auto dealer in black and red logo
MenuMENU
SearchSEARCH

FICO Survey: Millennials Prefer to Avoid the F&I Office

Results of a survey conducted by FICO revealed that Millennials still seek the freedom and the convenience of owning their own car. They just don't want to finance their next purchase through a dealership.

by Staff
March 10, 2016
2 min to read


SAN JOSE, Calif. — Results of a survey conducted by FICO revealed that Millennials still seek the freedom and the convenience of owning their own car. They just don't want to finance their next purchase through a dealership.

The survey, which polled 1,000 U.S. consumers over the age of 17, was conducted between last October and November. It found that 19% of Millennails polled need a vehicle so badly they would buy it on their credit card, even through the interest rates would be high. A full cash purchase was preferred (34%), with 27% saying they would get funding through banks and credit unions. Twenty percent of Millennials surveyed said they would finance their purchase through a dealer.

Milllennials weren't the only demographic polled, as the age groups represented in the survey were 18-24, 25-34, and 35-49 year olds. The Millennial generation — aged 25-34 — accounted for 39% of the people that said they would purchase a new vehicle in the coming year. Those that were 18-24 accounted for 22% and those 35-49 accounted for 28%.

And when all respondents were considered, 82% of them said auto dealers are still the preferred choice for financing a vehicle. Millennials, however, were more likely to consider purchasing a car through sites like Craigslist, eBay and AutoTrader, results showed.

“There is an opportunity for auto lenders to attract Millennial consumers who aren’t being served by traditional lenders,” said Ken Kertz, auto practice director for FICO. “This study shows how important owning your own car is to people both for their livelihood and for the convenience of it. Defaults are generally low with cars, so there is scope to optimize lending to offer better deals to lower-risk customers, as well as broadening the pool of potential customers eligible for loans.”

More F&I

Industryby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
Industryby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
F&Iby Lauren LawrenceFebruary 27, 2026

Price Driving Insurance Churn

Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

Read More →
Ad Loading...
StoneEagle logo beside a headshot of Cindy Allen, CEO, on a pink background with a stylized upward-trending chart.
Industryby StaffDecember 5, 2025

EV Surge Shows AI Steadied Softer Q3

StoneEagleData reveals the gross reality behind the rise in EV leasing and the steady role F&I offices played.

Read More →
Two people signing auto insurance paperwork
Industryby Lauren LawrenceNovember 26, 2025

Auto Insurance Rates Dip

Insurers are shifting their focus from raising rates to customer satisfaction.

Read More →
F&Iby Hannah MitchellNovember 11, 2025

Autos With the Lowest Insurance Costs

Ranking intuitive in many ways, but there are many factors

Read More →
Ad Loading...
F&Iby StaffOctober 15, 2025

The F&I Agent's Roadmap: Mastering the Cold In-Store Visit

Register for Allstate's FREE webinar on Oct. 21

Read More →
SalesAugust 25, 2025

How to Build a High-Performance Sales and F&I Team

Performance and profits start with people chosen and led the right way.

Read More →
IndustryJuly 23, 2025

5 Industry Legends Join F&I Hall of Fame

The second annual induction recognized luminaries who helped advance F&I training, production, compliance, agency-building and product development.

Read More →
Ad Loading...
F&Iby StaffMay 21, 2025

Auto Insurance Shopping Stays Brisk

One segment is looking around more for better rates, signaling a market shift, report says.

Read More →