10:25 am, September 11, 2017
NEW figures released by the Finance and Leasing Association show that point-of-sale consumer new car finance business volumes fell by seven per cent in July compared with the same month in 2016, while the value of new business was up by three per cent over the same period.
The percentage of private new car sales financed by association members through the point of sale held steady at 86 per cent in the 12 months to July.
The point-of-sale consumer used car finance market reported new business in July up 17 per cent by value and 10 per cent by volume compared with the same month in 2016.
FLA head of research and chief economist Geraldine Kilkelly, pictured, said: ‘The fall in consumer new car finance business volumes is consistent with recent trends in private new car registrations, and FLA members’ penetration of this market remains stable.
‘July saw modest new business growth in the consumer car finance market overall. While the recently announced scrappage schemes may provide some boost to private new car sales in the coming months, the industry expects point-of-sale consumer car finance new business volumes to be broadly stable in 2017 overall.’
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