New car finance remains stable
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market remained stable in October, compared with the same month in 2017, while the value of new business grew by five per cent over the same period.
The percentage of private new car sales financed by FLA members through the POS was 91.0% in the twelve months to October.
The POS consumer used car finance market reported new business up in October 14% by value and eight per cent by volume, compared with the same month last year.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said, ‘The performance of the POS consumer new car finance market in October continued to reflect trends in private new car sales.
‘The consumer car finance market overall remains on track to report single-digit new business volumes growth in 2018 as a whole.’
