Asset Finance


Consumer Finance


Motor Finance


Consumer new car finance volumes up 13% in July

11 September 2015

Figures released today by the Finance & Leasing Association (FLA) show the number of new cars bought by consumers on finance provided through dealerships increased by 13% in July, compared with the same month last year.

The percentage of private new car sales financed by FLA members through dealerships in the twelve months to July reached 78.7%, up from 78.1% in the twelve months to June.

The point-of-sale consumer used car finance market also showed continued growth, with new business volumes up by 9% compared with July 2014.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The point-of-sale consumer car finance market has continued to grow in line with expectations. With the latest new car registrations for August suggesting robust growth in demand, we expect new car finance volumes to continue to grow over the coming months.”

Table 1: Cars bought on finance by consumers through dealerships

Jul 2015

% change on prev. year

3 months to Jul 2015

% change on prev. year

12 months to Jul 2015

% change on prev. year

New cars

Value of advances (£m)

1,160

+17

3,775

+16

15,151

+14

Number of cars

70,444

+13

228,629

+11

939,696

+10

Used cars

Value of advances (£m)

1,084

+14

3,096

+12

11,457

+14

Number of cars

102,322

+9

292,369

+6

1,098,371

+8

 

Table 2: Cars bought on finance by businesses

Jul 2015

% change on prev. year

3 months to Jul 2015

% change on prev. year

12 months to Jul 2015

% change on prev. year

New cars

Number of cars

46,150

-5

138,773

+11

512,371

+13

Used cars

Number of cars

2,882

-19

9,119

-15

38,926

-12

 

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, over 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.