Ford drivers are the most satisfied with their end of lease experience for the second year in a row, according to a new J.D. Power Study.
J.D. Power 2023 U.S. End of Lease Satisfaction Study
The new J.D. Power 2023 U.S. End of Lease Satisfaction Study ranks Ford the highest in end of lease satisfaction for a second consecutive year, in a market where researchers say auto leasing market continues to fall, accounting for just 17% of total new-vehicle sales.
With lease options for customers limited, J.D. Power says lenders need to focus on brand loyalty. Researchers say the key to attracting and keeping customers is understanding when lessees make their decisions and communicating them at the right moment.
“In this market, lenders need to take actions that create and maintain brand loyalty,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. “Because there are fewer lease opportunities, the best course of action is for lenders to do everything in their power to maintain their current customers. In that effort, we compare the different end of lease journeys, between customers that are brand loyal and those that leave the brand, to identify and understand lender specific actions that affect loyalty. According to our data, the optimal recapture point is long before a customer ever sets foot in a dealership. The greatest opportunity to retain lease customers is six to nine months before vehicle turn-in. By being proactive with their communication, knowing when it should begin and understanding the communication channels customers value, lenders maximize their chances to forge a brand loyalty with a customer that can pay dividends for years to come.”
Study Rankings
- Ford Credit ranks highest in end of lease satisfaction in the mass market segment for a second consecutive year, with a score of 873.
- Toyota Financial Services (857) ranks second
- Honda Financial Services (855) and Hyundai Motor Finance (855) rank third in a tie.
About the Study
The 2023 U.S. End of Lease Satisfaction Study identifies lease-end practices and timely marketing opportunities that optimize lease retention for the same brand and at the same dealer. The study, fielded from November 2022 through January 2023, is based on responses from 2,513 mass market lease customers who have ended an auto lease within the past nine months of the survey period.
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