WESTLAKE VILLAGE, Calif. -

The J.D. Power 2015 U.S. Consumer Financing Satisfaction Study gave two specific areas where auto finance providers need to focus their efforts on servicing processes.

Stemming from the study that examines the overall customer experience with financing either an automotive loan or lease, J.D. Power analysts determined that finance companies should be anticipating the changing needs of their contract holders as well as the diversity of their customers to achieve high levels of satisfaction.

The study measures satisfaction among customers who financed or leased their vehicle indirectly through a dealer or directly through an auto finance provider in four key factors:

— Onboarding process
— Billing and payment process
— Website
— Phone contact

The study is conducted in two vehicle segments: luxury and mass market. Satisfaction is calculated on a 1,000-point scale.

“The higher-performing companies do a good job of satisfying their customers throughout the life of the loan or lease,” said Mike Buckingham, senior director of the automotive finance practice at J.D. Power.

“Once the new-car smell goes away, it's the day-to-day handling of the account that is critical, and that's where some companies fall,” Buckingham continued.

Buckingham noted that most of the providers do a good job in the initial onboarding and loan/lease setup, but as consumers experience changes in their life or have informational needs, getting quick support from their provider is critical in order to maintain high levels of satisfaction.

“The higher-performing brands are adept at satisfying a diverse consumer base that has different needs based on both age and product type,” he said.

Following are some of the key findings in this year's study:

— Luxury Car Buyers More Satisfied. Overall satisfaction is 840 in the luxury segment and 817 in the mass market segment.

— Loan and Lease Experiences Not Created Equally. The loan and lease experience differs by segment, with overall satisfaction in the luxury segment similar for loans and leases (840 and 839, respectively). In contrast, satisfaction in the mass market segment is significantly higher for loans than for leases (821 and 798, respectively).

— Satisfaction Equals Loyalty. Ensuring customer satisfaction is critical for finance providers, as more than 96 percent of highly satisfied customers (overall satisfaction scores of 900 points or more) say they "definitely will" use their current lender in the future.

— Dealer's Choice. Nearly 40 percent of customers indicate they selected their provider based on inputs other than dealer recommendations.

2015 US Consumer Financing Satisfaction rankings

Lincoln Automotive Financial Services (873) ranked highest in the luxury segment for a third consecutive year and performed particularly well in the onboarding process, billing and payment process and phone contact factors. BMW Financial (853) ranked second and Lexus Financial Services (850) came in third.

Ford Credit ranked highest in the mass market segment with a score of 838. The study showed Ford Credit performed particularly well in the onboarding process and phone contact factors.

Bank of America (834) ranked second, and Toyota Financial Services (832) came in third third.

The 2015 U.S. Consumer Financing Satisfaction Study is based on responses from 19,522 new- and used-vehicle purchasers or lessees who obtained a vehicle loan or lease. The study includes vehicles financed for model years 2012 through 2015. The study was fielded from late July through early September.

Luxury Brand Overall Satisfaction ranking

(Based on a 1,000-point scale)

Lincoln Automotive Financial Services 873

BMW Financial Services 853

Lexus Financial Services 850

Mercedes-Benz Financial Services 843

Acura Financial Services 842

Audi Financial Services 842

Luxury Average 840

Volvo Car Financial Services 838

Wells Fargo Dealer Services 837

Chase Automotive Finance 834

Ally Financial 832

Jaguar Financial Group/Land Rover Financial Group 825

Infiniti Financial Services 801

Bank of America 795

US Bank 781

Mass Market Brand Overall Satisfaction Ranking

(Based on a 1,000-point scale)

Ford Credit 838

Bank of America 834

Toyota Financial Services 832

Volkswagen Credit 827

Capital One Auto Finance 826

Kia Motors Finance 819

Subaru Motors Finance 819

World Omni Financial Corp. 818

Chase Automotive Finance 817

Mass Market Average 817

Honda Financial Services 815

Ally Financial 812

Wells Fargo Dealer Services 808

US Bank 807

Hyundai Motor Finance 806

GM Financial 803

NMAC 797

TD Auto Finance 797

Mazda Capital Services 792

Citizens One 784

PNC Bank 777

Chrysler Capital 776

Huntington National Bank 773

Suntrust Bank 756

Fifth Third Bank 749

Santander Auto Finance 743