FLA report shows increase in consumers using dealer finance for new cars
The Finance & Leasing Association (FLA) have just released a new press release detailing how figures show that the number of new cars bought by consumers using dealer finance grew by 31% in February 2013 compared with same month in the previous year. The FLA, formed in 1992, is the UK’s leading trade association for the consumer credit, motor finance and asset finance sectors.
Commenting on the figures, Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, said:
“The new car finance market was strong in February and again outperformed the growth in new car registrations. This shows the importance of point-of-sale credit to the UK automotive industry, employment and the wider economy.
“The Government must make sure that its new regulatory regime for consumer credit maintains a competitive marketplace and supports the continued availability of affordable credit for customers.”
FLA members’ penetration of the private new car registrations market was 71.9% in the twelve months to February 2013, up from 64.5% in the year ending in February 2012. The consumer used car finance sector also saw an increase of 7% compared with February 2012.
This is great news for the auto industry as a whole. Whether buying out right or through finance, this news follows closely on the heels of the SMMT report showing that UK new car registrations rose 5.9% in March and commercial vehicle registrations rose 8.1% with van registrations increased by 11.5% in March as well.
To view the FLA's table showing the sales figures for cars bought on finance by consumers through dealerships and by businesses, please click here to read the full press release on the FLA official website.
Also, don't forget, we offer Hire Purchase, Contract Purchase, Finance Lease, Contract Hire, Lease Purchase and Full Payout Finance Lease. We have a panel of lenders that enable us to offer you competitive rates and a swift underwriting decision, so give us a call and let us help you find the best finance method that's right for you.
Commenting on the figures, Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, said:
“The new car finance market was strong in February and again outperformed the growth in new car registrations. This shows the importance of point-of-sale credit to the UK automotive industry, employment and the wider economy.
“The Government must make sure that its new regulatory regime for consumer credit maintains a competitive marketplace and supports the continued availability of affordable credit for customers.”
FLA members’ penetration of the private new car registrations market was 71.9% in the twelve months to February 2013, up from 64.5% in the year ending in February 2012. The consumer used car finance sector also saw an increase of 7% compared with February 2012.
This is great news for the auto industry as a whole. Whether buying out right or through finance, this news follows closely on the heels of the SMMT report showing that UK new car registrations rose 5.9% in March and commercial vehicle registrations rose 8.1% with van registrations increased by 11.5% in March as well.
To view the FLA's table showing the sales figures for cars bought on finance by consumers through dealerships and by businesses, please click here to read the full press release on the FLA official website.
Also, don't forget, we offer Hire Purchase, Contract Purchase, Finance Lease, Contract Hire, Lease Purchase and Full Payout Finance Lease. We have a panel of lenders that enable us to offer you competitive rates and a swift underwriting decision, so give us a call and let us help you find the best finance method that's right for you.
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