Kia Motors Finance was the No. 1 auto lender among mass-market brands and Lincoln Automotive Financial Services the top lender among luxury brands in J.D. Power’s 2013 U.S. Consumer Financing Satisfaction Study
released [on 11/25/13].
Captive finance companies beat banks and independent finance companies for the top spots in the rankings overall, but many lenders weren’t ranked because of small sample sizes, including some of the nation’s biggest-volume lenders .
Kia Motors Finance, which wasn’t ranked in 2012, took the top lender spot among mass-market brands this year with a score of 851 on a 1,000-point scale, barely ahead of VW Credit, Hyundai Motor Finance and Ford Credit, respectively.
Lincoln Automotive Financial Services, the top lender for luxury brands this year with a score of 875, was also No. 1 in last year’s survey for the luxury lease category. In this year’s survey, BMW Financial Services was just behind the Lincoln captive in the luxury category.
In previous years, J.D. Power and Associates provided a total of four separate rankings, breaking them out by loans and leases, luxury and mass-market brands. The rankings in this year’s survey combined loans and leases but kept luxury and mass-market brands separate.
Another significant change to this year’s survey is that customers were no longer asked to rate lenders on their satisfaction with interest rates or monthly payments. The study continues to measure customer satisfaction in three categories: billing and payment process, Web site, and phone contacts.
The 2013 U.S. Consumer Financing Satisfaction Study is based on 12,741 respondents who bought or leased a new 2012 or 2013 model-year vehicle. The study was fielded between September and October 2013, the company said.