Historically speaking, Lincoln Financial Services – the luxury brand’s financial arm – has performed quite well in J.D. Power’s U.S. Consumer Financing Satisfaction Study, topping the premium segment in 2020 and ranking fourth in 2021. Now that this year’s version of that same study – which is designed to measure customer satisfaction with automotive finance companies – has been released, it reveals that Lincoln Financial Services once again ranked higher than any other premium brand, too.
With Ford Credit topping the mass market lender segment of the 2024 J.D. Power U.S. Consumer Financing Satisfaction Study, Lincoln Financial Services made this a clean sweep for Ford Motor Company, as the latter posted a score of 722 out of 1,000 possible points compared to second-place Mercedes-Benz Financial Services at 719 and the segment average of 679. “Our team is focused on providing our customers with the best financing experience in the business, and we’re thrilled that customers agree,” said Ford Credit CEO Cathy O’Callaghan. “Whether it’s financing a new vehicle or support during tough times such as natural disasters, every day is another opportunity for our team to provide our customers with the ease, clarity and flexibility that makes financing with Ford Credit or Lincoln AFS the right choice.”
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 FoMoCo’s first place finishes 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.”
Comment
I had never used Lincoln Automotive Financial Services. I went to my local dealer to check out new Lincolns not truly intending to drive off with a new car. I started talking to a salesman who asked for my DL. I thought ok why not. He gave it to someone else who came back and said he qualifies for 3.9.! An hour later I drove off in a 2023 Nautilus!