Full text of G.19 Consumer Credit : July 8, 1987

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FEDERAL RESERVE statistical release
For immediate release
July 8, 1987

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*

CONSUMER INSTALMENT CREDIT
Consumer installment credit outstanding decreased by $0.56 billion in May,
after rising $3.68 billion in April. The 1.1 percent annual rate of decline in May was
the largest since the 4.5 percent drop in July 1980. Growth of installment credit has
slowed sharply to a 2-1/4 percent annual rate in the first five month* of 1987 - from
a 10-1/2 percent rate in 1986 - in part reflecting the popularity of home equity credit.
Revolving credit outstanding increased in May but at a much slower pace than in April;
tomobile lending declined in May as did mobile home and other loans.
au
Net change in
amount outstanding
Annual rate of growth
(millions of dollars)
(percent)
1987

1987
FLOWS OF CREDIT
(seasonally adjut3ted)
Total
Automobile
Revolv ing
Mobile home
Other

MayP
-557
-155
108
-142
-367

MayP

Mar.

Apr.
3,681
1,373
1,540
12
756

322
226
-496
-175
768

-1.1
-0.8
0.9
-6.7
-2.5

Apr. r ^ Mar.
7.6
6.7
13.7
0.6
5.2

0.7
1.1
-4.4
-8.2
5.4
1986

1987
I K H II I I

(not sea sonally adjusted)

May

Apr.

Mar.

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
u ^ c a r loan

10.24
14.00
13.19
17.93
10.69
14.45

n.a.
n.a.
n.a.
n.a.
10.81
14.49

n.a.
n.a.
n.a.
n.a.
10.59
14.40

ma*
10.35
14.11
13.«
18.11
10.78
14.56

n LL
11.44
14.89
iJ.*/
\*.ii9.49
16.56

53.5
45.2

54.3
45.0

53.7
44.9

53.6
44.7

49.4
42.5

93
98

94
98

94
99

94
99

89
97

11,176
7,373

10,946
7,234

10,641
7,145

10,602
7,075

10,521
6,393

Other terms at
auto finance companies 3 /
Maturity (months)
New-car loan
Used-car loan
Loan-to-value r a t i o (percent)
New-car loan
Used-car loan
Amount financed ( d o l l a r s )
New-car loan
Used-car loan




May^

CONSUMER INSTALLMENT CREDIT, BY HOLDER AND TYPE 4/
Millions of dollars except as noted
Net change during month
Mayp
1987
S.A.
Total

Apr.r
1987
S.A.

Mayp
1987
N.S.A.

Outstanding at end of month
Mayp
1987
b •A.

Mayp
1987
N.S.A.

May

Change from end of
May 1986

1986
N.S.A.

Amount

Percent

-557

3,681

1,435

583,037

580,091

543,891

36,200

-287
-693

1,501
1,041

300
218

263,146
136,398
79,555
60,045
40,318
3,576

261,973
135,466
79,109
60,405
39,739
3,399

251,195
121,646
73,311
55,020
39,315
3,404

10,778
13,820
5,798
5,385

54

685
338
-2
117

27
337
520
411
26
114

-155

1,373

n.a.

253
706
344
70

439
517

247,507
102,079
93,089
39,880
12,459

n.a*
101,528
92,549
n.a.
n.a.

n.a.
94,427
78,130
n.a.
n.a.

n.a.
7,101
14,419
n.a.
n.a*

n.a.

298

136,814
87,075
7,980
36,009
3,576
2,174

n.a*
86,431
n.a.
35,454
3,399
n.a*

n.a.
81,369
n.a.
35,047
3,404
n.a.

n.a.
5,062
n.a.

n.a*

n.a*

-0.1
n.a*

25,483
8,556
8,785
8,142

n.a*
8,474
8,735
n.a*

n.a*
9,145
9,373
n.a*

n.a*
-671
-638
n.a*

n.a.
-7.3
-6.8
n.a.

173,232
65,435
34,524
37,500
31,463
4,310

n.a*
65,540
34,182
n.a*
n.a*
4,285

n.a*
66,254
34,143
n.a*
n.a*
4,268

n.a •
-714

n.a.
-1.1

6.7

Major holder
Commercial banks
Finance companies 5/
Credit unions
Savings institutions
Retailers
Gasoline companies

-149

424
-5

4.3
11.4

7.9
9.8
1.1
-0.1

Major credit type 6/
Automobile
Commercial banks
Finance companies
Credit unions
Savings institutions
Revolving 7/
Commercial banks
Savings institutions
Retailers
Gasoline companies
Credit unions

-649

150
45
108
147
29
-130

54
8

Mobile home
Commercial banks
Finance companies
Savings institutions

-142
-141

Other
Commercial banks
Finance companies
Credit unions
Savings institutions
Retailers

-367
-591

-31
30

-14
141
114
-19

n.a.
n.a.

1,540
1,362

n.a.

45
-3
117
19

n.a*

12
-27
-7
46

n.a*
-121

756
-87
341
323
177
1

n.a.
-367
-117
n.a*
n.a*

76
49
114
n.a*

-63
n.a*

-23

407
-5

7.5
18.5
n.a*
n.a*

6.2
n.a*

1.2

39

0.1

n.a.
n.a.

n.a.
n.a.

17

0.4

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 commmonn 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* The Board's series on amounts of credit 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* Includes outstanding balances on some
securitized consumer loans originated by financial institutions.
5* More detail for finance companies is available in the G.20 Statistical Release, Finance
Companies*
6. Not seasonally adjusted data are unavailable by type of credit for certain holders* In these
cases, the seasonally adjusted total for the holder group has been allocated among the components
using the latest available benchmark information.
7. Excludes 30-day charge credit held by travel and entertainment companies.
n.a.- Data not available.
S.A.» Seasonally adjusted,
r s revised.
p = preliminary.

N.S.A.35 Not seasonally adjusted.

The G.19 Statistical Release is issued around the fifth working day of each month.
date and time may be obtained by calling (202) 452-3206.



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