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Consumer finance market falls in volume and value in new car sector

Consumer finance market falls in volume and value in new car sector

LATEST figures from the Finance & Leasing Association show that new business volumes in the point-of-sale consumer new car finance market fell by 16 per cent in September compared with the same month in 2017.

Meanwhile, the value of new business was 14 per cent lower over the same period. Overall in this year’s third quarter, new business fell four per cent by value and six per cent by volume.

The percentage of private new car sales financed by association members through the point of sale (POS) was 90.9 per cent in the 12 months to September 2018.

The POS consumer used car finance market reported new business in September up nine per cent by value and three per cent by volume compared with the same month in 2017.

Geraldine Kilkelly, head of research and chief economist at the association, said: ‘Recent trends in the POS consumer new car finance market have reflected those for private new car sales, which have been affected by changes to emission standards introduced in September.

‘The POS consumer car finance market overall reported new business volumes up by three per cent in the first nine months of 2018, in line with expectations of single-digit growth for the year as a whole.’

MORE: Financing volumes and values rise in new and used sectors in August

MORE: Consumer car finance volumes rise by six per cent in July

MORE: Number of cars bought on finance in June rises – but businesses see a fall

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