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Consumer car finance market declines by 1% by volume in November

Finance and Leasing Association (FLA) data for November has shown a 1% decline in point of sale (POS) consumer car finance by volume, compared with the same month in 2017. 

But while the total of 175,948 vehicles sold on finance during the penultimate month of 2018 marked a decline year-on-year, the value of advances increased by 2% overall to a total of £2.76 billion.

Much of the added value could be attributed to rising used car values, with total advances during the month reaching £1.35bn, despite sales volumes remaining flat.

The FLA said that the percentage of private new car sales financed by FLA members through the POS had been 91.2% in the twelve months to November.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer car finance market is on course for single-digit new business volumes growth in 2018 as a whole, despite the quieter performance of the market in November.”

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