FI showroom red and grey 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.

Ad Loading...

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

Photo of a three-seat vehicle back seat
F&Iby Hannah MitchellMay 22, 2026

F&I Reaches for the Sky

The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.

Read More →
Cover image for a BOK Financial report titled “Timing the market: How avoiding volatility entirely can hurt long-term reinsurance program performance.” The image shows several road construction barricades with flashing amber warning lights lined up in a nighttime work zone. Beneath the image, red text explains that avoiding volatility can mean falling behind inflation and missing market rebounds that drive long-term surplus growth. The BOK Financial logo appears at the bottom right.
SponsoredMay 8, 2026

Timing the Market Can Hurt Long-Term Program Performance

For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.

Read More →
Ryan Ruff, The 90/10 Rule, Automotive Training Academy, Sales Series
F&IMay 6, 2026

The 90/10 Rule

In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.

Read More →
Ad Loading...
Photo of essential oil diffuser on desk next to laptop
F&IMay 4, 2026

Your Office Is Talking

What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.

Read More →
"Effective training ensures the customer’s needs remain at the heart of everything we do. When that is the focus, both sales and profits naturally improve." by Rick McCormick with F&I and Showroom logo and picture of Rick McCormick
F&IMay 1, 2026

F&I Training Fundamentals

How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.

Read More →
Photo of car tire and the tread mark it left in snow
F&Iby Hannah MitchellApril 29, 2026

Not Just Any Tire Will Do

More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.

Read More →
Ad Loading...
Photo of robot holding a laptop
F&Iby Hannah MitchellApril 27, 2026

How AI Will Drive the Next Wave of Innovation in Finance & Insurance

It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.

Read More →
Photo of notepad and pen next to computer keyboard on desktop
F&IApril 13, 2026

Control in Sales Is an Illusion

Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.

Read More →
Photo of external keyboard on office deak next to window
F&IApril 7, 2026

The Limited Warranty Game

Bringing it in-house benefits the dealership and its customers.

Read More →
Ad Loading...
Woman in casual clothing sitting at a desk
F&Iby Rick McCormickMarch 31, 2026

Curb The Confusion

Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.

Read More →