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FEDERAL RESER VE BANK
O F NEW YORK
f Circular N o. 3 5 8 8 1

I September 14, 1950 J

RE G U LA TIO N W
CONSUMER IN STA LM E N T C R E D IT C O N TR O L

Designation o f A u tom obile A ppraisal Guides

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

Following is the text o f a statement issued by the Board o f Governors o f the Federal
Reserve System and released for publication on September 9, 1950.
Under Regulation W as recently issued effective September 18, 1950, the credit value o f any
automobile is based on the lower o f either (1 ) the cash price or (2 ) the average retail value stated in
one o f the appraisal guides designated by the Board o f Governors o f the Federal Reserve System.
F or the purposes o f this rule, the Board has designated certain editions and issues o f the appraisal
guides shown on the list attached. Detailed inform ation as to the designations may be obtained from
any Federal Reserve Bank or Branch. A dealer is not required to use any particular automobile
appraisal guide but, fo r purposes o f com plying with Regulation W , may use quotations from any
o f the appraisal guides that are designated for use in his territory.
The automobile models fo r which designations will initially apply are limited to used cars o f
model years 1941 to 1950, inclusive. In the case o f these cars, the maximum credit value on and after
September 18, 1950, w ill be the specified percentage (now 66-2/3 per cent) o f whichever is the lower
o f (1 ) the cash purchase price or (2 ) the “ appraisal guide valu e” (as determined from any desig­
nated gu id e). F o r those automobiles which do not have an “ appraisal guide value” (new automobiles,
used 1951 models, and used cars o f 1940 and older models) the maximum credit value will be the
specified percentage o f the cash purchase price.
The “ appraisal guide value” to be used for the purposes o f Regulation W does not include any
added value for cars equipped with a radio or heater, but it may include the added value specified in
the appraisal guide for cars having an overdrive or automatic transmission as extra equipment.

The list referred to in the statement is printed on the reverse side. To determine the retail
value of an automobile on any given date for the purposes o f Regulation W , only the issue of
a guide currently designated should be used.
Additional copies o f this circular will be furnished upon request.




A

llan

S

proul,

President.

(o v e r )

BO ARD OF GOVERNORS OF TH E F E D E R A L R E S E R V E SY STE M
Automobile Appraisal Guides Designated fo r Purposes of Regulation W
(Designations limited to quotations for used cars o f model years 1941-50)
Guide, name and address o f 'publisher, and territory
for which guide is designated

Issues designated

AM ERICAN AUTO A PPR A ISA L
American Auto Appraisal,
194 Grove Avenue, Detroit 3, Michigan
Region A (see Note 1)

September-October, 1950
November-December, 1950
January-February, 1951

March-April, 1951
May-June, 1951

BLUE BOOK — E X EC U TIVE S EDITION
National Used Car Market Report, Inc.,
900 South Wabash Avenue, Chicago 5, Illinois
Regions A , B, and C (see Note 1)

August 15-September 30, 1950
October 1-November 14, 1950
November 15-December 31, 1950
January 1-February 14, 1951

February 15-March 31, 1951
April 1-May 14, 1951
May 15-June 30, 1951

K E L L E Y BLUE BOOK GUIDE
Les Kelley,
1221 South Figueroa Street, Los Angeles 15, Calif.
Region C (see Note 1)

September-October, 1950
November-December, 1950
January-February, 1951

March-April, 1951
May-June, 1951

M ARK ET ANALYSTS REPORT
Used Car Statistical Bureau, Inc.,
93 Massachusetts Avenue, Boston 15, Mass.
The six New England States, New Jersey, New York
and Pennsylvania

September-October, 1950
November-December, 1950
January-February, 1951

March-April, 1951
May-June, 1951

N. A. D. A. O FFICIA L USED CAR GUIDE
National Automobile Dealers Used Car Guide Co.,
1026 — 17th Street, N. W., Washington 6, D. C.
5 Regions (see Note 2)

