The key objective of this study was to understand the consequences of subjective ambivalence on customer satisfaction, loyalty, and the satisfaction–loyalty relationship. The conceptual and theoretical discussions were derived largely from recent research in social psychology and integrated with marketing literature on satisfaction and loyalty. Given that product evaluations are typically positive and extreme, these findings indicate a negative relationship between ambivalence and satisfaction. Even though a great deal of the variance in ambivalence is shared with satisfaction, ambivalence did prove to have an independent and direct effect on loyalty. Ambivalent consumers are not only less loyal because they are less satisfied, but for other reasons, as well. Ambivalence was not found to moderate the satisfaction–loyalty relationship. The results of the study underscore the importance of taking ambivalence into consideration when measuring satisfaction and modeling satisfaction–loyalty relationships. © 2005 Wiley Periodicals, Inc.