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FE D E R A L R E S E R V E BANK
O F NEW YORK
r Circular N o. 3 4 5 1 T
L
M ay 23, 1949
J

R E G U L A T IO N W
CONSUMER INSTALMENT CREDIT CONTROL

Automobile Appraisal Guides

To Lenders, Automobile Dealers and Certain Others in the
Second Federal Reserve District Concerned with Regulation W :

The Board of Governors of the Federal Reserve System has been notified recently that the
quarterly editions of certain of the automobile appraisal guides designated by the Board of
Governors for the purposes of Part 4 of the Supplement to Regulation W (relative to the
calculation of down payments for automobiles), will be supplemented by auxiliary editions
listing revised appraisals. The auxiliary editions are to be published approximately six weeks
after the effective date of each quarterly edition of the appraisal guides.
The Board of Governors has advised us that, for the purposes of Part 4 of the Supplement
to Regulation W, the values listed in the auxiliary editions will supersede, on and after the
effective date of each auxiliary edition, the values listed in the respective quarterly editions of
the appraisal guides for that period. The first of such auxiliary editions became effective
May 15, 1949.
The appraisal guides to which this circular refers are the Official Wisconsin Automobile
Valuation Guide, the Blue Book—Executives Edition, and the Red Book National Used Car
Market Report. As stated in our Circular No. 3374, dated September 13, 1948, the latter two
guides are among the appraisal guides designated by the Board of Governors for use in ter­
ritory which includes the Second Federal Reserve District; the Official Wisconsin Automobile
Valuation Guide has been so designated for use in the State of Wisconsin only.
Additional copies of this circular will be furnished upon request.




A

llan

S proul,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102