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FLA: Consumer motor finance new business falls five percent in March

Year-on-year figures from the Finance & Leasing Association (FLA) show that new business in the point of sale consumer car finance market fell five percent by value in March.


Calum   Fuller

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Calum   Fuller
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Business by volume also fell 10 percent in March, compared with the same month in 2017. Year-on-year figures from the Finance & Leasing Association (FLA) show that new business in the point of sale consumer car finance market fell five percent by value in March.

 

Business by volume also fell 10 percent in March, compared with the same month in 2017. In Q1 2018, new business grew three percent by value, while volumes fell by one percent compared with the same quarter in 2017.

 

The POS consumer new car finance market reported a fall in new business in March of nine percent by value and 15 percent by volume, compared with the same month in 2017.

 

The percentage of private new car sales financed by FLA members through the POS was 89.4 percent in the twelve months to March, up from 88.5 percent in the same period to February.

 

The point of sale consumer used car finance market reported new business up four percent by value in March, while volumes fell by one percent, compared with the same month in 2017.

 

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Trends in the new car finance market in the first quarter of 2018 are likely to have been affected by the impact on demand for private new cars in Q1 2017 of changes to vehicle excise duty introduced in April that year. However, in the first quarter of 2018, point of sale consumer car finance new business volumes overall were only one percent lower than in the same period in 2017.”

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