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Creditfix LB 03-2017

FLA Figures Show Consumer Finance Growing

The latest figures released by the Finance and Leasing Association (FLA) have shown that consumer finance new business grew by 10 per cent year-on-year in March compared to March 2016.

The full data for the first quarter of 2017 as a whole showed growth of 6 per cent when compared to the same quarter last year.

New credit card and personal loan business together grew in March by 7%, compared with the same month in the previous year. Retail store and online credit new business increased by 5%, and new business on second charge mortgages grew 8% by value and 15% by volume over the same period.

Head of Research and Chief Economist at the FLA, Geraldine Kilkelly, commented: ‘Consumer finance new business provided by FLA members grew in line with expectations in the first quarter of 2017. We expect modest single-digit growth in new consumer credit in 2017 as a whole.’

Figures also released showed that new business in the point of sale (POS) consumer new car finance market grew 13% by value and 5% by volume in March, compared with the same month in 2016.

Growth over the full first quarter of 2017 was also strong. New business was up 10% by value and 3% by volume, compared with the same quarter in 2016.

The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to March, unchanged compared with the same period to February.

The POS consumer used car finance market also reported new business growth in March of 17% by value and 11% by volume, while in Q1 overall, new business was up 12% by value and 6% by volume.

Kilkelly also commented on these figures, saying: ‘The first quarter of 2017 saw consumer car finance new business volumes increase in line with the industry?s expectations of single-digit growth for the year overall.

‘The percentage of private new car sales financed by FLA members has remained steady at 86.5% since the beginning of 2017.’

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