Canadian auto dealers have rated Ford Credit the best captive finance company in J.D. Power’s annual study of dealer satisfaction with lenders, knocking Mercedes-Benz Financial Services from the top spot.
Ford Credit becomes the third captive lender to take home first place in as many years after Mercedes-Benz Financial Services ended the five-year reign of BMW Financial Services.
The Ford financial unit scored 915 points out of a possible 1,000. Dealers ranked Toyota Financial Services second with 897 points and Honda Financial Services third with 891.
The average score out of 1,000 for captive lenders was 883. Hyundai Motor Finance scored the lowest at 768 with GM Financial just four points ahead at 772.
Patrick Roosenberg, director of automotive finance at J.D. Power, said that as sales decline, the expectations for lenders rise.
“As dealers face headwinds, the pressure on lenders mounts not only to be price competitive but also to provide a high level of service,” he said in a statement. “Every dealer-lender communication touch point, from the creditanalysts to the sales representative, must be a value-add.
“Lenders who are engaged with their dealer partners are poised to protect market share and even grow it over the long term.”
TD Auto Finance, with a score of 906, ranked highest among non-captive lenders for the second consecutive year. The Bank of Montreal ranked second with a score of 890 points while Scotiabank placed third with 888.
The most recent survey marks the third year in which lenders not owned by automakers were ranked in their own category. Prior to 2017, they were rated in a single group with OEM-owned lenders.