. End of Lease Satisfaction Study.
Ford Credit topped all of its competition in the mass market segment with a score of 864 out of 1,000, which ranked it ahead of Honda Financial Services (853), GM Financial (852), Hyundai Motor Finance (852), Toyota Financial Services (834), Ally Financial (832), Kia Motors Finance (832), Chrysler Capital (825), and U.S. Bank (816).
The 2022 U.S. End of Lease Satisfaction Study identifies lease-end practices and timely marketing opportunities that optimize lease retention for the same brand and at the same dealer. The study is based on the responses of 3,075 mass-market and premium vehicle lease customers who are within six months of lease-end and was conducted from November and December of 2021.
“The days of the one-size-fits-all lease loyalty strategy are long gone,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. “In this market, lenders, dealers, and OEMs really need to understand the unique individual journeys of their customers and develop tailored, highly targeted outreach strategies creating the greatest opportunity to retain them. Ultimately, successful customer retention and conquest strategies are coming down to detailed analytics. Lease providers need to understand the different customer journeys – whether it’s first-time lessees or returning lessees – and offer available incentives to the right customers, at the right moments, via the right communication channels to keep lease volumes flowing.”
We’ll have more automotive insights like this to share soon, so be sure and subscribe to Ford Authority for continuous Ford news coverage.
No Comments yet