13 December 2017
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 7% in October, compared with the same month in 2016, while the value of new business was up by 2% over the same period.
The percentage of private new car sales financed by FLA members through the POS was 86.1% in the twelve months to October, compared with 86.0% in the same period to September.
The POS consumer used car finance market reported new business in October up 15% by value and 9% by volume, compared with the same month last year.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Falls in new business volumes reported by the POS consumer new car finance market so far in 2017 have mirrored trends in private new car sales. FLA members’ penetration of this market has held steady at around 86%.
“In 2017 as a whole, new business volumes in the POS consumer car finance market overall are expected to be around 2.3 million, a similar level to 2016.”
Table 1: Cars bought on finance by consumers through dealerships
New business
Oct 2017
% change on prev. year
3 months to Oct 2017
% change on prev. year
12 months to Oct 2017
% change on prev. year
New cars
Value of advances (£m)
1,373
+2
5,063
+1
18,382
+3
Number of cars
71,002
-7
261,042
-9
979,975
-6
Used cars
Value of advances (£m)
1,353
+15
3,909
+10
14,836
+10
Number of cars
116,918
+9
339,717
+4
1,313,327
+5
Table 2: Cars bought on finance by businesses
New business
Oct 2017
% change on prev. year
3 months to Oct 2017
% change on prev. year
12 months to Oct 2017
% change on prev. year
New cars
Number of cars
46,192
+7
118,165
-3
509,143
+1
Used cars
Number of cars
4,527
+1
13,682
+12
58,556
+30
Note to editors:
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2016. £41 billion of it supported the purchase of new and used cars, including over 86% of private new car registrations.For media enquiries, please contact the FLA press office on 020 7420 9656.
Category: News Type
Second charge mortgage new business growth in October
13 December 2017
Commenting on the October 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The second charge mortgage market reported growth in October, with new business up 20% by value and 19% by volume compared to the same period in 2016. The number of new second charge mortgages was 1,880.
“A second mortgage continues to be a useful option for customers seeking to raise additional funds without wanting to change their existing mortgage, and are regularly used to fund home improvements.”
Table 1: New second charge mortgage lending
Oct 2017
% change on prev. year
3 months to Oct 2017
% change on prev. year
12 months to Oct 2017
% change on prev. year
Value of new business (£m)
85
+20
254
+15
993
+13
Number of new agreements (No.)
1,880
+19
5,491
+10
21,247
+8
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.For media enquiries, please contact the FLA press office on 020 7420 9656.
Asset finance up 7% in October
13 December 2017
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 7% in October, compared with the same month last year.
The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in the asset finance market was broad-based in October, with most of the main asset sectors reporting increases in new business.
“The industry is on course to report a record level of annual new business in 2017 of around £32 billion.”
Oct 2017
% change on prev. year
3 months to Oct
2017
% change on prev. year
12 months to Oct
2017
% change on prev. year
Total FLA asset finance (£m)
2,672
+7
7,625
+1
31,771
+5
Total excluding high value (£m)
2,665
+9
7,568
+3
30,772
+7
Data Extracts:
By asset:
Plant and machinery finance (£m)
489
+6
1,485
+1
6,518
+12
Commercial vehicle finance (£m)
660
+5
1,883
0
7,520
+2
IT equipment finance (£m)
195
+22
579
+4
2,248
0
Business equipment finance (£m)
196
+13
603
+8
2,585
+12
Car finance (£m)
911
+8
2,413
+2
9,833
+6
Aircraft, ships and rolling stock finance (£m)
17
-64
44
-52
586
+10
By channel:
Direct finance (£m)
1,395
+6
3,786
+1
15,585
+4
Broker-introduced finance (£m)
505
+14
1,478
+5
5,785
+13
Sales finance (£m)
765
+11
2,304
+7
9,403
+7
By product:
Finance leasing (£m)
328
+5
945
+1
4,005
-3
Operating leasing (£m)
553
-1
1,678
-2
7,057
+6
Lease/Hire purchase (£m)
1,519
+14
4,148
+5
16,765
+10
Other finance (£m)
271
-5
855
-11
3,944
-5
Note to editors:
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £30 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2016.For media enquiries, please contact the FLA press office on 020 7420 9656.
Consumer new car finance volumes down 11% in September
9 November 2017
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3 2017 overall, new business was up 1% by value, but fell 9% by volume.
The percentage of private new car sales financed by FLA members through the POS held steady at 86.0% in the twelve months to September.
The POS consumer used car finance market reported new business in September up 9% by value and 3% by volume, compared with the same month last year.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the POS consumer new car finance market in September continued to reflect recent trends in private new car sales.
