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Figures released today by the Finance & Leasing Association (FLA) show 7% growth in consumer new car finance volumes during November 2014, compared with the same month the previous year. In the twelve months to November, this market reported growth of 13%. The percentage of private new car sales financed through dealerships by FLA members held steady at 75.9% over the same period.
There was modest growth also in consumer used car finance volumes, up 5% on November 2013. In the twelve months to November, this market reported volumes up by 15%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
"Car finance provided through dealerships is popular with consumers because of the range of finance products on offer. Personal Contract Purchase (PCP) has become a popular choice for many consumers, reflecting a change in attitudes to car ownership. But many customers still want to own their car outright and as a result we have also seen growth in hire purchase over the last year."
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| Nov 2014 | % change on prev. year | 3 months to Nov 2014 | % change on prev. year | 12 months to Nov 2014 | % change on prev. year | |
| New cars | ||||||
| Value of advances (£m) | 965 | +10 | 4,347 | +15 | 13,963 | +18 |
| Number of cars | 59,983 | +7 | 273,986 | +11 | 892,737 | +13 |
| Used cars | ||||||
| Value of advances (£m) | 806 | +11 | 2,722 | +17 | 10,542 | +22 |
| Number of cars | 76,572 | +5 | 260,267 | +10 | 1,039,069 | +15 |
| Table 2: Cars bought on finance by businesses | ||||||
| Nov 2014 | % change on prev. year | 3 months to Nov 2014 | % change on prev. year | 12 months to Nov 2014 | % change on prev. year | |
| New cars | ||||||
| Number of cars | 33,091 | 0 | 122,741 | +18 | 455,489 | +14 |
| Used cars | ||||||
| Number of cars | 2,270 | +3 | 9,341 | -18 | 40,894 | -30 |
Note to editors:
1. In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.6 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.
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