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F e d e r a l R e s e r v e Ba n k
O F DALLAS

December 17, 1946

REGULATION W— AUTOMOBILE APPRAISAL GUIDES

To the Registrant Addressed:
Regulation W, as revised effective December 1, 1946, provides
that on and after January 1, 1947, the maximum credit value of a used
automobile shall be the specified percentage (now 6Q%%) of which­
ever is the lower of—
(1) The cash price; or
( 2 ) The “ appraisal guide value” (plus any applicable
sales tax)
“ Appraisal guide value” means the estimated average retail value
as stated in such edition of any regularly published automobile ap­
praisal guide as the Board of Governors of the Federal Reserve System
may designate for this purpose for use in the territory in which such
used automobile is sold. The guides designated by the Board for use
for this purpose in the states of this Federal Reserve District are as
follows:
Louisiana, New Mexico, Oklahoma, and Texas:
BLUE BOOK— EXECUTIVES’ EDITION, published by National
Used Car Market Reports, Inc.— “ Average retail values”
stated for Region B.
N.A.D.A. OFFICIAL USED CAR GUIDE, published by National
Automobile Dealers Used Car Guide Co.— REGION B EDI­
TION.
OFFICIAL AUTOMOBILE GUIDE, Price Edition, published by
Recording & Statistical Corp.— “ Average retail prices” stated
for Region B.
RED BOOK NATIONAL USED CAR MARKET REPORT, pub­
lished by National Used Car Market Report, Inc.— REGION
B EDITION.
(Oven*)

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Arizona:
BLUE BOOK—EXECUTIVES’ EDITION, published by National
Used Car Market Report, Inc.— “ Average retail values” stated
for Region C.
CALIFORNIA USED CAR VALUES, published by Thomas Pub­
lishing Company (Northwest Publishing Company).
KELLEY BLUE BOOK OFFICIAL GUIDE, published by Kel­
ley Blue Book.
N.A.D.A. OFFICIAL USED CAR GUIDE, published by National
Automobile Dealers Used Car Guide Co.—WESTERN EDI­
TION.
OFFICIAL AUTOMOBILE GUIDE, Price Edition, published by
Recording & Statistical Corp.— “ Average retail prices” stated
for Region C.
RED BOOK NATIONAL USED CAR MARKET REPORT, pub­
lished by National Used Car Market Report, Inc.—REGION
C EDITION.
A dealer or lender is not required to use any particular automo­
bile appraisal guide, but for purposes of complying with Regulation
W, may use quotations from any of the foregoing publications that
are designated for use in his territory.
An exception is made for cars of 1936 and older models for
which the maximum credit value will be the specified percentage (now
6 6 2/ 3 %) of the cash purchase price, as at present, without the require­
ment relating to the “ appraisal guide value.”
The “ appraisal guide value” to be used for the purpose of Regu­
lation W does not include any added value for cars equipped with a
radio or heater, but it may include added value for cars having an
over-drive or automatic transmission as extra equipment.

Yours very truly,
R. R. GILBERT
President