FLA reveals 23% drop in UK asset finance new business in 2020, as US equipment finance down 6%

Total asset finance new business fell by some 23% in 2020 compared to the year before, according to the latest figures released by the Finance & Leasing Association (FLA). In December 2020, the best month for new business since March, total asset finance new business fell by 6% compared with the same month in 2019. Looking at December specifically, the commercial vehicle finance sector was the only one to see growth. It increased to £711 million in December, a growth of 2% compared to the same month in 2019. At the other end of the scale, business equipment finance fell by 24% to £175 million in the month.

FLA reveals 23% drop in UK asset finance new business in 2020, as US equipment finance down 6%

Feb 12, 2021

Total asset finance new business fell by some 23% in 2020 compared to the year before, according to the latest figures released by the Finance & Leasing Association (FLA). In December 2020, the best month for new business since March, total asset finance new business fell by 6% compared with the same month in 2019. Looking at December specifically, the commercial vehicle finance sector was the only one to see growth. It increased to £711 million in December, a growth of 2% compared to the same month in 2019. At the other end of the scale, business equipment finance fell by 24% to £175 million in the month.

Asset finance down 10% in November as 7,000 lenders forecast a 25% fall in net income

Total asset finance new business hit £2.4 billion in November 2020, down 10% compared with the same month in 2019, according to figures released by the Finance & Leasing Association (FLA). The commercial vehicle finance and car finance sectors faired the best in November, with the former achieving £705 million of new business and the latter hitting £699 million. This represents a 1% and 5% fall respectively when compared to the previous year’s figures. In comparison, IT equipment finance new business hit £154 million in the month, equaling a 32% decline from November 2019.

Asset finance down 10% in November as 7,000 lenders forecast a 25% fall in net income

Jan 13, 2021

Total asset finance new business hit £2.4 billion in November 2020, down 10% compared with the same month in 2019, according to figures released by the Finance & Leasing Association (FLA). The commercial vehicle finance and car finance sectors faired the best in November, with the former achieving £705 million of new business and the latter hitting £699 million. This represents a 1% and 5% fall respectively when compared to the previous year’s figures. In comparison, IT equipment finance new business hit £154 million in the month, equaling a 32% decline from November 2019.

FLA reveals dampened market at 2020 end following 14% drop in asset finance new business

Total asset finance new business hit £2.64 billion October 2020, marking a 14% fall from October 2019, reveals new figures released by the UK Finance & Leasing Association (FLA). According to the figures, every asset type experienced a fall in new business, with IT equipment finance being hit the worst. This group reached £164 million of new business in the month, 31% lower than the same period in the year before.

FLA reveals dampened market at 2020 end following 14% drop in asset finance new business

Dec 22, 2020

Total asset finance new business hit £2.64 billion October 2020, marking a 14% fall from October 2019, reveals new figures released by the UK Finance & Leasing Association (FLA). According to the figures, every asset type experienced a fall in new business, with IT equipment finance being hit the worst. This group reached £164 million of new business in the month, 31% lower than the same period in the year before.

Latest FLA figures reveal 11% plummet in total asset finance in September

The latest figures from the Finance & Leasing Association (FLA) show that total asset finance new business by FLA members fell to £2.662 billion in September this year, an 11% drop compared with the same month in 2019. Furthermore, in the 12 months leading up to September new business was 21% lower than in the same period the year before.

Latest FLA figures reveal 11% plummet in total asset finance in September

Nov 05, 2020

The latest figures from the Finance & Leasing Association (FLA) show that total asset finance new business by FLA members fell to £2.662 billion in September this year, an 11% drop compared with the same month in 2019. Furthermore, in the 12 months leading up to September new business was 21% lower than in the same period the year before.

New car market feels an 11% surge in registrations in July, despite forecast £20 billion of lost sales in 2020

UK new car registrations hit 174,887 in July this year, representing a significant improvement of 11.3% on the same period the year before, says the Society of Motor Manufacturers and Traders (SMMT). According to the association, the forecasted pent-up demand, the league of attractive finance offers and flexible payment terms that automakers laid out for consumers following the lockdown are two of the most likely factors that resulted in this surge.

