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62 R-9?1 BOARD OF GOVERNORS OF TEE FEDERP.L RESERVE SYSTEM St&tement for tte Press For immediate release. M.arch 23, 1942. Under the instalment credit regulations as they v:ere recently amended effective April 1, the credit value of a used automobil"l, instead of being based solely on the purchase :price, must be based on the lower of either (l) the purchase price or (2) the averege retail .v~~ue as stated in one of the used-car guides designated by the Board of Governors of the Federal Reserve System. Tho Board has now determined which used-car guides are to be designated i::1itially for the purposes of this rule. For use for this purpose in any part of the United States tte Board hcts designated certain editions of the rLA.D.A. Used Car Guide, the !::a.rket Record, and the Rec 3ook or blue Bool<:. Certa5.n oth~:3r guides have also been designated for use in particular sections of tho United States; these are Market Ar.alysis Report (published at Boston), American Auto Appraisal (published at Detro~t), Viis~onsin Automobile Val'\.ffi.tion Guide, Ne·oraska Used Car Survey, Kelley Blue Book (published at Los Angeles), The Official Guide (publisht:,d at Los Angeles), and l~orthHest Used Car Values (published at Seattle). Detailed information as to Yihlc...F! of these regional pub::.ications, and which editions of the nc.tional publications, ho.ve be0n designated for use in any particular territory, may be obtc.ined .from any .J:""'ederal Reserve Bank or Branch. A dealer is not required to use any pa.rticular autolilObile appraisal guide, but, lor purposes of ~omplying \dth Regu1ution \V, may use quotations from any of the foregoing publicatio:..1s that are designated for use in his territory. The ma.x:i.nn.un credit value of a used automobile on or after April 1 1."flll be 66-2/3 per cent of whichever is the lower of (1) the cash purchase price, or (2) the "q.ppraisal guide value" (as determined from .:my designated guide). An exception is made for cars of 1934 and older models, for which the 1~ximum credit value vdll be 66-2/3 per cent of the cash purchase price, as at present, without the re•::p.!irement relating to the '!appraisal guide valuell.
@FedFRASER