Around £2.14bn-worth of consumer finance deals were written, on 171,984 vehicles, in September, according to latest figures from the Finance & Leasing Association.
The rolling figure for retail finance penetration over the past 12 months is now 69.3%, rising for the 18th month in a row, making it another record high, but gaining only 0.2 percentage points on the figure for August, one of the smallest month-on-month gains since February 2011.
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Year-on-year, the value of advances for new cars bought on finance was up 34% to £1.53bn, and up 26% by volume to 106,808 cars; the value of advances on used cars was up by 1% to £612m although the number of cars sold on finance was down by 2% to 65,176 vehicles.
In the 12 months to the end of September, customers have taken up £8.79bn-worth of finance, up 30% compared to the previous 12 months, on 623,544 new cars, an increase of 20%; £7.04bn was advanced on used cars in the period, up 5%, to aid the purchase of 770,964 cars, a 7% increase.
Therefore, average finance advanced on new cars in September was £14,306, and £9,390 on used cars. Across the 12 months to the end of September, the average was £14,092 for new cars and £9,129 for used cars.
richard.brown@vrlfinancialnews.com
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