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.

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.”