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Vehicle-financing market contracts by two-thirds in 2009 - paper

Hungary's vehicle-leasing market had outlays of HUF 208.6 billion (€762.06 million) in 2009, 67% less than a year before, the business daily Világgazdaság reported, citing figures from the Hungarian Association of Leasing.

The data shows that leasing companies generated financing of HUF 50.2 billion in Q4 2009, up 18.4% yr/yr, even though the number of contracts fell 24,200 compared to Q3. The number of new leasing contracts in the retail sector fell 63% by the end of the year.

The National Bank of Hungary (MNB) reported in March that households in Hungary held a total of HUF 287.7 billion in car leases, 19% less than a year before.

The Hungarian Vehicle Importers Association (MGE) estimates that the number of new cars put on the road in Hungary will increase 7.9% to 65,000 in 2010 compared to 2009. In Q1 the number of new cars put on the road slipped 55% yr/yr to 10,210, MGE said earlier.

In 2009, the number of new cars put on the road plunged 61%. There were 3.013 million cars in Hungary at the end of 2009, 1.4% fewer than twelve months earlier, according to Central Statistical Office (KSH) figures. The car stock fell for the first time since 1998. (MTI – Econews)