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FEDERAL

#

#

RESERVE

statistical

G.n

r e l e a s e

For immediate release
March 12, 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

16.56

13.42

35.2

29.3

33.7

3,369

1,905

2,785

88

97

90

1974
January

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.