Auto Finance Origination Trends Dealer and Consumer Finance Satisfaction
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1 Auto Finance Origination Trends Dealer and Consumer Finance Satisfaction Insights from: * J.D. Power Information Network (PIN) * 2014 US Dealer Financing Satisfaction Study SM * 2014 US Consumer Financing Satisfaction Study SM Mike Buckingham Senior Director, JD Power Auto Finance Practice May 28, 2015
2 Auto Finance Origination Trends
3 2014 new auto sales exceed pre- recession levels, driven by retail deliveries U.S. Retail and Total Market Sales U.S. Retail Sales (Millions) Fcst Source: J.D. Power Power Informa3on Network (PIN) / LMC
4 Liquidity, lower COF and competition drove lower consumer buy rates After 4 years of downward movement, Buy Rates in all risk segments have leveled off for New & Used 60- month vehicle loans Source: PIN Navigator January 2015 Note: FICO Score = FICO Risk Score, Classic Auto 8; FICO is a registered trademark of Fair Isaac Corporation. Note: Buy rates under 1.00% and equal to 1.9% have been excluded.
5 Longer Term, low rates drive used vehicle affordability 72 month Buy Rates in the lower risk segments continue to decrease for New & Used loans, the pricing gap between 60 and 72 months at a historic low in the Prime segments Source: PIN Navigator January 2015 Note: FICO Score = FICO Risk Score, Classic Auto 8; FICO is a registered trademark of Fair Isaac Corporation. Note: Buy rates under 1.00% and equal to 1.9% have been excluded.
6 Retail Loan Maturity Trends Longer Terms enhance affordability Term Distribution Trend: New and Used Vehicles Loan Only Terms beyond 63 months now at 60% and increasing Source: PIN Navigator January 2015
7 New Vehicle Loan to Cost by Term Trends Loan to Cost ratios have remained stable for new vehicles 60- month new loan advances have moved downward due to a higher mix of APR subvention Source: PIN Navigator April 2015
8 Used Vehicle Loan to Cost by Term Trends Loan to Cost for Used vehicles has remained relatively stable Deeper data review reflects lower scoring customers have increasing LTC Source: PIN Navigator April 2015
9 Lower rates, longer terms and leasing are supporting higher transaction prices U.S. Average Retail Consumer- Facing Transaction Prices Retail Transaction Prices Source: J.D. Power Power Information Network (PIN)
10 Yet, is there a potential downside? % New- vehicle buyers who finance their vehicle purchase 58% 56% at a 72- month or longer term 23% 32% and have a loan- to- value ratio > 110% 9% 14% and are subprime borrowers 2% 5% 2014 Higher- Risk Loans 162K 635K Source: J.D. Power Power Information Network (PIN)
11 Dealer Financing Satisfaction 2014 US Dealer Financing Satisfaction Study SM
12 Cri%cal Components of Prime Retail & Non- Prime Dealer Sa%sfac%on Keys to building rela%onships with sa%sfied dealers In the 2014 study, Three key themes emerge as cri%cally important to Prime Retail and Non- Prime dealer sa%sfac%on: Speed of underwri8ng and funding interac%ons between the finance provider and dealer is strategically important to business Rela8onship building between dealers and finance providers leads to transparency and greater predictability both of which enhance trust Finance provider offering communica8ons are essen%al to keeping dealers informed of %mely changes and dealers expect a flexible Program policy to meet their needs (Non- Prime priority)
13 2014 U.S. Dealer Financing Study Non- Prime Index Model In the 2014 DFS Study, the Applica'on/Approval process factor weight increased significantly. Finance Provider Offering (38% 2013) 38% In the Prime Retail Lending, the Applica'on/ Approval process factor weight is 10 points higher than the Offering factor. Non- Prime Retail Credit Satisfaction Index 37% Application and Approval Process (35% 2013) 25% Sales Representative Relationship (27% 2013) Note: Percentages may not add up to 100% due to rounding.
14 Non- Prime Finance Provider Offering The 2014 US DFS Study reflects that in Non- Prime Retail Loan, dealers most value: Vehicle Advance Lender Fee s Program Policy Flexibility In Prime and Non- Prime retail, dealers value Advance more than pricing, and also seek Program Flexibility.
