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Consumer car finance: new business volumes fell by 3% in July

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Consumer car finance: new business volumes fell by 3% in July

New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in July 2022 by 3% compared with the same month

Consumer Car Finance

New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in July 2022 by 3% compared with the same month in 2021. However, the corresponding value of new business increased by 5% over the same period. In the first seven months of 2022, new business volumes were also 5% higher than in the same period in 2021.

The consumer new car finance market reported a fall in new business of 5% by value and 14% by volume in July compared with the same month in 2021. In the first seven months of 2022, new business volumes in this market were 5% lower than in the same period in 2021.

The consumer used car finance market reported new business up 13% by value, and 3% by volume in July compared with the same month in 2021. In the first seven months of 2022, new business volumes in this market were 11% higher than in the same period in 2021.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:

“The consumer new car finance market remained subdued in July as shortages of supply continued to disrupt the market’s post-pandemic recovery. By contrast, the consumer used car finance market reported its ninth consecutive month of double-digit growth in the value of new business and a return to growth in new business volumes.

“Despite the challenges posed by the worst inflationary environment since the 1970s, the motor finance industry remains in a strong position to continue to meet demand for the financing of car purchases in the coming months, while providing targeted support to those customers who may need it.

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”

Table 1: Cars bought on finance by consumers through the point of sale
New business Jul 2022 % change on
prev. Year
3 months to
Jul 2022
% change on
prev. Year
12 months to
Jul 2022
% change on
prev. Year
New cars
Value of advances (£m) 1,336 -5 4,290 -12 17,433 -3
Number of cars 52,239 -14 169,464 -18 713,004 -7
Used cars
Value of advances (£m) 1,979 13 6,197 14 23,049 22
Number of cars 129,687 3 399,038 0 1,511,825 6
Total cars
Value of advances (£m) 3,314 5 10,487 2 40,482 10
Number of cars 181,926 -3 568,502 -6 2,224,829 2
Table 2: Cars bought on finance by businesses
New business Jul 2022 % change
on prev. Year
3 months to
Jun 2022
% change
on prev. Year
12 months to
Jul 2022
% change
on prev. Year
New cars
Number of cars 21,194 -16 65,818 -21 272,609 -12
Used cars
Number of cars 7,717 99 30,364 165 75,556 45
Breyten Odendaal

Hello! I am a publisher for 3D Car Shows. Besides cars and automotive news, I am also interested in virtual reality, 3D modeling and animation.

Published : Thursday September 8, 2022

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