The number of new cars sold on finance fell 8% year-on-year in November to just 69,287, according to figures from the Finance & Leasing Association (FLA).
As a result the percentage of private new car sales financed by FLA members through the POS was 85.9% in the twelve months to November, compared with 86.1% in the same period to October.
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Despite the drop, the value of the finance actually grew slightly – up 2% on November 2016 to £1,385m.
The news was brighter in the used sector, where 104,683 cars sold on finance represented a 10% year-on-year growth. This finance was worth £1,237m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer car finance market remains on target to report new business volumes of 2.3 million in 2017 as a whole, a similar level to 2016.
“The performance of the POS consumer new car finance market in November continued to reflect trends in private new car sales. FLA members’ penetration of this market has held steady over the past year at around 86%.”
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By GlobalData
