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F ederal Re serve Ba n k OF DALLAS Dallas, Texas, Decem ber 28, 1951 CONSUMER CREDIT A M E N D M E N T NO. 6 TO R E G U LA TIO N W To the R egistra n t A d d ressed and O thers C on cerned : There is quoted below the text o f a statement issued b y the Board o f Governors o f the Federal Reserve System in connection w ith Am endm ent N o. 6 to Regulation W , effective January 2, 1952: “ The Board o f Governors announced today that effec tive January 2, 1952, all 1942 and older model automobiles will be rem oved from the list o f articles subject to the provisions o f Regulation W — Consumer Credit. “ A lthough about 40 per cent o f all passenger autom o biles now in use are prew ar models, the change is not ex pected to have any appreciable effect on the general credit situation. Greater risk is involved in financing older model cars and as a result term s actually made available by sell ers and lenders have in general been m ore stringent than those required under Regulation W .” The tex t o f the amendm ent is reproduced on the reverse o f this letter. This bank and its branches at El Paso, Houston, and San A ntonio will be glad to furnish any inform ation which m ay be desired concerning the regulation. Yours very truly, R. R. G ILB E R T President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) CONSUM ER CREDIT A M E N D M E N T NO. 6 TO R E G U LATIO N W Issued by the Board o f Governors o f the Federal R eserve System Regulation W is hereby amended in the follow ing respects, effective January 2, 1952: 1. B y adding a fte r the w ord “ A utom obiles” in item 1, Group A , P art 1 o f the Supplement to the regulation the words “ o f year-m odel later than 1942.” 2. B y adding the follow in g sentence at the end o f section 6 (/) : “ A n y credit outstanding in connection with the purchase o f any property used as a trade-in shall be deemed to be credit fo r financing the purchase o f the article w ith respect to w hich the trade-in is m ade.”
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