Ford Auto Finance Ranked Last In 2023 China Financing Study

August 13, 2023 4:03 am

In some recent J.D. Power studies, FoMoCo’s financing arms from around the globe have fared quite well, with Ford Credit ranking first in the 2022 U.S. Consumer Financing Satisfaction Study, while the same entity landed in third place in the 2023 J.D. Power Canada Dealer Financing Satisfaction Study, too. As for China’s Ford Auto Finance, that institution only managed to achieve an average ranking on J.D. Power’s 2022 China Dealer Financing Satisfaction (DFS) Study, but it sunk far lower in the 2023 China Customer Financing Satisfaction (CFS) Study.

This year, Ford Auto Finance managed to score a 754 out of 1,000 possible points, which tied it for last place among all Chinese auto lenders with First Automobile Finance. Aside from the industry average of 775 points, Ford Auto Finance also ranked behind Mercedes-Benz Auto Finance (791), SAIC Finance (788), BMW (786), Dongfeng (783), SAIC-GMAC (782), Volkswagen (782), Dongfeng Nissan (779), Toyota (777), FAW (763), Great Wall Binyin (762), GAC-SOFINCO (761), Changan (760), and Genius (756).

This year’s CFS study – which examines the experience provided by auto finance institutions in terms of auto finance product introduction, loan application process, approval efficiency, contract signing, and after-sales service – interviewed 12,722 new car buyers that financed their purchases across 81 cities in China between December 2022 and May 2023. Overall, the study found that customers have had a more satisfying experience financing through banks over the past year compared to captive companies such as Ford Auto Finance.

“Customers can comprehensively evaluate which finance institutions could provide products and services to better meet their needs according to information found on websites,” said Joseph Yang, director of auto finance practice at J.D. Power China. “This shows us that the maturity of Chinese customers in the auto loan market has approached developed countries. Experienced vehicle shoppers can put forward their views on the products and services of finance institutions, thus promoting the improvement of the service of the entire auto finance industry.”

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By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.