New car market feels an 11% surge in registrations in July, despite forecast £20 billion of lost sales in 2020

Aug 18, 2020

UK new car registrations hit 174,887 in July this year, representing a significant improvement of 11.3% on the same period the year before, says the Society of Motor Manufacturers and Traders (SMMT). According to the association, the forecasted pent-up demand, the league of attractive finance offers and flexible payment terms that automakers laid out for consumers following the lockdown are two of the most likely factors that resulted in this surge.

Asset finance market in freefall during H1 2020, despite used car finance growth in June

Asset finance new business fell by 41% in June 2020 compared with the same month in 2019, as recorded by members of the UK Finance & Leasing Association (FLA). The figures revealed that the plant and machinery finance and commercial vehicle finance sectors reported falls in new business in June 2020 of 28% and 44% respectively, compared with the same month in 2019. When the pandemic began taking its toll on the economy in May, asset finance new business plummeted to a low of £1.2 billion, rising again to £2 billion in June. It is likely that this growth following the crisis-low in May is due to the traditionally strong month of June. However, many businesses were still closed at this time and so new business was more than 40% lower than June 2019, and new business ended up falling 32% in the first half of 2020 compared with the same period in 2019.

Asset finance market in freefall during H1 2020, despite used car finance growth in June

Aug 12, 2020

Asset finance new business fell by 41% in June 2020 compared with the same month in 2019, as recorded by members of the UK Finance & Leasing Association (FLA). The figures revealed that the plant and machinery finance and commercial vehicle finance sectors reported falls in new business in June 2020 of 28% and 44% respectively, compared with the same month in 2019. When the pandemic began taking its toll on the economy in May, asset finance new business plummeted to a low of £1.2 billion, rising again to £2 billion in June. It is likely that this growth following the crisis-low in May is due to the traditionally strong month of June. However, many businesses were still closed at this time and so new business was more than 40% lower than June 2019, and new business ended up falling 32% in the first half of 2020 compared with the same period in 2019.

Demand slowly returns to UK car finance market as dealers shift to online sales

The UK consumer car finance market saw a small improvement in demand during May compared to April, although the market is still a fraction of its size compared to the same period last year. The total value of advances was down 78% in May, compared with 2019, but this represents an improvement on April, when the market collapsed by 94% year-on-year at the height of the Coronavirus crisis. New business volumes in the consumer new car finance market fell back 86% during May 2020 compared with the same month in 2019. The percentage of private new car sales financed by FLA members was 94.3% in the 12 months to May 2020. The consumer used car finance market reported new business volumes 73% lower in May 2020 than in the same month in 2019.

Demand slowly returns to UK car finance market as dealers shift to online sales

Jul 03, 2020

The UK consumer car finance market saw a small improvement in demand during May compared to April, although the market is still a fraction of its size compared to the same period last year. The total value of advances was down 78% in May, compared with 2019, but this represents an improvement on April, when the market collapsed by 94% year-on-year at the height of the Coronavirus crisis. New business volumes in the consumer new car finance market fell back 86% during May 2020 compared with the same month in 2019. The percentage of private new car sales financed by FLA members was 94.3% in the 12 months to May 2020. The consumer used car finance market reported new business volumes 73% lower in May 2020 than in the same month in 2019.

UK asset finance market falls 60% in May as rate of decline gathers pace

Falling demand for asset finance accelerated in the UK during May as new business dropped 60% compared to the same month last year, according to the Finance & Leasing Association (FLA). FLA figures show that total asset finance new business (primarily leasing and hire purchase) declined 44% in the three months to the end of May, compared to the same three months last year. The commercial vehicle finance and business new car finance sectors were hit particularly hard, with demand down 62% and 87% respectively.

