Consumer car finance volumes fell by 2% in February according to new figures released by the Finance and Leasing Association (FLA).
The point of sale (POS) consumer car finance market reported new business volumes down compared with the same month in 2016, while the value of new business was up by 2% over the same period.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The point of sale consumer car finance market reported modest growth in new business volumes of 3% in the first two months of 2017.
“This is in line with the industry’s expectations of single-digit growth in the year overall.”
New business in the POS consumer new car finance market fell 3% by volume in February while the value of new business was at a similar level to the same month in 2016.
A total of 49,408 new cars and 108,374 used cars were bought on finance during February, according to the FLA's figures, commanding advances of around £807,000 and £1.2 million, respectively.
The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to February, unchanged compared with the same period to January.
New business in the POS consumer used car finance market fell 1% by volume in February, while the value of new business grew by 3%.
Business sales completed through on finance increased by 9% in new and 7% in used cars during February.