SOURCE: LeaseTrader.com

LeaseTrader.com

December 13, 2011 15:24 ET

Lease Policies Kept More Than 40% of Honda Drivers Away From Brand

LeaseTrader.com Members Stay True to Word When Experiencing Lease Frustrations

MIAMI, FL--(Marketwire - Dec 13, 2011) - In its continuing series on the impact lease policy has on brand retention, LeaseTrader.com announces its latest report showing as many as 42 percent of its members from 10 years ago have stayed away from certain auto brands because of lease policy frustrations. The results illustrate the issues lease customers have with brands' leasing policies such as Honda's, and the number of drivers who've stayed away from these brands over the years.

The two most significant areas of the lease policy customers reported having frustrations with include the time it takes a person to transfer their leased vehicle and drivers being forced to remain on the contract as a guarantor post-transfer. Other frustrations include overall responsiveness and friendliness by lease company staff. Customers also understand there are fees imposed by the lease companies but want to make sure there's a certain level of value, speed and service behind the fees.

"Our intention with this series of brand retention reports is to provide a voice for all the LeaseTrader.com members frustrated with their leasing companies that have policies built on yesterday's way of thinking," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "Our marketplace has been able to show that when you have lease policies that keep the customer's needs in mind, it can make a positive impact within a brand's bottom line and positive customer experience."

LeaseTrader.com polled approximately 200 former members who used the service between 2000-2004 and stated at the time they wouldn't again drive a particular brand because of their lease and lease transfer experience. The most notable brand was Honda, where 41.7 percent of drivers reportedly have stayed away from the brand since 2004 primarily due to their previous lease policy experience. Other companies also ranking highest on the list include Acura, Nissan and Infiniti.

Brand Percent Haven't Bought /
Leased Brand Since 2004
Honda 41.7%
Acura 36.2%
Nissan 35.6%
Infiniti 31.8%

In LeaseTrader.com's ongoing series addressing the role lease policy has on brand retention, the company has reported on the fact that domestic makers have stolen market share from Japanese rivals. Chrysler and Dodge are a lease policy success story, going from 71 days-to-transfer to less than 19 as a result of its change from Chrysler Financial to Ally Financial. Import carmakers like BMW and Mercedes enjoy high brand retention rates as opposed to Nissan and Mitsubishi primarily because of their leasing policies.

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