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O low-. f • R* • E* G.ll # F E D E R A L I > L* A R E S E R V E statistical K Y # # 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 .