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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