Each year, the J.D. Power U.S. Automotive Finance Digital Experience Study evaluates customer satisfaction with auto finance websites and apps used to manage their accounts by polling those same customers and asking them a variety of questions. Last year’s version of this study found that overall, only 22 percent of customers were highly satisfied with the digital experience provided by their lender. As for Ford Credit, it was difficult to tell how it fared individually as J.D. Power didn’t provide scores for each lender last year, but now, it has done precisely that for 2024.
In the 2024 J.D. Power U.S. Automotive Finance Digital Experience Study, Ford Credit ranked above the captive lender segment average of 690 by posting a score of 693 out of 1,000 possible points, which ranked it behind GM Financial, BMW Financial Services, Lexus Financial Services, and Mercedes-Benz Financial Services, as well as ahead of Toyota Financial Services, Hyundai Motor Finance, NMAC, Mazda Financial Services, and Kia Finance America. The 2024 version of this study is based on the responses of 6,090 automotive finance customers who used their lender’s desktop website or mobile app, as well as four specific criteria – visual appeal; information/content; navigation; and speed.
Overall, this study found that lenders which deliver a strong digital customer experience via their websites and mobile apps enjoy much higher levels of customer satisfaction, but 40 percent failed to meet that mark. In fact, those polled for this study noted that only two percent of websites and apps deliver what they consider to be a comprehensive digital experience, a figure that lags far behind the websites and apps used by companies that operate in different industries.
“Lenders have a huge opportunity to build customer loyalty and advocacy by fostering streamlined, two-way communication, but far too many are treating their digital properties as a transactional portal that only exists for bill pay,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “These digital properties should be seen as two-way portals to communicate with customers on a month-to-month basis, while improving customer satisfaction and reducing cost to serve.”
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