After a bit of fatigue in February, the production of consumer credit is rebounded. According to the latest figures published by the ASF ( French Association of Financial Companies), growth has picked up again but remains far from the peaks of 2008.
A dynamic market
The figures of the ASF are clear: whether it is the monthly or quarterly results, the activity remains largely dynamic. In March alone, production climbed 8.1%, the result of a slight 1.9% drop in February. In terms of volume, activity is worth 3,681 million euros. A colossal amount but which remains largely below the results of 2008 (-12.4%).
In the first three months of the year, production stood at 9,826 million, a good 6.2% increase compared to last year at the same time.
Boost for the classic credit operations
The February slump was due to the decline in “conventional” consumer loans (credit allocation, revolving credit and personal loans). This month, the activity has returned more beautiful in this segment (+ 5.0%), but this result hides some disparities. In fact, only personal loans really leap (+ 12.6%). Others ? The trend is rather stable: -0.4% for allocated credits and + 0.1% for revolving credits.
For the record, the appropriations allocated refer to loans “attached” directly to a good (a car for example) or a service (works). They can only finance what is stipulated in the contract, unlike personal loans that can finance any project without justification from the lending institution.
As for revolving credits, you do not need to explain to the lender why you need financing. But its principle differs from the personal loan: a sum of money is put at your disposal and you spend it as you want, whenever you want. Interest only relates to the amount used.
LOAs continue to grow strongly
On the rental option side (LOA), activity accelerated slightly: + 25.5% in March over one year, compared to 23.3% in February. A result that applies to both automotive LOA (+ 26.9%) and LOA ” other materials ” (+ 15.3%).
LOA automobiles? LOA other materials? This operation can indeed finance several types of property. Not only cars, but also computer equipment, stereo equipment, boats, musical instruments, etc.
LOAs combine rental and acquisition. At first, you rent the property, for example a car; then at the end of the contract, you return it or buy it permanently. If you opt for the acquisition, you will have to pay the residual value of the vehicle.
LOAs still carry the auto market up
For several months, LOAs have literally boosted the financing of new vehicles (+ 26.9% for new auto LOAs in March), to the detriment of auto-allocated credits (-18.9% for new vehicles). If we add up allocated credits and LOA, new car financing climbed by 9.4%.
It should be noted that the number of credits allocated for used vehicles remains positive: + 9.2% over 1 year.