Recent figures released by the FLA show that the number of new cars bought by consumers using dealer finance in September 2013 grew by a notable 19 per cent compared with the same month in 2012.
According to the FLA, the penetration rate of FLA members in the twelve months to September 2013 was 74.2 per cent – this is a slightly lower outcome in comparison to the rate of 74.5 per cent recorded in August.
However, September also saw the consumer used car finance market record its strongest growth in new business volumes so far this year at 23 per cent, with hire purchase still the most popular choice made by buyers.
Head of motor finance at the FLA, Paul Harrison, said: ‘The strong figures show many customers’ preference for point-of-sale credit, a fact which was borne out in debate at the FLA’s Future of Consumer Credit Regulation conference, yesterday.
‘Those attending the conference felt strongly that it was vital to maintain the availability of responsibly-provided credit, and to avoid any adverse impact of the new rules on credit intermediaries.’