The report, published byRoyal Media, analyzes 6,200 evaluations to identify the core traits that spur consumers to choose one lender over another. It also tracks analyst callback time and maps the frequency that issues are resolved on the first call.
Among various institution types, captives scored highest for accessibility and ability to keep consumers informed of product enhancements. “Their deficiency lies in the willingness to get deals done,” according to the report.
On average, credit analysts returned calls in 65 minutes. Analysts usually called back about prime loan applications within 56 minutes, and about non-prime or subprime apps within 75 minutes, according to the report.
By institution type, captives call back fastest — in 62 minutes.
Credit unions, meanwhile, are most adept at resolving issues on the first call, according to the report.
Broadly, consumers seek sales reps that have their best interest at heart and will bend over backward to get deals done. “I would choose the hard-working rep over the bank with the lowest rates that has no interest in building relationships with their customers,” said one survey respondent quoted in the report.
Sought-after personality traits among reps and analysts include honesty, professionalism, sincerity, intuitiveness, and an upbeat attitude.
The report analyzes dealer data based on institution type – bank, captive, credit union, and independent finance company – as well as by consumer respondent. It also includes state-by-state data and comparisons between prime and subprime lenders.
“At a time when vehicle sales are starting to decline, better-rated lender traits will become increasingly critical to drive volume,” the report said. “These traits translate to a strong lender book-to-look ratio.”
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