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Consumer finance and car finance new business rise in June

Figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June by nine percent compared with the same month last year.

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Credit card and personal loan new business together grew by 10 percent compared with June 2017, while retail store and online credit new business increased by five percent. Second charge mortgage new business fell six percent by value and three percent by volume over the same period.

 

Geraldine Kilkelly, head of research and chief economist at the FLA, said the World Cup and hot weather had driven the rise.

 

Away from consumer finance, the FLA also reported that point of sale consumer new car finance business volumes grew one percent in June, compared with the same month in 2017, while the value of new business was up by nine percent.

 

The percentage of private new car sales financed by FLA members through the point of sale was 89.5 percent in the twelve months to June.

 

In the point of sale consumer used car finance market, new business was up four percent by volume and 11 percent by value in June, compared with the same month in 2017.

 

Kilkelly said: “The point of sale consumer car finance market reported new business volumes up in the first half of 2018 by four percent compared with the same period in 2017. This was in line with expectations, with a modest fall in consumer new car finance volumes offset by single-digit new business growth in the consumer.”

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