New car finance decreases 16%
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 fell by 16% in September.
Compared with September in 2017, the value of new business was 14% lower over the same period. In Q3 2018 overall, new business fell four per cent by value and six per cent by volume.
The percentage of private new car sales financed by FLA members through the POS was 90.9% in the twelve months to September 2018.
The POS consumer used car finance market reported new business in September up nine per cent by value and three per cent by volume, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said, ‘Recent trends in the POS consumer new car finance market have reflected those for private new car sales which have been affected by changes to emission standards introduced in September.’