Full text of G.19 Consumer Credit : July 12, 1994
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July 12, 1994 Consumer Installment Credit G.19 Measures of consumer installment credit have been revised to incorporate results of the annual benchmark and updated seasonal adjustment factors. This release includes data revised back to the beginning of 1989. The revised data are benchmarked to call reports through December 1993 for most depository institutions, and incorporate more complete information for both nondepository institutions and pools of securitized assets. On balance, the revised data show a bit less strength in 1992 and more rapid growth in 1993 and early 1994. The level of total outstanding installment credit as of March 1994 has been raised by about $8 billion as a result of the revisions. This release contains all of the newly revised data. A diskette containing the complete historical data for all series shown on this release is available from the Federal Reserve Board's Publications Section, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, D.C., 20551,(202)452-3245. FEDERAL RESERVE statistical release /<-r> . " - Tliis release is issued around the fifth business day of each month. The exact date and time may be obtained by calling (202) 452—3206 '.o)^^^i v • Data have been revised from January 1989 to present to reflect benchmark and seasonal factor revisions. For release at 4 p.m. (Eastern Time) July 12, 1994 G. 19 CONSUMER INSTALLMENT CREDIT May 1994 Consumer installment credit outstanding increased $10.4 billion in May, following a $10.1 billion rise in April. Revolving credit rose $4.1 billion in May and "other" was up $3.5 billion. Automobile credit outstanding increased $2.9 billion. MONTHLY CHANGE IN CREDIT OUTSTANDING1 Seasonally adjusted Type of credit Total Automobile Revolving Other 2 Mar.r 11,3X6 3,524 4,757 3,105 Amount (millions of do liars) 1994 Apr. r 10,115 4,826 5,163 126 Annual rate (percent) 1994 Apr. r 14.9 20.1 20.7 0.7 Mar.r 17.0 14.9 19.4 16.4 MayP 10,413 2,879 4,067 3,467 MayP 15.1 11.8 16.0 18.1 TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES3 Percent except as noted, not seasonally adjusted Institution, terms, and type of loan Apr. 1993 May Nov. Feb. 1994 Apr. May Commercial banks Interest rates 48-mo. new ear loan 24—ino. personal loan 120-mo. mobile home loan Credit card plan n.a. n.a. n.a. n.a. 8.17 13.63 12.00 17.15 7.63 13.22 11.55 16.30 7.54 12.89 11.56 16.06 n.a. n.a. n.a. n.a. 7.76 12.96 11.60 16.15 9.61 12.74 9.51 12.61 8.96 12.41 8.93 12.23 9.71 13.25 9.92 13.51 54.5 48.9 54.4 48.9 54.5 48.4 54.4 50.3 53.8 50.0 53.5 50.6 90 98 91 98 91 98 91 99 92 99 93 99 14,021 9,731 14,146 9,829 14,839 10,230 14,904 10,449 15,067 10,477 15,194 10,606 Auto finance companies Interest rates New car Used car Maturity (months) New car Used car Loan-to-value ratio New car Used car Amount financed (dollars) New car Used car Notes appear on reverse. CONSUMER INSTALLMENT CREDIT OUTSTANDING (Millions of dollars) 1994 1993 Type of credit and holder May r June1" Mvr Aug Sopt/ Nov.r Oct.1 Dec 1 Jan.r Feb. Mar.r Apr.r Mav P Seasonally adjusted Total Automobile Revolving Other2 746770 263644 268376 214749 752081 266061 269644 216376 757554 762156 772045 779220 786911 795573 800912 805787 817173 827288 268261 27031] 273383 277737 280561 281504 283453 284388 287912 292738 273520 275430 279324 281486 285508 287970 290807 294461 299218 304381 215773 216415 219338 219996 220842 226099 226651 226938 230043 230168 837701 295617 308449 233635 Not seasonally adjusted Total Major holders Commercial banks Finance companies Credit unions Savings institutions Nonfinancial businesses4 Pools of securitized assets^ Major types of credit6 Automobile Commercial banks Finance companies Pools of securitized assets*" Revolving Commercial banks Nonfinancial businesses4 Pools of securitized assets5 Other Commercial banks Finance companies Nonfinancial businesses4 Pools of securitized assets*" 740418 746917 333999 109311 94258 37207 45911 119732 336249 111329 95387 37469 46394 120089 262342 112380 53878 37228 264874 131895 40824 71287 213202 89724 55433 5087 11217 265429 114541 55592 35687 266609 13107? 41269 72991 214879 90635 55737 5125 11411 752316 761488 773778 779635 788453 813864 808010 805015 812477 821754 830474 376379 122845 104153 39078 53756 125543 380456 120775 106377 39255 54505 129106 291352 130104 59458 34531 300457 149265 48279 79927 229945 97010 63387 5477 11085 294122 132979 56614 35836 304447 149954 49005 82064 231905 97523 -HI 958 346252 35167? 