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FED ERAL R E SE R V E BANK
O F N E W YO R K
rC ircular No. 3 3 7 4 1
L September 13, 1948 J

REGULATION W
CONSUMER INSTALMENT CREDIT CONTROL

Designation of Automobile Appraisal Guides

To Lenders and Certain Others in the Second F ederal Reserve District
Concerned with Regulation W :

F o r your inform ation we quote below the text of a press statem ent issued by the Board of
Governors of the Fed eral R eserve System and released for publication on Septem ber 10,1948.
Under Regulation W as recently issued effective Septeniber 20, 1948, the credit value of any
automobile is based on the lower of either ( 1 ) the cash price or ( 2 ) the average retail value stated in
one of the used-car price guides designated by the Board of Governors of the Federal Reserve System.
The Board has now determined which appraisal guides are to be designated at present for the
purposes of this rule, and these are shown on the list attached.* Detailed information as to which of
these publications have been designated for any particular territory may be obtained from any Federal
Reserve Bank or Branch. A dealer is not required to use any particular automobile appraisal guide
but, for purposes of complying with Regulation W, may use quotations from the current edition of
any of the publications that are designated for use in his territory.
The automobile models for which designations will initially apply are limited to used cars of model
years 1938 to 1948, inclusive. In the case of these cars, the maximum credit value on and after
September 20, 1948, will be the specified percentage (now 667^ per cent) of whichever is the lower of
( 1 ) the cash purchase price or ( 2 ) the “ appraisal guide value” (as determined from any designated
guide). For those automobiles which do not have an “ appraisal guide value” (new automobiles, used
1949 models, and used cars of 1937 and older models) the maximum credit value will be the specified
percentage of the cash purchase price.
The “ appraisal guide value” to be used for the purposes of 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.

Additional copies of this circular will be furnished upon request.
A lla n S pro u l,

P resident.
* See reverse side.




BO A R D O F G O V ER N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M
Automobile A ppraisal Guides Designated for Purposes of Regulation W
(Designations limited to quotations fo r used cars of model years 1938 to 1948, inclusive)

Name o f guide and publisher

Territory fo r which guide is designated
(see note)

A M E R IC A N A U TO A P P R A IS A L
published by A m erican Auto A ppraisal

Region A

B L U E B O O K — E X E C U T IV E S E D IT IO N
published by N ational Used Car M arket R eport, Inc.

Regions A, B , and C

K E L L E Y B L U E B O O K O F F IC IA L G U ID E
published by K elley Blue Book

Region C

M A R K E T A N A L Y S IS R E P O R T
published by Used Car Statistical Bureau, Inc.

Region A

N.A.D.A. O F F IC IA L U S E D CAR G U ID E
published by N ational Automobile D ealers Used Car Guide Co.

Regions A, B , and C

N O R T H W E S T U S E D CAR V A L U E S
published by Northwest Publishing Company

Idaho, Oregon,
W ashington

O F F IC IA L A U T O M O B IL E G U ID E , P R IC E E D IT IO N
published by Recording and S tatistical Corporation

Regions A, B , and C
(E ffectiv e October 1,1948)

O F F IC IA L A U T O M O B IL E G U ID E , P R IC E E D IT IO N
published by N ational Used Car Dealers Association, Inc.

Regions A, B , and C
(E ffectiv e October 1,1948)

O F F IC IA L A U T O M O B IL E P R IC E G U ID E , P R IC E E D IT IO N
Regions A, B , and C
published by The N ational R esearch Bureau, Inc.
(E ffectiv e October 1,1948)
O F F IC IA L W ISC O N SIN A U T O M O B IL E V A L U A T IO N G U ID E
published by W isconsin Automotive Trades A ssociation

W isconsin

R E D B O O K N A TIO N A L U S E D C A R M A R K E T R E P O R T
published by N ational Used Car M arket Report, Inc.

Regions A, B , and C

N o t e : Regions for which specific editions are designated are approximately as follows: Region A, the states east of
the Mississippi River; Region B, the states between the Mississippi River and the Pacific Coast states; Region C, the Pacific
Coast states, including Arizona, California, Idaho, Nevada, Oregon, Utah, and Washington.




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