POINT-OF-SALE consumer car finance new business volumes fell by three per cent in May compared with the same month in the previous year, according to figures released today by the Finance & Leasing Association.
The value of new business fell by one per cent to £3.2bn over the same period.
New business in the POS consumer new car finance market fell one per cent by value and four per cent by volume in May, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS held steady at 91.0 per cent in the 12 months to May 2019.
The value of POS consumer used car finance new business in May was a similar level to the same month in 2018 at £1.6bn, while new business volumes fell by three per cent.
Geraldine Kilkelly, pictured, head of research and chief economist at the FLA, said: ‘The POS consumer car finance market reported new business volumes of almost 1.1 million in the first five months of 2019, only one per cent lower than in the same period in 2018.
‘We continue to expect broadly stable new business volumes in 2019 as a whole. Consumer confidence about their own personal finances remains relatively strong, supported by a resilient labour market and low interest rate environment.’