Latest Motor Finance Statistics

New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported growth in new business volumes of 7% in September 2020 compared with the same month in 2019.  In the first nine months of 2020, new business volumes in this market were 22% lower than in the same period in 2019.

The consumer new car finance market reported new business volumes up by 5% in September 2020 compared with the same month in 2019. In the nine months to September 2020, new business volumes in this market fell by 27% compared with the same period in the previous year. The percentage of private new car sales financed by FLA members in the twelve months to September 2020 reached 94.5%, the second highest annual penetration rate on record. 

The consumer used car finance market reported growth in new business volumes of 9% in September 2020 compared with the same month in 2019. In the nine months to September 2020, new business volumes in this market fell by 19% compared with the same period in the previous year.

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

“The FLA’s latest figures show that the consumer car finance market has played a significant role in the UK’s economic recovery following the easing of the first lockdown restrictions in June.

“As we enter a new phase of national lockdowns across the UK, it is vital that that the Government and Bank of England support all lenders, including non-banks, by providing direct access to funding.  This will enable the motor finance industry to meet the ongoing demand for forbearance and new credit.”

For more information e-mail research@fla.org.uk

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