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FEDERAL

RES ER V E

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statistical release

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For

G. 11

immediate release
J u l y 10, 1975

F i n a n c e Rate and Other Terms on New and Used Car Instalment Credit C o n t r a c t s
Purchased from Dealers by Major A u t o F i n a n c e Companies

Period

Customer rate
(per cent per a n n u m )
Used 1/ T o t a l
New

A v e r a g e maturity
(months)
New
Used
Total

A v e r a g e amount
financed
(dollars)
Used
Total
New

R a t i o of amount
financed to wholesale v a l u e
(per c e n t )
Total
Used
New

1974
May
June
July
August
September
October
November
December

12.36
12.50
12.58
12.67
12.84
12.97
13.06
13.10

16.86
17.06
17.18
17.32
17.61
17.78
17 .88
17.89

13.48
13.63
13.72
13.82
14.03
14.16
14.26
14.29

35.6
35.9
35.9
36.0
35.9
36.0
36.2
36.4

29.1
29 .0
29.0
29.5
28.6
28.5
28.3
28.1

33.9
34.1
34.2
34.3
34.1
34.1
34.2
34.3

3,531
3,587
3,636
3,622
3,625
3,793
3,906
3,976

1,974
1,991
2,005
1,994
2,005
2,055
2,102
2,112

2,958
3,025
3,074
3,076
3,043
3,167
3,213
3,257

88
88
88
88
87
87
87
86

99
99
99
99
99
97
97
96

91
91
91
90
90
89
89
88

13.08
13.07
13.07
13.07
13.09

17.27
17.39
17.52
17.58
17.65

14.12
14.14
14.17
14.19
14.22

36.9
37.3
37.3
37.6
37 .7

29.8
29.7
29.6
29.6
29.6

35.1
35.3
35 .4
35.6
35 .6

3,931
3,863
3,975
4,074
4,125

2,212
2,215
2,180
2,203
2,230

3,209
3,247
3,198
3,233
3,331

87
87
87
86
86

95
96
97
97
98

89
89
89
89
89

1975
January
February
March
April
May

Note:
R a t e s are reported on an annual percentage rate basis as specified in the F e d e r a l R e s e r v e B o a r d ' s R e g u l a t i o n Z
( T r u t h - i n - L e n d i n g ) . D a t a on the amount financed exclude finance c h a r g e s .
1/ D e c r e a s e s in finance rates for used cars from December to J a n u a r y r e f l e c t customary p r o c e d u r e s observed by finance
companies in e s t a b l i s h i n g "aging d a t e s " for used v e h i c l e s .