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• • otcow.-.. [III! FEDERAL RES ER V E • * • statistical release • f*4L Ht*.. 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 .
