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of Gov/ FEDERAL • RESERVE statistical G.ll * ^ release For immediate release June 3, 1974 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 January February March April May June July August September October November December 11.89 11.86 11.85 11.88 11.91 11.94 12.02 12.13 12.28 12.34 12.40 12.42 16.08 16.20 16.32 16.44 16.52 16.61 16.75 16.86 16.98 17.11 17.21 17 .31 12.93 12.94 12.96 13.02 13.06 13.10 13.20 13.30 13.45 13.52 13.59 13.63 34.9 35 .0 35.1 35 .2 35.3 35 .4 35.4 35.4 35.3 35 .1 35.1 35 .1 29.6 29.6 29.5 29.4 29.4 29.3 29.1 28.8 28.5 28.2 27 .9 27.6 33.6 33.7 33.7 33.8 33.8 33.9 33.8 33.7 33.6 33.4 33.3 33.2 3,200 3,199 3,184 3,201 3,225 3,283 3,329 3,347 3,418 3,448 3,400 3,357 1,789 1,794 1,787 1,792 1,815 1,837 1,820 1,786 1,780 1,824 1,826 1,805 2,668 2,666 2,678 2,704 2,738 2,797 2,834 2,824 2,852 2,935 2,891 2,845 87 87 87 88 88 88 88 88 87 88 88 88 98 99 99 99 99 99 99 99 99 99 100 99 90 90 90 91 91 91 91 91 90 91 91 91 12.39 12.33 12.29 12.28 16.56 16.62 16.69 16.76 13.42 13.39 13.38 13.39 35.2 35.3 35.4 35.5 29.3 29.4 29.2 29.2 33.7 33.8 33.8 33.9 3,369 3,402 3,450 3,480 1,905 1,945 1,921 1,947 2,785 2,806 2,856 2,884 88 88 88 88 97 97 98 99 90 91 91 91 1974 January February March April 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 Digitized for companies FRASER in establishing "aging dates" for used vehicles.