NEW figures from the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell by four per cent in October 2019 compared with the same month in 2018, and held steady in the first 10 months to October.
Within the overall figures, the new car finance market reported new business volumes nine per cent lower in October than in the same month in the previous year.
Despite this fall, the percentage of private new car sales financed by FLA members reached a record 91.3 per cent in the 12 months to October 2019.
The consumer used car finance market reported a fall in new business volumes of two per cent in October compared with the same month in 2018.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘The consumer car finance market is on track to report new business volumes in 2019 as a whole of around 2.4 million cars, a similar level to 2018.
‘Consumer confidence should improve as uncertainty about the economic outlook reduces, which will help support demand for car finance next year.
‘New business volumes in the consumer car finance market are likely to remain stable in 2020 as a whole, with a modest fall in new business volumes in the new car finance market offset by single-digit growth in the used car finance market.’