Full text of G.19 Consumer Credit : July 16, 1984

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FEDERAL RESERVE statistical release
VBg&y
G.19

For immediate release
July 16, 1984
CONSUMER INSTALLMENT CREDIT

Consumer i n s t a l l m e n t c r e d i t outstanding in May expanded by a record $10.23 b i l l i o n ,
s e a s o n a l l y adjusted, following an increase of $6.41 b i l l i o n in April.
The l a r g e s t previous
monthly gain was $6.61 b i l l i o n in February of t h i s y e a r .
The annual rate of growth was
nearly 30 percent in May compared with 19 percent in April and 11-1/2 percent for a l l of 1983.
Substantial increases occurred in a l l major c a t e g o r i e s during May.
Automobile
c r e d i t outstanding advanced by $3.69 b i l l i o n following a $2.16 b i l l i o n gain in April.
Revolving c r e d i t expanded by $2.82 b i l l i o n , compared to $1.87 b i l l i o n in April and the large
"other" category increased by $3.43 b i l l i o n in May compared with $2.10 b i l l i o n the previous
month.
FLOWS OF CREDIT
M i l l i o n s of d o l l a r s
( s e a s o n a l l y adjusted)

Total
Automobile
Revolving
Mobile home
Other

Net Change in
Amount Outstanding

Annual Rate of Growth
(percent)

1984

1984

May

April

March

May

10,233
3,689
2,817
302
3,425

6,408
2,158
1,868
285
2,097

5,870
326
2,962
285
2,298

29.8
29.7
41.1
15.2
26.2

1984
TERMS OF CREDIT
(not s e a s o n a l l y adjusted)
I n t e r e s t r a t e s 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
Other terms a t
auto finance companies 3 /
Maturity (months)
New-car loan
Used-car loan
Loan-to-value r a t i o (%)
New-car loan
Used-car loan
Amount financed ( $ )
New-car loan
Used-car loan




May

April
19.0
17.6
27.9
14.5
16.3

March
17.6
2.7
46.0
14.7
18.1
1983

April

March

Feb.

May

13.53
16.35
15.54
18.71

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

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

13.32
16.16
15.45
18.73

13.90
16.57
15.84
18.79

14.17
17.60

14.06
17.59

14.05
17.52

14.11
17.59

11.94
18.76

47.7
39.7

47.1
39.5

46.7
39.4

46.4
39.4

45.5
37.9

88
92

88
92

87
92

87
91

86
92

9,072
5,418

8,572
4,984

9,262
5,675

9,190
5,547

9,139
5,474

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

stallm*mt c;redit
holder and type

Net change during
May
April
1984
1984
1984
S.A.
S.A.
N.S.A.

May

Outstanding at end of
April
May
1984
1984
1983
S.A.
N.S.A.
N.S.A.

May

Change from end of
May 1983
amount
percent

10,233

6,408

10,409

422,306

418,080

355,302

62,778

17.7

6,065
1,304
1,453

4,015
-350
1,529

5,646
1,848
1,555

278
868
2
66

403
958
65
-66

186,668
102,967
58,517
33,730
24,915
4,020
7,263

149,601
100,116
47,838
30,041
18,484
3,943
5,279

37,067
2,851
10,679
3,689
6,431

24.8

476
979
46
-90

189,396
103,079
58,992
34,481
24,958
4,174
7,226

77

2.0

1,984

37.6

Automobile
Commercial banks
Finance companies
Credit unions

3,689
2,807

2,158
1,766
-342

4,281
2,771

152,954
76,387
48,353
28,214

152,225
75,787
48,450
27,988

130,938
57,352
50,706
22,880

21,287
18,435
-2,256
5,108

16.3
32.1
-4.4
22.3

Revolving
Commercial banks
Retailers 4/
Gasoline companies

84,989
49,617
31,198
4,174

82,436
47,936
30,480
4,020

66,423
35,687
26,793
3,943

16,013
12,249
3,687

24.1
34.3
13.8

77

2.0

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

2.8

22.3
12.3
34.8

By major c r e d i t 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

187
695

734

766
744

2,817
2,298

1,868
1,568

2,252
1,787

473
46

298
2

400
65

302
-50
156
183
13

285
27
110
132
16

254
-7
73
172
16

24,113
9,624
9,415
4,451

24,104
9,573
9,434
4,478

22,673
9,672
9,145
3,349

1,431

6.3

-99
289

-1.0

1,129

623

619

507

112

33.7
22.1

3,425
1,010

2,097

961
745
3
796
-90

-118

3,622
1,095
1,009

780
-20
735
66

795
3
786
-66

160,250
53,768
45,311
30,155
3,283
20,507
7,226

159,315
53,372
45,083
29,910
3,250
20,437
7,263

135,268
46,890
40,265
24,451
3,248
15,135
5,279

24,047
6,482
4,818
5,459

17.8
13.8
12.0
22.3

653

3.2

2

0.1

5,302
1,984

35.0
37.6

1. I n t e r e s t r a t e s are annual percentage r a t e s as s p e c i f i e d by Regulation Z.
2. Commercial bank data are simple unweighted averages of each bank's "most common" rate charged
during the f i r s t calendar week of the month.
3 . Finance company data from the s u b s i d i a r i e s of the three major U.S. automobile manufacturers
are volume-weighted averages covering a l l loans of each type purchased during the month.
4. Includes auto dealers and excludes 30-day charge c r e d i t held by travel and entertainment
companies •
5. n . a . « Data not a v a i l a b l e .
S.A.* Seasonally a d j u s t e d .
N.S.A. 38 Not s e a s o n a l l y adjusted.
NOTE: The Board's s e r i e s on amounts of c r e d i t covers most short- and intermediate-term credit
extended to i n d i v i d u a l s through regular business channels, u s u a l l y to finance the purchase
of consumer goods and s e r v i c e s or to refinance debts incurred for such purposes, and scheduled to
be repaid (or with the option of repayment) in two or more i n s t a l l m e n t s .