“Despite subdued consumer confidence, new business volumes in the POS consumer car finance market overall were stable in the first nine months of 2017, compared with the same period in 2016.”
Table 1: Cars bought on finance by consumers through dealerships
New business
Sep 2017
% change on prev. year
3 months to Sep 2017
% change on prev. year
12 months to Sep 2017
% change on prev. year
New cars
Value of advances (£m)
2,869
0
4,898
+1
18,358
+3
Number of cars
144,143
-11
254,167
-9
985,382
-5
Used cars
Value of advances (£m)
1,277
+9
3,849
+11
14,663
+10
Number of cars
110,000
+3
337,170
+5
1,303,848
+5
Table 2: Cars bought on finance by businesses
New business
Sep 2017
% change on prev. year
3 months to Sep 2017
% change on prev. year
12 months to Sep 2017
% change on prev. year
New cars
Number of cars
41,827
-16
119,873
-6
505,930
-1
Used cars
Number of cars
3,862
-8
16,397
+34
58,492
+34
Note to editors:
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2016. £41 billion of it supported the purchase of new and used cars, including over 86% of private new car registrations. 2. For media enquiries, please contact the FLA press office on 020 7420 9656.
Consumer finance new business growth in February
6 April 2018
New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year.
Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest figures reflect the recent general improvement in consumer confidence. Real earnings have begun to grow again as consumer price inflation has slowed, which has contributed to consumers feeling more confident about their own finances and spending.”
Table 1: New consumer credit lending
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
Total FLA consumer finance (£m)
7,193
+10
23,010
+8
97,845
+7
Data extracts:
Retail store and online credit (£m)
626
+9
2,335
+12
9,110
+9
Credit cards & personal loans (£m)
3,865
+10
12,495
+7
48,740
+7
Second charge mortgages (£m)
81
+4
233
+5
1,032
+17
Car finance (£m)
2,333
+13
7,118
+8
34,801
+7
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
Asset finance market provides support to key sectors in February
6 April 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) for deals of up to £20 million fell in February by 1%, compared with the same month last year.
The plant and machinery finance and IT equipment finance sectors reported new business growth in February of 5% and 13% respectively, compared with the same month in 2017. By contrast, new business for commercial vehicles and business equipment fell by 7% and 20% respectively over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Many asset sectors reported further growth in February despite it being a quieter month overall.
“The asset finance market continued to support key economic sectors with new finance for construction and agricultural equipment up by 13% and 9% respectively, compared with February 2017. The manufacturing sector also benefitted as new finance for production and process equipment was 47% higher over the same period.”
Feb 2018
% change on prev. year
3 months to Feb
2018
% change on prev. year
12 months to Feb
2018
% change on prev. year
Total FLA asset finance (£m)
2,006
-6
6,975
+1
31,718
+4
Total excluding high value (£m)
1,952
-1
6,413
-1
29,980
+5
Data Extracts:
By asset:
Plant and machinery finance (£m)
491
+5
1,512
+4
6,629
+10
Commercial vehicle finance (£m)
479
-7
1,532
-9
7,425
0
IT equipment finance (£m)
169
+13
594
+19
2,380
+5
Business equipment finance (£m)
170
-20
587
-2
2,554
+4
Car finance (£m)
552
+5
1,767
-1
9,517
+5
Aircraft, ships and rolling stock finance (£m)
9
-89
72
-58
472
-8
By channel:
Direct finance (£m)
948
-3
3,131
-3
14,968
+3
Broker-introduced finance (£m)
450
+10
1,369
+7
5,733
+11
Sales finance (£m)
554
-4
1,913
-1
9,279
+6
By product:
Finance leasing (£m)
262
+17
909
+5
3,848
+7
Operating leasing (£m)
390
-10
1,325
-9
6,699
0
Lease/Hire purchase (£m)
1,146
-3
3,514
-1
16,876
+6
Other finance (£m)
165
-34
788
-7
3,228
-8
Note to editors:
In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £32 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
Growth in second charge lending continues in February
6 April 2018
Commenting on the February 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The second charge mortgage market reported growth in February, with new business up 4% by value and 9% by volume, compared with the same period in 2017.
“February saw an increase in the number of customers taking out a secured loan, which are often used to fund home improvements or deposits on a second property.”
Table 1: New second charge mortgage lending
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
Value of new business (£m)
81
+4
233
+5
1,032
+17
Number of new agreements (No.)
1,742
+9
4,971
+7
22,270
+14
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
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