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POS finance popularity increases

Point of sale (POS) car finance has jumped by 6% from £11.3 billion to £12bn from April 2007 to April 2008 according to new figures from the Finance and Leasing Association.

The FLA’s figures show that POS finance now funds 49% of all new private car sales, compared to 47% in 2007.

Paul Harrison, head of motor finance at the FLA, said: "FLA statistics show that point-of-sale motor finance has remained attractive to customers during current tight credit conditions.

"It has grown in popularity in 2008, as consumers are finding it more difficult to get credit elsewhere. FLA members have equipped motor dealers with a wide range of products, available only in showrooms, to help consumers cope with current conditions. Point-of-sale products will prove invaluable for individuals and businesses in the months ahead."

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