354169 360286 368549 367883 366712 369710 113076 111863 112645 112602 114800 117463 117936 118095 120061 96075 98056 98893 99341 98501 101634 100554 100984 102683 36484 35920 37398 37633 37856 38078 38328 38578 38828 4/076 48145 48871 4'>8?9 51909 57637 55228 53453 53410 117647 121252 124298 126051 125101 130503 128081 127193 127785 267530 271502 275402 279885 280894 282291 282418 283429 287476 116329 118095 120523 122326 122660 123358 124238 124449 126949 57797 56817 55247 55057 54324 55337 55274 56509 56963 34558 3717) 37984 40233 39140 39490 37426 36599 36613 270221 273786 278000 279605 286726 303430 296852 294112 296023 135544 136874 138262 138685 143353 149527 145673 144274 145701 41918 42956 43663 14637 46641 52113 49757 48017 47937 71889 73218 75039 75012 75369 79887 79444 79597 79768 214565 216200 220376 220145 220833 228143 228740 227474 228978 90085 91283 92888 93158 94273 95664 97972 97989 97060 56259 56616 57588 58278 59463 62189 61427 61132 62264 5158 5189 5208 5202 5268 5524 5471 5436 5473 11200 10863 11275 10806 10592 11126 11211 10997 11404 64161 5500 11206 1. Covers most short- and intermediate-term credit extended to individuals that is scheduled to be repaid (or has the option of repayment) in two or more installments, excluding loans secured by real estate. 2. Comprises mobile home loans and all other installment loans not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3 Interest rates are annual percentage rates as specified by the Federal Reserve's Regulation Z. Interest rates at commercial banks are simple unweighted averages of each bank's most common rate charged dunng the first calendar week of the middle month of each quarter. Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 4, Includes retailers and gasoline companies. 5. Outstanding balances of pools upon which securities have been issued: these balances are no longer earned on the balance sheets of the loan onginators. 6 Includes estimates for holders that do not separately report consumer credit holding by type. r = revised, p = preliminary. CONSUMER INSTALLMENT CREDIT OUTSTANDING (Millions of dollars) 1992 1991 Type ofcreditan^Mjier Dec. Jan.r r Feb. Mar.r Apr.1" Mavr Julyr Aug.r Sept.r Oct.1 Nov. r Dec. r 726444 257245 251160 218040 727471 257652 252212 217607 728255 258040 253281 216934 728242 256468 255213 216561 728987 729932 June1" Seasonally adjusted Total Automobile Revolving Other2 728398 728803 727997 727783 725927 260574 262550 260071 259615 259346 245631 246962 247848 247600 248547 222193 219291 220077 220569 218034 726409 258545 249399 218464 726648 256632 251233 218784 256908 257890 254635 257453 217443 214590 Not seasonally adjust ed Total Major holders Commercial banks Finance companies Credit unions Savings institutions Nonfinancial businesses4 Pools of securitized assets'" Major types of credit6 Automobile Commercial banks Finance companies Pools of securitized assets5 Revolving Commercial banks Nonfinancial businesses4 Pools of securitized assets2" Other Commercial banks Finance companies Nonfinancial businesses4 Pools of securitized assets- 744243 735356 727650 723224 721258 720413 721900 721591 726918 729803 728451 730342 746452 340713 336733 331876 328529 328184 327072 326502 326849 327170 327437 326545 325295 330088 121904 119208 120282 118353 118364 116138 116690 117002 117175 116650 116304 116514 117050 90302 89612 89272 89473 88719 88806 88308 89164 90139 90706 90871 91902 91693 41373 40625 39795 38695 38071 37999 37619 37486 37420 37067 36307 36429 37049 46658 43816 41918 41191 41586 42013 42157 42210 43075 43209 44530 44788 49184 103293 105362 104507 106983 106334 108385 110624 108880 111939 114734 113894 115414 121388 261046 261777 259135 258727 258090 257328 256146 256671 258862 260000 258370 257158 258572 112666 111977 111448 111561 110924 110802 109212 110490 111048 111646 110407 109379 109623 63415 62206 61959 60655 61717 59399 60056 60400 60393 59806 59290 58386 57605 28588 30032 28964 30605 29298 31052 30862 29798 31044 32320 32078 32850 33888 259001 252161 247486 244744 245321 246107 248503 248161 250752 252030 253439 255739 271369 138005 133939 130738 128419 128389 127838 127700 127574 127063 126971 127120 127737 132966 41658 38880 37019 36307 36700 37112 37241 37286 38129 38257 39563 39784 43974 63333 63399 63835 64178 64269 64884 67101 66677 68747 69900 69373 70075 74931 224196 221418 221029 219753 217847 216978 217251 216759 217304 217773 216642 217445 216511 90042 90817 89690 88549 88871 88432 89590 88785 89059 88820 89018 88179 87499 58489 57002 58323 57698 56647 56739 56634 56602 56782 56844 57014 58128 59445 5000 4936 4899 4884 4886 4901 4916 4924 4946 4952 4967 5004 5210 11372 11931 11708 12200 12767 12449 12661 12405 12148 12514 12443 12489 12569 1. Covers most short- and intermediate-term credit extended to individuals that is scheduled to be repaid (or has the option of repayment) in two or more installments, excluding loans secured by real estate. 