Finance & Leasing Association6 November 2014
New figures released today by the Finance & Leasing Association (FLA) show 12% growth in consumer new car finance, compared with September 2013 – the best September performance since the introduction of the twice-yearly release of new registration plates in 2001.
The percentage of private new car sales financed by FLA members in the twelve months to September 2014 increased to 75.8%, a record high.
The consumer used car finance market also saw growth in September, with volumes and values up by 15% and 23% respectively, compared with the same month last year.
Commenting on the figures, Paul Harrison, Head of Motor Finance at the FLA, said:
“Over £3.2 billion was provided by FLA members to help businesses and households fund car purchases in September. Motor finance is a very competitive market, driven by savvy consumers shopping around to compare deals before visiting their local dealership. Competition keeps prices keen and customer service high.”
| Table 1: Cars bought on finance by consumers through dealerships |
|
|
||||
| Sep 2014 |
% change on prev. year |
3 months to Sep 2014 |
% change on prev. year |
12 months to Sep 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Value of advances (£m) |
2,280 |
+16 |
3,942 |
+14 |
13,716 |
+18 |
| Number of cars |
143,135 |
+12 |
249,549 |
+10 |
880,108 |
+13 |
| Used cars |
|
|
|
|
|
|
| Value of advances (£m) |
959 |
+23 |
2,753 |
+19 |
10,336 |
+24 |
| Number of cars |
92,247 |
+15 |
270,179 |
+12 |
1,028,114 |
+17 |
| Table 2: Cars bought on finance by businesses |
|
|
|
|
||
| Sep 2014 |
% change on prev. year |
3 months to Sep 2014 |
% change on prev. year |
12 months to Sep 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Number of cars |
43,919 |
+28 |
123,705 |
+30 |
446,794 |
+13 |
| Used cars |
|
|
|
|
|
|
| Number of cars |
3,403 |
-1 |
9,662 |
-22 |
42,860 |
-34 |
Note to editors:
1. In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.6 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.
