New car finance figures drop in May

According to car finance news, the slowdown in vehicle finance deals continued during May. The figures have prompted calls for greater government support of the motor finance sector.

Compared with April 2008 figures, customers purchased some 32 per cent fewer new vehicles using dealer finance in April 2009. Total sales during the first four months of 2009 were down 28 per cent on 2008 figures.

The head of research and chief economist at the FLA, Geraldine Kilkelly, reportedly commented: The downturn in the motor finance market continues. There remains an urgent need for Government support in the wholesale finance markets in which motor finance companies raise the funds they need to lend to customers. Otherwise we risk a widening gap between supply and consumer demand.

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New car finance figures drop in May

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