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F E D E R A L
I > L* A

R E S E R V E

statistical

K Y

#

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release

For immediate release
March 13, 1973

% I RESB^-^

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)
Used 1/
Total
New

Average maturity
(months)
Total
Used
New

Average amount
financed
(dollars)
Used
Total
New

Ratio of amount
financed to wholesale value
(per cent)
New
Used
Total

1972
January
February
March
April
May
June
July
August
September
October
November
December

12.07
11.99
11.92
11.87
11.86
11.85
11.84
11.85
11.88
11.86
11.89
11.92

16.17
16.27
16.32
16.40
16.47
16.52
16.57
16.62
16.71
16.67
16.78
16.87

13.09
13.06
13.02
13.00
13.01
13.01
13.02
13.04
13.08
13.06
13.11
13.15

34.9
34.9
35.0
35.0
35.0
35.1
35.1
35.2
35.0
34.9
34.9
34.9

29.2
29.2
29.1
29.1
29.0
28.9
28.8
28.6
28.3
28.2
28.0
27.9

33.5
33.5
33.5
33.5
33.5
33.6
33.5
33.6
33.3
33.2
33.2
33.2

3,014
3,018
3,029.
3,058
3,075
3,119
3,141
3,116
3,101
3,186
3,179
3,208

1,645
1,645
1,645
1,648
1,668
1,676
1,692
1,671
1,629
1,692
1,706
1,729

2,447
2,456
2,482
2,521
2,561
2,609
2,641
2,600
2,566
2,702
2,675
2,710

86
87
87
87
87
87
87
87
87
87
87
87

97
98
99
99
100
100
100
100
100
100
100
99

89
90
90
90
90
90
90
90
90
90
90
90

11.89

16.08

12.93

34.9

29.6

33.6

3,200

1,789

2,668

87

98

90

1973
January

1/ Decreases reported above in finance rates for used cars from September to October, and December to January,
reflect customary procedures observed by finance companies in establishing "aging dates" for used vehicles.
Owing to a recent change in these procedures, the magnitude of the September-October decline has been reduced,
and that for December-January has been accentuated.
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 .