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.Co?G v/ V •
°/-

FEDERAL
raERAL

6.11

RESERVE

s t a t i s t i c a l

r e l e a s e

RESERVE BOARD
FEB 12 1975

For immediate release
February 6, 1975

Finance Rate and Other Terms on New and Used Car Instalment Credit Contracts
Purchased from Dealers by Major Auto Finance Companies

Period

Customer rate
(per cent per annum)
New
Used 1/ Total

Average maturity
(months)
New
Used
Total

Average amount
financed
(dollars)
New
Used
Total

Ratio of amount
financed to wholesale value
(per cent)
New
Used
Total

1973
October
November
December

12.34
12.40
12.42

17.11
17.21
17 .31

13.52
13.59
13.63

35 .1
35 .1
35 .1

28.2
27.9
27.6

33.4
33.3
33.2

3,448
3,400
3,357

1,824
1,826
1,805

2,935
2,891
2,845

88
88
88

99
100
99

91
91
91

1974
January
12.39 16.56
13.42
35 .2
29.3
33.7
3,369 1,905
2,785
88
97
90
February
12.33 16.62
13.39
35.3
29.4
33.8
3,402 1,945
2,806
88
97
91
March
12.29 16.69
13.38
35.4
29.2
33.8
3,450 1,921
2,856
88
98
91
12.28 16.76
April
13.39
35.5
29.2
33.9
3,480 1,947
2,884
88
99
91
May
12.36 16.86
13.48
35 .6
29.1
33.9
3,531 1,974
2,958
88
99
91
12.50 17.06
June
13.63
35.9
29.0
34.1
3,587 1,991
3,025
88
99
91
12.58 17.18
July
13.72
35.9
29.0
34.2
3,636 2,005
3,074
88
99
91
August
12.67 17.32
13.82
36.0
29.5
34.3
3,622 1,994
3,076
88
99
90
September
12.84 17.61
14.03
35.9
28.6
34.1
3,625 2,005
3,043
87
99
90
October
12.97 17 .78
14.16
36.0
28.5
34.1
3,793 2,055
3,167
87 .
97
89
November
13.06 17.88
14.26
36.2
28.3
34.2
3,906 2,102
3,213
87
97
89
December
13.10 17 .89
14.29
36.4
28.1
34.3
3.976 2,112
3.257
86
96
88
Note: Rates are reported on an annual percentage rate basis as specified in the Federal Reserve Board's Regulation Z
(Truth-in-Lending) . Data on the amount financed exclude finance charges.
1/ Decreases in finance rates for used cars from December to January reflect customary procedures observed by finance
companies in establishing "aging dates" for used vehicles .