Full text of G.19 Consumer Credit : April 11, 1983

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FEDERAL RESERVE
••f£uRt^:
FOR IMMEDIATE RELEASE
April 11, 1983

G.19

CONSUMER INSTALLMENT CREDIT
Consumer installment credit outstanding in February increased by $1.74 billion,
after seasonal adjustment, following a $2.93 billion gain in January. The February advance
was equivalent to a 6 percent annual rate of growth, compared with a 10-1/2 percent rate in
January and 4 percent for the full year 1982.
The large "other11 category—primarily personal cash loans and sales finance
contracts for non-automotive goods—showed the strongest rate of increase for the second
consecutive month. Automobile credit growth remained near the reduced January pace while
revolving credit recorded virtually no change in seasonally adjusted outstandings.

1983
FLOWS OF CREDIT
Millions of dollars,
except as noted

Feb.
Jan.
seasonally adjusted

1,744

2,929

185
-6
215

233
68
444

1,350

2,184

6.1

10.4

343,989

342,245

Total net change in outstanding
Automobile
Revolving
Mobile home
Other
Annual rate of growth
Total outstanding

Latest 12 months
amount percent

15,208
4,551
3,895
1,177
5,585

4.6
3.6
6.6
6.4
4.5

1982

1983
TERMS OF CREDIT
Feb.

Interest rates 1/
Commercial banks 2/
48-mo. new-car loan
24-mo. personal loan
120-mo. mobile home loan
Credit card plan
Auto finance companies 3/
New-car loan
Used-car loan

Feb.

a.
a.
a.
a.

n. a.
17.99
n.a.
18.75

n. a.
18.76
n. a.
18.14

12.25
20.20

12.57
20.63

12.82
20.68

17.66
20.57

46.0
38.2

46.4
36.9

46.4
36.9

45.7
37.0

86
90

87
90

87
91

85
90

8,683
4,742

8,468
4,846

8,339
4,822

7,651
4,657

14.81
17.59
16.73
18.89

n.a.
n. a.
n. a.
n. a.

12.05
19.91

Other terms at auto finance companies
Maturity (months)
New-car loan
45.9
Used-car loan
37.7
Loan-to-value ratio (%)
86
New-car loan
90
Used-car loan
Amount financed ($)
8,755
New-car loan
4,731
Used-car loan




Jan.
Dec.
Nov.
not seasonally adjusted

n.
n.
n.
n.

CONSUMER INSTALLMENT CREDIT BY HOLDER AND TYPE
(Millions of dollars except as noted)

Installment credit
holder and type

Net change during
Feb.
Jan.
Feb.
1983
1983
1983
S.A.
S.A.
N.S.A.

Outstanding at end of
Feb.
Feb.
Feb.
1983
1983
1982
S.A.
N.S.A.
N.S.A.

Change from end of
February 1982
amount
percent

1,744

2,929

-1,810

343,989

341,545

326,301

15,244

4.7

788
-658
923
36
677
-71
49

410
1,881
224
-14
412
-78
94

-649
-1,221
683
-1,125
651
-196
47

151,219
95,204
48,121
27,425
14,904
4,002
3,114

150,257
93,859
47,833
27,734
14,860
3,906
3,096

145,788
89,009
45,586
27,013
11,738
4,433
2,734

4,469
4,850
2,247
721
3,122
-527
362

3.1
5.4
4.9
2.7
26.6
-11.9
13.2

Automobile
Commercial banks
Finance companies
Credit unions

185
321
-569
433

233
-581
1,186
-372

-9
231
-560
320

130,653
58,616
49,516
22,521

129,081
57,971
48,724
22,386

124,498
57,808
44,891
21,799

4,583
163
3,833
587

3.7
0.3
8.5
2.7

Revolving
Commercial banks
Retailers 4/
Gasoline companies

-6
61
4
-71

68
130
16
-78

-2,064
-801
-1,067
-196

62,892
35,088
23,802
4,002

63,498
35,481
24,111
3,906

59,539
31,948
23,158
4,433

3,959
3,533
953
-527

6.6
11.1
4.1
-11.9

Mobile home
Commercial banks
Finance companies
Savings and loans
Credit unions

215
26
59
120
10

444
193
53
175
23

93
-22
-21
128
8

19,571
9,897
5,025
4,116
533

19,408
9,806
4,960
4,112
530

18,239
10,007
4,506
3,241
485

1,169
-201
454
871
45

6.4
-2.0
10.1
26.9
9.3

1,350
380
-148
480
32
557
49

2,184
668
642
573
-30
237
94

170
-57
-640
355
-58
523
47

130,873
47,618
40,663
25,067
3,623
10,788
3,114

129,558
46,999
40,175
24,917
3,623
10,748
3,096

124,025
46,025
39,612
23,302
3,855
8,497
2,734

5,533
974
563
1,615
-232
2,251
362

4.5
2.1
1.4
6.9
-6.3
26.5
13.2

Total
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 4/
Savings and loans
Gasoline companies
Mutual savings banks
By major credit type

Other
Commercial banks
Finance companies
Credit unions
Retailers 4/
Savings and loans
Mutual savings banks

1. Interest rates are annual percentage rates as specified by Regula tion Z.
2. Commercial bank data are simple unweighted averages of each bank1 s "most common11 rate charged
during the first calendar week of the month.
3. Finance company data from the subsidiaries of the three major U.S automobile manufacturers
are volume-weighted averages covering all loans of each type purchased during the month,
4. Includes auto dealers and excludes 30-day charge credit held by t ravel and entertainment
companies.
5. n.a.= Data not available.
S.A.= Seasonally adjusted.
N.S.A = Not seasonally adjusted,
NOTE: The Board's series on amounts of credit covers most short- and intermediate-terra credit
extended to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to
be repaid (or with the option of repayment) in two or more installment s.