The consumer new car finance market reported a fall in new business volumes of 18% in December compared with the same month in 2019. In 2020, new business volumes in this market fell by 25% compared with 2019. The percentage of private new car sales financed by FLA members in the twelve months to December 2020 was 93.2%, up from 91.7% in 2019.
The Authority will propose that consumer credit customers who have not yet had a payment deferral under its July guidance can request one. This could last for up to 6 months unless it is obviously not in the customer’s interests. Under the proposals borrowers who are currently benefitting from a first payment deferral under the July guidance would be able to apply for a second deferral.