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Consumer Credit

Continued strong growth in motor finance

By CreditMan Thursday, January 14, 2016

New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale consumer new car finance market saw new business growth of 17% by volume and 24% by value in November 2015, compared with the same month in the previous year.

The percentage of private new car sales financed by FLA members through dealerships reached 80.9% in the twelve months to November, up from 80.1% in the twelve months to October.

The point-of-sale consumer used car finance market also saw strong growth in November, with new business up 18% by volume and 22% by value.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The growth in new business in November reflects the continuing strength of consumer confidence. The point-of-sale consumer car finance market is likely to report growth in new business volumes for 2015 as a whole of 9%, in line with expectations.”