New business volumes in the point of sale consumer car finance fell 2% year-on-year in February, according to the Finance and Leasing Association (FLA).

The number of private care sales that were financed by FLA members through the POS was 86.5% in the 12 months to February 2017, unchanged from the previous month.

FLA members saw new car finance fall 3% year-on-year to 49,408 cars, while the value of advances remained static at £807m in February 2017.

The number of used cars bought on finance fell 1% to 108,374 cars in February of this year, and the value of advances rose 3% to £1.2m over the same period.

New business was more buoyant in the business sector, as the number of new cars bought on finance rose 9% year-on-year to 32,519 cars.

Used cars sold 7% more to businesses than the same period in 2016, achieving 3,554 car sales for the month of February.

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Geraldine Kilkelly, head of research and chief economist at the FLA, claimed these figures confirmed the industry’s expectations for the year.

She 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.”