September plate-change boosts motor finance by 10%

Point-of-sale consumer new car finance was up 10% by volume and 16% by value in September, compared with the same month last year, according to figures from the Finance & Leasing Association (FLA).

The percentage of private new car sales financed by FLA members through dealerships was 79.6% in the 12 months to September 2015 – another record high.

The point-of-sale consumer used car finance market also reported new business volumes up by 10% in September, while the value of new business increased by 13%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “In September, the point-of-sale consumer car finance market has continued to grow in line with our expectations for 2015 as a whole.

“The range of finance products available to consumers through car dealerships has contributed to more than four years of consecutive monthly growth in new business volumes.”