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New figures released today by the Finance & Leasing Association (FLA) show that point-of-sale consumer new car finance was up 10% by volume and 16% by value in September, compared with the same month last year.
The percentage of private new car sales financed by FLA members through dealerships was 79.6% in the twelve months to September 2015 – another record high.
The point-of-sale consumer used car finance market also reported new business volumes up by 10% in September, while the value of new business increased by 13%.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“In September, the point-of-sale consumer car finance market has continued to grow in line with our expectations for 2015 as a whole. The range of finance products available to consumers through car dealerships has contributed to more than four years of consecutive monthly growth in new business volumes.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business | Sep 2015 | % change on prev. year | 3 months to Sep 2015 | % change on prev. year | 12 months to Sep 2015 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 2,640 | +16 | 4,538 | +15 | 15,590 | +14 |
| Number of cars | 156,835 | +10 | 274,550 | +10 | 957,063 | +9 |
| Used cars | ||||||
| Value of advances (£m) | 1,082 | +13 | 3,120 | +13 | 11,682 | +13 |
| Number of cars | 101,018 | +10 | 294,249 | +9 | 1,113,325 | +8 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Sep 2015 | % change on prev. year | 3 months to Sep 2015 | % change on prev. year | 12 months to Sep 2015 | % change on prev. year |
| New cars | ||||||
| Number of cars | 48,583 | +4 | 124,302 | -4 | 508,911 | +8 |
| Used cars | ||||||
| Number of cars | 4,013 | +13 | 8,935 | -12 | 38,395 | -15 |
Note to editors:
1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit, almost a third of total new consumer credit written in the UK last year. £32.7 billion of it supported the purchase of new and used cars, including over three-quarters of private new car registrations.
For media enquiries, please contact the FLA press office on 020 7420 9656.
Distributed by Pressat
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