Lexus voted "best of the best" for customer satisfaction

Lexus voted "best of the best" for customer satisfaction

If you’re in the market for a car loan you may want to consider adding Lexus to your list of options, as the car manufacturer has been named the winner of the Roy Morgan Customer Satisfaction Award “Best of the Best” for 2017.

The luxury vehicle division not only won out against car manufacturing competitors Skoda, Renault and Mazda, but also achieved the highest customer satisfaction (95.8 per cent) amongst all 32 winners in the Roy Morgan Customer Satisfaction Awards.

Top 10 Roy Morgan Customer Satisfaction Award Winners 2017

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Source: Roy Morgan Single Source (Australia).

In terms of financial institutions, Greater Bank also won out Roy Morgan’s Bank of the Year award, with a customer satisfaction rating of 92 per cent. This was followed by People’s Choice Credit Union (91.8 per cent).

Roy Morgan Chief Executive Officer, Michele Levine, spoke on the “stellar” win by Lexus.

“There were several outstanding performances across all categories in 2017 and Customer Satisfaction Ratings exceeding 90% were achieved by more than ten category winners at Tuesday’s Awards night.

“Lexus claimed the inaugural prize as the 2017 Roy Morgan Customer Satisfaction Award ‘Best of the Best’ with a customer satisfaction rating of 95.8 per cent for 2017 just ahead of South Australian Supermarket chain Foodland on 95.3 per cent, Tasmanian insurer RACT on 94.5 per cent, Apple iPhone on 92.3 per cent and Newcastle based Greater Bank on 92 per cent.

“All four of these runners-up were deserved winners in their respective categories for 2017,” said Ms Levine.

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Learn more about car loans

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CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.

What is dealer finance?

Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.

What is proof of income?

Before giving you a car loan, lenders will ask for proof of income – documentary evidence that you earn as much as you claim you earn. Lenders will typically want some combination of tax returns, pay slips and bank statements. The reason lenders want proof of income is because they want to be sure you have the means to repay the car loan.

What is depreciation?

Depreciation is the reduction in the value of your car. Almost every car loses value each year, although at different rates. As a guide, cars depreciate on average by 14 per cent per year in the first three years and then eight per cent per year after that.

What is a dealership?

A dealership is a car yard or a place where cars are sold.

What is resale value?

The resale value is the price you could realistically charge if you were to sell your car. Almost every car loses value each year, although at different rates. As a guide, cars depreciate on average by 14 per cent per year in the first three years and then eight per cent per year after that.

What is a variable-rate loan?

A variable-rate loan is one where the lender can change the interest rate whenever it wants. For example, if you sign up for a variable-rate loan at 8.75 per cent, the lender might change the interest rate to 8.90 per cent the month after and then 8.65 per cent the month after that. By contrast, if you take out a five-year fixed-rate loan at 8.75 per cent, the lender is obliged to leave your interest rate at 8.75 per cent for at least five years.

What is equity?

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What is an LVR?

The LVR, or loan-to-value ratio, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have an LVR of 75 per cent. LVRs change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the LVR would now be 67 per cent.

What is salary packaging?

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What is a commercial hire purchase?

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What is collateral?

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