FLA: Consumer car finance new business volumes fell by 24% in November 2020

FLA: Consumer car finance new business volumes fell by 24% in November 2020

14.01.2021: New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 24% in November 2020 compared with the same month in 2019. In the eleven months to November 2020, n


New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 24% in November 2020 compared with the same month in 2019.  In the eleven months to November 2020, new business volumes in this market were 20% lower than in the same period in 2019.



The consumer new car finance market reported a fall in new business volumes of 27% in November 2020 compared with the same month in 2019. In the eleven months to November 2020, new business volumes in this market fell by 25% compared with the same period a year earlier. The percentage of private new car sales financed by FLA members in the twelve months to November reached 94.5%.



The consumer used car finance market reported a fall in new business volumes of 23% in November 2020 compared with the same month in 2019. In the eleven months to November 2020, new business volumes in this market fell by 17% compared with the same period a year earlier.




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



“The fall in new business volumes in November reflects the closure of many showrooms as further restrictions were introduced to deal with rising cases of Covid-19.



“UK-wide lockdowns during the first quarter of 2021 mean that the near-term outlook remains challenging. The motor finance industry will continue to support households and businesses during that time and as the economy recovers, as evidenced by the £30 billion of new finance provided to them by FLA members since the pandemic began.”




Table 1: Cars bought on finance by consumers through the point of sale





    Consumer motor finance reported in these figures refers to finance obtained through the point of sale.
    In 2019, FLA members provided £140 billion of new finance to UK businesses and households. £105 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2019. £48 billion of it supported the purchase of new and used cars, including over 91% of private new car registrations.
 




-FLA -

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14.01.2021 / MaP

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