FIGURES released today by the Finance & Leasing Association (FLA) show consumer new car finance volumes grew by eight per cent in May 2014.
The FLA says that this ‘more modest’ growth reported by its members in recent months mirrors the level of private new car sales. The percentage of private new car sales financed by FLA members in the twelve months to May 2014 held steady at 75 per cent.
Consumer used car finance volumes increased by 10 per cent compared with May last year, and remained 18 per cent higher in the first five months of 2014 than in the same period in 2013.
Geraldine Kilkelly, head of research and chief economist, said: ‘It’s been a quieter couple of months in the motor finance market, but FLA members remain optimistic, and expect new business growth of more than 10 per cent in the new and used car finance markets over the next twelve months.’