December 12, 2007
BMW Financial Services, Ford Credit, Honda Financial Services and Lexus Financial Services rank highest in consumer financing satisfaction
Westlake Village, California – BMW Financial Services, Ford Credit, Honda Financial Services and Lexus Financial Services each rank highest in satisfying customers with the new-vehicle financing process, according to the J.D. Power and Associates 2007 Consumer Financing Satisfaction Study released on Tuesday.
Now in its 12th year, the study measures customer satisfaction with the new-vehicle financing process. Four factors are examined to determine customers’ satisfaction with their automotive finance providers: provider offering, application/approval process, payment/billing process and customer contact experience.
BMW Financial Services ranks highest in the luxury lease segment with a score of 815 on a 1,000-point scale, performing particularly well in provider offering, payment/billing process and customer contact experience. Ford Credit (804) and Mercedes-Benz Financial (799) follow BMW Financial Services in the segment.
In the non-luxury lease segment, Honda Financial Services ranks highest (813), performing particularly well in provider offering, and billing and payment. Ford Credit (783) and GMAC (777) follow in the segment rankings.
Performing well in the payment and billing factor, Lexus Financial Services leads among luxury loan providers with a score of 782. Ford Credit follows Lexus Financial Services with 779, and GMAC follows Ford Credit at 774.
Ford Credit ranks highest among non-luxury loan providers with 781, performing particularly well in the areas of provider offering and customer contact experience. Suzuki Financial Services (776) and Volkswagen Credit (764) follow in the segment rankings.
The 2007 Consumer Financing Satisfaction Study is based on responses from 24,163 consumers who financed their new vehicle in the previous five to seven months. The study was fielded from May through October 2007. To review the entire Consumer Financing Study management discussion, see JDPower.com.