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of GOV

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F E D E R A L

R E S E R V E

statistical

release

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For immediate release
June 27, 1975
Finance Rate and Other Terms on New and Used Car Instalment Credit Contracts
Purchased from Dealers by Major Auto Finance Companies

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

Period

Average maturity
(months)
New
Used
Total

Average amount
financed
(dollars)
New
Used
Total

Ratio of amount
financed to wholesale value
(per cent)
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

1975
13.08 17.27
14.12
36.9
29.8
35.1
3,931
January
37 .3
29.7
35.3
14.14
February
13.07 17.39
3,863
13.07 17.52
14.17
March
37.3
29.6
35.4
3,975
April
13.07 17.58
14.19
37.6
29.6
35.6
4,074
Note: Rates are reported on an annual percentage rate basis as specified in
(Truth-in-Lending). Data on the amount financed exclude finance charges.
1/ Decreases in finance rates for used cars from December to January reflect
companies in establishing "aging dates" for used vehicles.




2,212
3,209
95
89
87
87
89
96
2,215
3,247
89
87
2,180
97
3,198
97
2,203
3,233
89
86
the Federal Reserve Board's Regulation Z
customary procedures observed by finance