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•iSSSsi.:-

FEDERAL

RESERVE

statistical

release

(Ill
• f*AL

•

For immediate r e l e a s e
A p r i l 22, 1975

6.11

F i n a n c e Rate and Other Terms on New and Used Car I n s t a l m e n t C r e d i t C o n t r a c t s
Purchased from D e a l e r s by Major Auto Finance Companies

Period

Customer r a t e
(per c e n t per annum)
New
Used 1/ Total

Average m a t u r i t y
(months)
Used
Total
New

Average amount
financed
(dollars)
New
Used
Total

R a t i o of amount
f i n a n c e d t o wholesale value
(per c e n t )
Used
Total
New

1974
January
February
March
April
May
June
July
August
September
October
November
December

12.39
12.33
12.29
12.28
12.36
12.50
12.58
12.67
12.84
12.97
13.06
13.10

16.56
16.62
16.69
16.76
16.86
17 .06
17 .18
17 .32
17.61
17.78
17.88
17.89

13.42
13.39
13.38
13.39
13.48
13.63
13.72
13.82
14.03
14.16
14.26
14.29

35.2
35.3
35.4
35.5
35.6
35.9
35.9
36.0
35 .9
36.0
36.2
36.4

29.3
29.4
29.2
29.2
29.1
29.0
29.0
29.5
28.6
28.5
28.3
28.1

33.7
33.8
33.8
33.9
33.9
34.1
34.2
34.3
34.1
34.1
34.2
34.3

3,369
3,402
3,450
3,480
3,531
3,587
3,636
3,622
3,625
3,793
3,906
3,976

1,905
1,945
1,921
1,947
1,974
1,991
2,005
1,994
2,005
2,055
2,102
2,112

2,785
2,806
2,856
2,884
2,958
3,025
3,074
3,076
3,043
3,167
3,213
3,257

88
88
88
88
88
88
88
88
87
87
87
86

97
97
98
99
99
99
99
99
99
97
97
96

90
91
91
91
91
91
91
90
90
89
89
88

2,212
2,215

3,209
3,247

87
87

95
96

89
89

975
29.8
35.1
3,931
36.9
14.12
13.08 17.27
January
29.7
35.3
37 .3
3,863
14.14
13.07 17.39
February
March
April
Note: Rates a r e r e p o r t e d on an annual percentage r a t e b a s i s as s p e c i f i e d in
( T r u t h - i n - L e n d i n g ) . Data on the amount financed exclude f i n a n c e charges .
1/ Decreases in f i n a n c e r a t e s f o r used c a r s from December t o January r e f l e c t
companies in e s t a b l i s h i n g " a g i n g dates 1 1 f o r used v e h i c l e s .




the F e d e r a l Reserve B o a r d ' s R e g u l a t i o n Z
customary procedures observed by f i n a n c e