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FEDERAL
6.11

•

RESERVE

statistical

Rts. •

release
For immediate r e l e a s e
May 1 3 , 1975

F i n a n c e R a t e and O t h e r Terms on New and Used Car I n s t a l m e n t C r e d i t C o n t r a c t s
P u r c h a s e d f r o m D e a l e r s by M a j o r A u t o F i n a n c e Companies

Customer r a t e
( p e r c e n t p e r annum)
New
Used 1/ T o t a l

Period

Average m a t u r i t y
(months)
Total
Used
New

A v e r a g e amount
financed
(dollars)
Used
Total
New

R a t i o of amount
f i n a n c e d t o wholesale value
(per cent)
Used
Total
New

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

2,212
2,215
2,180

3,209
3,247
3,198

87
87
87

95
96
97

89
89
89

1975
3,931
36.9
29.8
35.1
14.12
13.08 17.27
January
29.7
35 .3
37.3
3,863
14.14
17.39
13.07
February
13.07
17.52
14.17
37.3
29.6
3,975
35.4
March
April
N o t e : R a t e s a r e r e p o r t e d on a n a n n u a l p e r c e n t a g e r a t e b a s i s a s s p e c i f i e d i n
( T r u t h - i n - L e n d i n g ) . D a t a on t h e amount f i n a n c e d e x c l u d e f i n a n c e c h a r g e s .
1/ D e c r e a s e s i n f i n a n c e r a t e s f o r u s e d c a r s f r o m December t o J a n u a r y r e f l e c t
companies in e s t a b l i s h i n g " a g i n g dates11 f o r used v e h i c l e s .



the F e d e r a l Reserve Board's Regulation Z
c u s t o m a r y p r o c e d u r e s o b s e r v e d by f i n a n c e