Consumer car finance grows by four per cent

Consumer car finance grows by four per cent

NEW figures released today by the Finance & Leasing Association show that new business in the point-of-sale consumer car finance market grew four per cent by volume and seven per cent by value in September, compared with the same month in 2018.

In the third quarter of 2019 as a whole, new business grew three per cent by volume and five per cent by value.

The value of new business in the POS consumer new car finance market grew by five per cent in September compared with the same month in 2018, while new business volumes fell by one per cent over the same period.

The percentage of private new car sales financed by FLA members through the POS was 91.1 per cent in the 12 months to September 2019.

The POS consumer used car finance market reported new business in September up 12 per cent by value and nine per cent by volume, compared with the same month in 2018. In the third quarter of 2019 as a whole, new business increased six per cent by value and five per cent by volume compared with 2018’s third quarter.

Geraldine Kilkelly, pictured, head of research and chief economist at the FLA, said: ‘In September, the POS consumer used car finance market reported its strongest growth since August 2018, which contributed to an increase in new business volumes of five per cent in Q3 2019 as a whole.

‘The POS consumer car finance market overall reported stable new business volumes in the first nine months of 2019, in line with expectations.’

MORE: Consumer car finance market fell by two per cent in August, says FLA

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