The corresponding value of new business soared by 5% on a YoY basis. Credit: mohamed Hassan from Pixabay.

Consumer car finance new business volumes fell by 3% in July 2022 compared to the last year, new data released by the Finance & Leasing Association (FLA) shows.

Over the same period, the corresponding value of new business rose by 5%.

During the first seven months of 2022, new business volumes were also 5% higher.

In terms of value, the new business in the consumer new car finance market recorded a drop of 5% and 14% by volume during the period under review in comparison with year-ago period.

From January to July, new business volumes in this market dipped 5% in comparison with the same period of 2021.

The year-on-year (YoY) data of the consumer used car finance market new business shows a 13% rise by value and 3% by volume.

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Between January and July, new business volumes in this market were up by 11% YoY.

FLA director of research and chief economist Geraldine Kilkelly said: “The consumer new car finance market remained subdued in July as shortages of supply continued to disrupt the market’s post-pandemic recovery. By contrast, the consumer used car finance market reported its ninth consecutive month of double-digit growth in the value of the new business and a return to growth in new business volumes.

“Despite the challenges posed by the worst inflationary environment since the 1970s, the motor finance industry remains in a strong position to continue to meet demand for the financing of car purchases in the coming months, while providing targeted support to those customers who may need it.

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.”