THE Finance & Leasing Association (FLA) has revealed that new business volumes in the consumer car finance market fell in November 2019 by one per cent compared with the same month in 2018, and remained stable in the 11 months to November 2019.
The consumer new car finance market reported a fall in new business volumes of eight per cent in November 2019 compared with the same month in 2018. The percentage of private new car sales financed by FLA members was 91.2 per cent in the 12 months to November 2019.
The consumer used car finance market reported new business volumes up in November 2019 by three per cent compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘The consumer used car finance market is poised for a record level of new business volumes in 2019 of almost 1.5 million cars, two per cent higher than in 2018.
‘Further single-digit growth in this market is likely in 2020 with recent survey data suggesting a pick-up in consumer confidence about the economic outlook, personal finances and committing to big-ticket purchases.’