Historically speaking, Ford Credit – the automaker’s financing arm – has posted strong results in J.D. Power’s U.S. Consumer Financing Satisfaction Study each and every year. This particular study is designed to measure customer satisfaction with automotive finance companies in both the mass market and premium vehicle segments, and over the past five years or so, Ford Credit has ranked at or near the top in that regard. This was once again the case in the 2024 U.S. Consumer Financing Satisfaction Study, too.
In 2020, Ford Credit ranked second in the U.S. Consumer Financing Satisfaction Study, then proceeded to rank fifth in 2021, first in 2022, and second in 2023. For 2024, Ford Credit reclaimed its spot atop those rankings with a score of 669 out of 1,000 possible points, giving it the lead by a mere five points over Southeastern Toyota Finance, while the segment average came in at 630 points.
The 2024 J.D. Power U.S. Consumer Financing Satisfaction Study measures overall auto financing customer satisfaction across eight categories – level of trust with provider; loan/lease offering met needs; experience managing my loan/lease; keeps me informed about my loan/lease; experience obtaining loan/lease; makes it easy to do business with; digital channels; and people. This year’s study was fielded from November 2023 through August 2024 and is based on the responses from 11,071 customers who financed a new or used vehicle through a loan or lease within the past three years.
Making Ford Credit’s first place finish even more impressive is the fact that high interest rates and average transaction pricing continue to make the act of financing a new vehicle a bit stressful for many consumers. “Auto lenders really need to tailor their offerings for the realities of the current market and recognize that a large portion of their customers may face some very real challenges managing their finances,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “Lenders need to ensure that their digital bill-pay tools encompass a wide range of options, such as extensions, due date changes, personalized financial planning/budgeting tools and one-on-one advice to help consumers plan for the future.”
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