Full text of G.19 Consumer Credit : January 12, 1984

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FEDERAL RESERVE statistical release
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G.19

For immediate release
January 12, 1984

CONSUMER INSTALLMENT CREDIT

Consumer installment credit outstanding expanded in November by $4.67 billion, seasonally
adjusted, following an increase of $4.89 billion in October.
These gains represented
annualized
rates of growth of 15 percent
in November and 16 percent in October, compared with an average rate
of increase of 12 percent during the third quarter.
Automobile credit increased by $1.24 billion in November compared with a $1.77 billion
gain in October.
Partially offsetting this slowdown were pick-ups in revolving credit to a
$1.30 billion increase in November (from $1.15 billion in October) and in the large "other" category
to a $2.03 billion gain
(from $1.87 billion).
Increases in both these categories were records.
The previous highs were $1.21 billion for revolving credit in June 1983 and $1.87 billion for
"other" credit in October 1983.
FLOWS OF CREDIT
Millions of dollars
(seasonally adjusted)

Net Change in
Amount Outstanding

Annual Rate of Growth
(percent)

1983

1983

November

September

4,671
1,238
1,300

Total
Automobile
Revolving
Mobile home
Other

October

4,885
1,772
1,145

2,375

107

102

2,026

1,866

285
479
150
1,461

November

15 .
1
10 .4
22,.
5
6,
.4
17,.
6

October

September

16.0
15.1
20.1

6.1

7.9
2.4
8.5
9.1

16.5

13.0

1983
TERMS OF CREDIT
(not seasonally adjusted)
Interest rates 1/
Commercial banks 2/
48-rao. 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
Other terms at
auto finance companies
Maturity (months)
New-car loan

Used-car loan
L o a n - t o - v a l u e r a t i o (%)
New-car loan
Used-car loan
Amount financed
New-car loan
Used-car loan




November

October

13.46
16.39
15.47
18.75

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

13.50
18.16

13.54
18.15

1982

September

n.a.
n. a.
n.a.
n.a.
13.62
18.21

August

July

n.a

Noverabe r

13.50
16.28
15.58
18.75

n. a
n. a
n. a

15.97
17.99
17.55
18.75

12.77
18.25

11.84
18.28

12.82
20.68

46.3
38.0

46.2
38.0

46.2
38.0

45.9
38.0

45.7
38.0

46.4
36.9

86
93

86
93

87
93

87
93

87
93

87
91

9,118
5,316

8,982
5,213

8,792
5,144

8,724
5,103

8,642
5,052

8,339
4,822

($)

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

Installment credit
holder and type

Net change during
Nov.
Oct.
Nov.
1983
1983
1983
S.A.
S.A.
N.S.A.

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

Change from end of
Nov. 1982
amount
percent

4,671

4,885

4,829

374,890

376,390

337,927

38,463

11.4

2,749
205
912
251
438
58
58

2,629
620
942
150
376
131
37

2,471
152
811
955
456
-86
70

170,011
97,255
52,421
29,454
17,971
4,255
3,523

170,823
97,522
52,578
29,668
18,080
4,157
3,562

149,206
93,462
46,832
27,639
13,672
4,141
2,975

21,617
4,060
5,746
2,029
4,408
16
587

14.5
4.3
12.3
7.3
32.2
0.4
19.7

Automobile
Commercial banks
Finance companies
Credit unions

1,238
1,302
-500
436

1,772
1,499
-178
451

1,042
1,206
-552
388

144,060
69,703
49,285
25,072

144,663
70,034
49,482
25,147

128,854
58,256
48,203
22,395

15,809
11,778
1,279
2,752

12.3
20.2
2.7
12.3

Revolving
Commercial banks
Retailers 4/
Gasoline companies

1,300
999
243
58

1,145
856
158
131

1,821
997
910
-86

70,639
40,553
25,831
4,255

70,742
40,573
26,012
4,157

62,362
34,233
23,988
4,141

8,380
6,340
2,024
16

13.4
18.5
8.4
0.4

107
0
-14
111
10

102
-10
-16
118
10

110
-6
-19
126
9

20,235
9,697
4,998
4,984
556

20,366
9,761
5,043
5,004
558

19,049
9,806
4,970
3,775
498

1,317
-45
73
1,229
60

6.9
-0.5
1.5
32.5
12.0

2,026
448
719
466
8
327
58

1,866
284
814
481
-8
258
37

1,856
274
723
414
45
330
70

139,956
50,058
42,972
26,793
3,623
12,987
3,523

140,619
50,455
42,997
26,873
3,656
13,076
3,562

127,662
46,911
40,289
23,939
3,651
9,897
2,975

12,957
3,544
2,708
2,934
5
3,179
587

10.1
7.6
6.7
12.3
0.1
32.1
19.7

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

Mobile home
Commercial banks
Finance companies
Savings and loans
Credit unions
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 Regulation Z.
2. Commercial bank data are simple unweighted averages of each bank's "most common" 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 travel 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-term 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 installments.