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Of GOw

FEDERAL

RESERVE

statistical

release

mil
G.ll

For immediate release
March 14, 1975
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

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 2,212
3,209
87
95
89
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
companies in establishing "aging dates" for used vehicles.