Recent research indicates that a large majority of car buyers are satisfied with their finance purchasing experiences from dealers.
The study – conducted by JudgeService, a customer review platform for the UK car retailing sector – encompassing data from 212,986 customer questionnaires spanning the years 2020 to 2023, comes in the wake of the Financial Conduct Authority’s (FCA) investigation into discretionary commission arrangements and a mis-selling campaign led by Money Saving Expert.
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The research highlights a positive trend in overall satisfaction with dealer finance sales. In 2020, 91% of buyers reported satisfaction with the explanations provided by dealership sales staff regarding available finance packages. This figure increased to 93% in 2023. Similarly, satisfaction with the clarification of paperwork and documentation related to finance experienced an uptick from 93.5% to 95%.
Aspects such as the attitude of sales staff during the buying process also saw an increase in satisfaction, rising from 95.8% to 97%.
Neil Addley, Managing Director of JudgeService, said about the findings: “Despite the noise generated by the FCA probe and Money Saving Expert’s compensation campaign, our research reveals the high level of customer satisfaction related to finance purchases both before and after the ban on discretionary commission arrangements.”
He added: “Many car buyers are also savvy consumers; they understand that dealers earn commission on the finance they sell and are more focused on agreeing finance deals that are fair and affordable. However, because of the ballyhoo around possible mis-selling, many of these customers will now be looking to be compensated for something they were satisfied with.”
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