15 Non- Prime Offering Best Practices The 2014 US DFS Study reflected the following Three Best Prac%ces to improve dealer sa%sfac%on in the Non- Prime Product Offering: Program/Policy Excep%ons at the 40% level (industry average is 60%). Personalized Program/Offering Updates, via Credit Desk and/or On Site visits Underwriter Dealer alignment Two key themes from the 2014 US DFS Study: Flexibility and Communications
16 Non- Prime Application/Approval Process The 2014 US DFS Study reflects that in Non- Prime Retail Loan, dealers most value: Speed of Contract Funding Speed of Credit Approval Documenta3on required for Funding In Non- Prime retail, Dealers are increasing concerned with cash flow and improving the consumer experience at their dealerships
17 Non- Prime Application/Approval Best Practices The 2014 US DFS Study reflected the following Three Best Prac%ces to improve dealer sa%sfac%on in the Non- Prime Product Offering: Credit Staff Accessibility Fast Funding (Same day/next Day) High levels of Auto Approvals (1 hour approval) Underwriter Dealer alignment Key theme from the 2014 US DFS Study: Speed of Underwriting and Funding
18 . Dealers Will Pay a Premium for a Relationship and Service Lender fee dealers are willing to accept to send to a lender that provides a beoer service and overall experience Industry Average Always take the lowest lender fee Average Fee 53% $94 In Non- Prime, nearly ½ of the dealers are willing to pay more for improved service/ relationship. Note: Always take the lowest lender fee is excluded when calculating the average
19 Non- Prime Sales Rep Relationship The 2014 US DFS Study reflects that in Non- Prime Retail Loan, dealers most value: Usefulness of dealership visits Timeliness of updates on programs Best Sales Rep Practices: /Phone/In- Dealership communication, 12 times annually High value interactions; Training/Programs, portfolio performance review, customer retention Key themes from the 2014 US DFS Study: Communications and Relationship Building
20 Consumer Financing Satisfaction 2014 US Consumer Financing Satisfaction Study SM
21 Consistent Best Practices in Consumer Loan Servicing Ensure welcoming and informa8ve on- boarding process Increase awareness of tools to help customers self- manage their accounts Market online features that allow customers to make automa8c payments and avoid need for phone contact Minimize frequently occurring problems or reasons by establishing standard opera%ng procedures to address these events Effec%ve call center opera8ons, customer centric CSRs; fast, courteous and knowledgeable staff.
22 2014 U.S. Consumer Financing Study Index Model 2014 Billing and Payment Process 58% Changes in 2014 Some ahributes that make up factors have changed. Phone Contact 6% U.S. Consumer Financing Sa8sfac8on Index 21% Website Changed who we interviewed to include those who purchased or leased a car within the past 4 years Adding the On- Boarding factor 16% On- Boarding Process Notes: Factor weights are iden%cal between both segments for 2014; 2013 had a three- factor model that differed between award segments; Percentages may not add to 100 due to rounding
23 Index Model When Mul%ple Factors Happen Overall Index Model: Billing/Pay 58%, Website 21%, On- Board 16%, Phone Contact 6% On- Boarding Process Billing and Payment Process Phone Contact Website Counts (for both Mass Market and Luxury) On- Boarding Process And Billing and Payment process 49% 51% 3,011 Billing and Payment Process and Phone Contact 41% 59% 503 Billing and Payment Process and Website 52% 48% 5,435 On- Boarding process, Billing and Payment Process, and Phone Contact 22% 45% 33% 326 On- Boarding Process, Billing and Payment Process, and Website 34% 37% 30% 4,061 Billing and Payment Process, Phone Contact, and Website 34% 40% 25% 1,340 When all factors happen 31% 25% 26% 18% 1,069 Model weights change significantly based on the customer experiences, when phone contact occurs it becomes the highest weighted/most important factor. Note: Occurrences are mutually exclusive; Percentages may not add to 1the only non- system missing factor
24 Consumer Satisfaction by Finance Types and Demographics Segments Mass Market Comments Segments Mass Market Comments New vs. Used New car purchasers are more satisfied than used car customers Used vehicle consumers are significantly less satisfied in all factors except Phone Contact Low/High FICO High FICO scores are more satisfied than low FICO scores Both 720+ and consumers have equal satisfaction and comprise 80% of the study respondents (54/26) First year vs. Long- standing New customers are more satisfied than long- standing customers As the servicing relationship deepens, process and informational flaws decrease satisfaction Generation Pre- Boomers are most satisfied, and satisfaction falls slightly in each successive generation Boomers are more satisfied than Gen X and Gen Y, but less satisfied than Pre- Boomers Income Middle- income customers are more satisfied than low- income customers Satisfaction increases as income increases but begins to fall at the $200K level Note: Long- standing customers are those in years 2-4 of servicing
25 Consumer Satisfaction Best Practices The 2014 US Consumer Study reflected the following Four Best Prac3ces to improve consumer sa%sfac%on with Retail Loan Product Offering: Received information on how to set up auto- pay and fee information at the onset of servicing the loan/lease (An informative welcome letter/package is critical). No billing/payment errors or problem in the prior 12 months. Online bill pay and customer service were available on finance provider's website Call center representative greeted you in a friendly manner, provided his/her name, offered assistance with other issues, and thanked you for your business during the most recent interaction
26 Thank you for your time. Michael Buckingham Senior Director, Auto Finance T:
27 PIN Navigator is built upon a rich set of dealer, lender, asset and finance contract data Vehicle Lender Contract Dealer Manufacturer Nameplate New/Used Model Model Year Vehicle Body Style Vehicle Market Share Vehicle Segment Vehicle Series Lender Market Share Lender Name Lender Segment Lender Sub Segment Amount Financed/ Cap Cost APR and Buy Rate Contract Date Filter Credit Score Customer Rebate/ CCR Finance/Lease Lease Residual Loan- to- Value % Monthly Payment Term Total $ Down Vehicle Sales Price Accidental Health Insurance Premium Finance Reserve $ Market Area Loca%on State Loca%on Service Contract Premium Total F&I Income Trade- in ACV Discount Fee
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