Over the past couple of years, Ford Credit has dominated the J.D. Power U.S. Consumer Financing Satisfaction Study, recording a first-place finish among all mass market lenders in both 2021 and 2022. However, with the release of the 2023 J.D. Power U.S. Consumer Financing Satisfaction Study comes a bit of bad news for The Blue Oval’s financial arm, as it has slipped to second place this time around.
This year, Ford Credit ranked second with a score of 867 out of 1,000 possible points, ranking it behind the new leader of the proverbial pack – Capital One Auto Finance – which finished with a score of 877. Meanwhile, Ford Credit did manage to beat out the rest of its rivals in this space, including GM Financial, Southeast Toyota Finance, Wells Fargo, Bank of America, and others.
The J.D. Power U.S. Consumer Financing Satisfaction Study measures overall auto financing customer satisfaction across five factors – account management and communication; application/approval process; billing and payment process; customer orientation process; and customer service experience. This year’s study was conducted between July and August, 2023, and is based on the responses of 11,012 customers who financed a new or used vehicle via a loan or lease within the past three years.
Amid difficult macroeconomic conditions such as soaring interest rates and record high prices, J.D. Power found that lenders are facing their fair share of challenges, though interestingly enough, those that focus more on the digital experience are enjoying higher levels of customer satisfaction.
“In a challenging market, lenders’ focus turns to cost containment and reduction,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “The key is to transition the traditional customer experience to a digital relationship. Customers who use their lender’s mobile apps, website, and signup for alerts to manage their account are significantly more satisfied and have a lower cost to serve. It’s a win-win situation for both the lender and their customer.”