September, 1950
October, 1950
November, 1950
December, 1950
January, 1951

February, 1951
March, 1951
April, 1951
May, 1951
June, 1951

NORTHW EST USED CAR VALUES
Northwest Publishing Company,
90 University Street, Seattle 1, Wash.
Washington, Oregon, Idaho, and Montana

September, 1950
October, 1950
November, 1950
December, 1950
January, 1951

February, 1951
March, 1951
April, 1951
May, 1951
June, 1951

O FFIC IA L AUTOM OBILE GUIDE, PRICE ED ITION
Recording and Statistical Corporation,
222 West Adams Street, Chicago 5, Illinois
Regions A, B, and C (see Note 1)

September-October, 1950
November-December, 1950
January-March, 1951
April-June, 1951

O FFICIA L AUTOM OBILE GUIDE, PRICE ED ITION
The National Research Bureau, Inc.,
415 Dearborn Street, Chicago 10, Illinois
Regions A, B, and C (see Note 1)

September-October, 1950
November-December, 1950
January-March, 1951
April-June, 1951

O FFICIA L USED CAR SURVEY
Motor Vehicle Dealers Administration, Nebraska,
State House, Lincoln, Nebraska
Nebraska

September-October, 1950
November-December, 1950
January-March, 1951
April-June, 1951

O FFICIA L W ISCONSIN AUTOM OBILE
V A LU ATIO N GUIDE
Wisconsin Automotive Trades Association,
119 Monona Avenue, Madison 3, Wisconsin
Wisconsin

August 15-September 30, 1950
October 1-November 14, 1950
November 15-December 31, 1950
January 1-February 14, 1951

February 15-March 31, 1951
April 1-May 14, 1951
May 15-June 30, 1951

RED BOOK N A TIO N A L USED CAR
M ARK ET REPORT
National Used Car Market Report, Inc.,
900 South Wabash Avenue, Chicago 5, Illinois
Regions A, B, and C (see Note 1)

August 15-September 30, 1950
October 1-November 14, 1950
November 15-December 31, 1950
January 1-February 14, 1951

February 15-March 31, 1951
April 1-May 14, 1951
May 15-June 30, 1951

N o t e 1. Begion A : Alabama, Connecticut, Delaware, District o f Columbia, Florida, Georgia, Illinois (except Madison,
St. Clair and Rock Island Counties), Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New
Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont,
Virginia, West Virginia and Wisconsin (except Douglas County). Begion B : Arkansas, Colorado, Illinois (Madison, St. Clair
and Rock Island Counties), Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota
Oklahoma, South Dakota, Texas, Wisconsin (Douglas County) and Wyoming. Begion C : Arizona, California, Idaho, Nevada]
Oregon, Utah and Washington.

N ote 2. The regions for which each o f the five territorial editions o f N. A. D. A. Official Used Car Guide is designated
are: Begion “ A ” : Connecticut, Delaware, District o f Columbia, Maine, Maryland, Massachusetts, New Hampshire, New
Jersey, New York, Pennsylvania, Rhode Island, Tennessee (Sullivan County only), Vermont and Virginia. Begion “ B ” :
Arkansas (Miller County only), Colorado, Louisiana, Montana, New Mexico, North Dakota, Oklahoma, South Dakota, Texas
and Wyoming. Begion “ C ” : Arizona, California, Idaho, Nevada, Oregon, Utah and Washington. Begion “ D ” : Alabama,
Arkansas (except Miller County), Florida, Georgia, Illinois (Madison, Rock Island, St. Clair Counties only), Iowa, Kansas,
Minnesota, Mississippi, Missouri, Nebraska, North Carolina, Tennessee (except Sullivan County), South Carolina and
Wisconsin (Douglas County only). Begion “ E
Illinois (except Madison, Rock Island, St. Clair Counties), Indiana,
Kentucky, Michigan, Ohio, West Virginia and Wisconsin (except Douglas County).




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