With nearly half of consumers researching auto financing online prior to visiting a dealership, consumers' views on individual lenders matter, a J.D. Power expert said following the release of the company's 2022 U.S. Consumer Financing Satisfaction Study.
"That's a great opportunity to capture that customer," Patrick Roosenberg, director of automotive finance intelligence at J.D. Power, said of consumers' preliminary research behavior. "Why would you not want to try to lock them up?"
Borrowers who called themselves extremely likely to recommend their current auto lender were nearly twice as prone to say they would "definitely" consider that funding source again for their next vehicle, J.D. Power said in a news release Nov. 14 announcing the study findings. The July-August survey polled slightly more than 10,000 customers who had taken out a car loan or lease within the past three years.
Captive finance companies might have more success on this front. That segment of the market once again "significantly" made a better impression on consumers than other lenders, according to J.D. Power. The average captive received a net promoter score of 56, while noncaptives only averaged a 40.