UK asset finance market falls 60% in May as rate of decline gathers pace

Jul 03, 2020

Falling demand for asset finance accelerated in the UK during May as new business dropped 60% compared to the same month last year, according to the Finance & Leasing Association (FLA). FLA figures show that total asset finance new business (primarily leasing and hire purchase) declined 44% in the three months to the end of May, compared to the same three months last year. The commercial vehicle finance and business new car finance sectors were hit particularly hard, with demand down 62% and 87% respectively.

UK consumer car finance providers look to brighter future after bearing brunt of lockdown

New business volumes in the consumer car finance market collapsed by 94% during April compared with the same month in 2019 as lockdown restrictions halted trade, latest figures from the Finance & Leasing Association (FLA) reveal. During the month, just 2,580 new cars were acquired using finance, a fall of 97% year-on-year. In the used car market, demand was down 92%, with just under 11,000 cars bought on finance. Total advances were down 94% to £185 million, compared to £3.2 billion the year before.

UK consumer car finance providers look to brighter future after bearing brunt of lockdown

Jun 09, 2020

New business volumes in the consumer car finance market collapsed by 94% during April compared with the same month in 2019 as lockdown restrictions halted trade, latest figures from the Finance & Leasing Association (FLA) reveal. During the month, just 2,580 new cars were acquired using finance, a fall of 97% year-on-year. In the used car market, demand was down 92%, with just under 11,000 cars bought on finance. Total advances were down 94% to £185 million, compared to £3.2 billion the year before.

IT finance proves resilient as UK asset finance market suffers 47% fall in demand during lockdown

Total asset finance new business (primarily leasing and hire purchase) fell by 47% during April 2020 compared with the same month in 2019, as the full force of the Coronavirus lockdown was felt, according to latest figures from the Finance & Leasing Association (FLA). The vehicle finance sectors reported the largest falls as new business in the commercial vehicle finance and business new car finance sectors contracted by 65% and 71% respectively. IT finance proved more resilient as companies looked to fund a transition to home working and online services, with demand down 18% compared to the same period last year. Machinery finance fell 30% year-on-year.

IT finance proves resilient as UK asset finance market suffers 47% fall in demand during lockdown

Jun 09, 2020

Total asset finance new business (primarily leasing and hire purchase) fell by 47% during April 2020 compared with the same month in 2019, as the full force of the Coronavirus lockdown was felt, according to latest figures from the Finance & Leasing Association (FLA). The vehicle finance sectors reported the largest falls as new business in the commercial vehicle finance and business new car finance sectors contracted by 65% and 71% respectively. IT finance proved more resilient as companies looked to fund a transition to home working and online services, with demand down 18% compared to the same period last year. Machinery finance fell 30% year-on-year.

UK asset and auto finance markets fall more than one quarter in March

New business in the UK asset finance and auto finance markets fell more than one quarter in March as the Coronavirus lockdown began, according to new figures from the Finance & Leasing Association (FLA). Total asset finance new business (primarily leasing and hire purchase) fell by 28% during the month, compared to March 2019, pulling the market down 15% for the first quarter of the year, compared with the same period last year. IT equipment finance was the only asset sector to report growth in March, with new business up by 15% compared with the same month in 2019 as digital solutions became a priority for UK businesses. Over the same period, the commercial vehicle finance and plant and machinery finance sectors reported falls in new business of 32% and 23% respectively.

UK asset and auto finance markets fall more than one quarter in March

May 11, 2020

New business in the UK asset finance and auto finance markets fell more than one quarter in March as the Coronavirus lockdown began, according to new figures from the Finance & Leasing Association (FLA). Total asset finance new business (primarily leasing and hire purchase) fell by 28% during the month, compared to March 2019, pulling the market down 15% for the first quarter of the year, compared with the same period last year. IT equipment finance was the only asset sector to report growth in March, with new business up by 15% compared with the same month in 2019 as digital solutions became a priority for UK businesses. Over the same period, the commercial vehicle finance and plant and machinery finance sectors reported falls in new business of 32% and 23% respectively.