2. Comprises mobile home loans and all other installment loans not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Interest rates are annual percentage rates as specified by the Federal Reserve's Regulation Z. Interest rates at commercial banks are simple unweighted averages of each bank's most common rate charged dunng the first calendar week of the middle month of each quarter. Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 4. Includes retailers and gasoline companies. 5. Outstanding balances of pools upon which securities have been issued; these balances are no longer earned on the balance sheets of the loan originators. 6. Includes estimates for holders that do not sen»r»tr»iv rAnnn m 0 W » n V . 0 r ^ w - u w 1 t v J ' a r . nw i camcu uii me uaiaiice sneeis oi me loan onginators. o. includes estimates for holders that do not separately report consumer credit holding by type, r = revised, p = preliminary. CONSUMER INSTALLMENT CREDIT OUTSTANDING (Millions of dollars) 1993 1992 Type of credit and holder Dec. r Jan. r Feb.' Mar. r Apr.r July r June r May r Aug. r Sept.1" Oct.1" Nov.r Dec.r Sea >onally adjustec Total Automobile Revolving Other2 729932 7^3688 741116 739935 745978 746770 752081 757554 762156 772045 779220 786911 795573 257890 257712 259847 260028 261511 263644 266061 268261 270311 273383 277737 280561 281504 257453 260046 262917 264409 266659 268376 269644 273520 275430 279324 281486 285508 287970 214590 215931 218352 215498 217809 214749 216376 215773 216415 219338 219996 220842 226099 Not seasonally adjusted Total Major holders Commercial banks Finance companies Credit unions Savings institutions Nonfinancial businesses4 Pools of securitized assets5 Major types of credit6 Automobile Commercial banks Finance companies Pools of securitized assets5 Revolving Commercial banks Nonfinancial businesses4 Pools of securitized assets5 Other Commercial banks Finance companies Nonfinancial businesses4 Pools of securitized assets5 746452 740307 740577 735504 741092 740418 746917 752316 761488 773778 779635 788453 813864 330088 330647 330425 330202 332777 333999 336249 341958 346252 351673 354169 360286 368549 117050 116010 114486 111854 112523 109311 111329 113076 111863 112645 112602 114800 117463 91693 90846 91836 91423 93520 94258 95387 96075 98056 98893 99341 98501 101634 37049 36851 36710 36567 36776 37207 37469 36484 35920 37398 37633 37856 38078 49184 46800 45028 44606 45197 45911 46394 47076 48145 48871 49839 51909 57637 121388 119153 122092 120852 120299 119732 120089 117647 121252 124298 I2605I 125101 130503 258572 256847 259004 259474 260290 262342 265429 267530 271502 275402 279885 280894 282291 109623 109511 110805 111047 110841 112380 114541 116329 118095 120523 122326 122660 123358 57605 57165 54036 53508 53977 53878 55592 56817 55247 55057 54324 55337 55274 33888 32678 36469 36647 36891 37228 35687 34558 37171 37984 40233 39140 39490 271369 265474 262572 261494 263194 264874 266609 270221 273786 278000 279605 286726 303430 132966 130079 128517 128847 130446 131895 131073 135544 136874 138262 138685 143353 149527 43974 41669 39956 39557 40137 40824 41269 41918 42956 43663 44637 46641 52113 74931 74161 74257 73123 72152 71287 72991 71889 73218 75039 75012 75369 79887 216511 217986 219001 214536 217608 213202 214879 214565 216200 220376 220145 220833 228143 87499 91057 91103 90308 91490 89724 90635 90085 91283 92888 93158 94273 95664 59445 58845 60450 58346 58546 55433 55737 56259 56616 57588 58278 59463 62189 5210 5131 5072 5049 5060 5087 5125 5158 5189 5208 5202 5268 5524 12569 12314 11366 11082 11256 11217 11411 11200 10863 11275 10806 10592 11126 1. Covers most short- and intermediate-term credit extended to individuals that is scheduled to be repaid (or has the option of repayment) in two or more installments, excluding loans secured by real estate. 2. Comprises mobile home loans and all other installment loans not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Interest rates are annual percentage rates as specified by the Federal Reserve's Regulation Z. Interest rates at commercial banks are simple unweighted averages of each bank's most common rate charged during the first calendar week of the middle month of each quarter. Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 4. Includes retailers and gasoline companies. 5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 6. Includes estimates for holders that do not separately report consumer credit holding by type. r - revised. p = preliminary. Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class
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