Figures from the Finance & Leasing Association (FLA) show that point of sale consumer car finance new business volumes fell by three percent in May compared with the same month last year.
The value of new business fell by one percent over the same period.
New business in the point of sale consumer new car finance market fell one percent by value and four percent by volume in May, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS held steady at 91 percent in the twelve months to May 2019.
The value of POS consumer used car finance new business in May was a similar level to the same month in 2018, while new business volumes fell by three percent.
Geraldine Kilkelly, head of research and chief economist, said: “The POS consumer car finance market reported new business volumes of almost 1.1 million in the first five months of 2019, only one percent lower than in the same period in 2018.”
“We continue to expect broadly stable new business volumes in 2019 as a whole. Consumer confidence about their own personal finances remains relatively strong, supported by a resilient labour market and low interest rate environment.”