Full text of G.19 Consumer Credit : June 7, 1988

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FEDERAL RESERVE statistical release
:

*$9B$'

G.19

For immediate release
June 7, 1988

CONSUMER INSTALLMENT CREDIT
Consumer installment credit outstanding rose $3.65 billion in April, following
a $5.19 billion increase in March. The annual rate of growth in April was 7 percent —
down from the revised 10 percent March pace. The rise in revolving credit slowed in
April from the sharp increases of recent months. The rate of advance in automobile
lending also decreased in April as auto sales declined. Mobile home and all "other"
installment borrowing increased in April after falling in March.

Net change in
amount outstanding
(millions of dollars)

Annual rate of growth
(percent)

1988

1988

CHANGE IN CREDIT, BY TYPE
(seasonally adjusted)

Apr.

Mar.J

Feb.

Total
Automobile
Revolving
Mobile home
Other

3,646
1,546
1,609
13
478

5,191
3,628
2,182
-125
-493

5,035
3,250
1,396
-69
458

Apr.

7.0
6.7
11.7
0.6
3.6

1988
TERMS OF CREDIT
(not seasonally adjusted)
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
Used-car loan
Other terms at
auto finance companies 3/
Maturity (months)
New-car loan
Used-car loan
Loan-to-value ratio (percent)
New-car loan
Used-car loan
Amount financed (dollars)
New-car loan

Used-car loan




r
Mar/

Feb.

10.0
15.9
16.0
-5.8
-3.7

9.8
14.5
10.3
-3.2
3.4

1987

May

Apr.

Mar.

Feb.

May

10.55
13.49
14.40
17.78

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

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

10.72
14.46
13.45
17.80

10.24
14.00
13.23
17.93

n.a.
n.a.

12.29
14.82

12.24
14.77

12.26
14.75

10.69
14.45

n.a.
n.a.

56.2
46.9

56.0
46.9

55.9
46.8

53.5
45.2

n.a.
n.a.

94
98

94
98

94
99

93
98

n.a.
n.a.

11,553
7,662

11,493
7,587

11,447
7,619

11,176
7,373

CONSUMER INSTALLMENT CREDIT, BY HOLDER AND TYPE 4/
Millions of dollars except as noted
Net change during month
Mar.
1988
S»A,

Apr.'
1988

3,646

5,191

2,136

3,487
1,107

Apr,*
1988
S.a.
Total

Outstanding at end of month
Apr.
1987
N. S .A.

Change from end of
Apr. 1987

Apr.*
1988
S.A.

Apr.'
1988
N.S.A.

5,225

633,131

626,850

574,383

52,467

9.1

2,984

292,968
144,516
83,150
65,435
43,295
3,769

291,346
141,716
82,285
65,389
42,560
3,554

264,140
132,295
76,283
58,550
39,830
3,285

27,206
9,421
6,002
6,839
2,730

10.3

278,308
114,625
100,564
45,264
17,855

n.a.
113,754
98,189
n.a.
n.a.

n.a.
102,113
91,861
n.a.
n.a.

n.a.
11,641
6,328
n.a.
n.a.

n.a.
11.4

167,253
104,141
14,319
37,414
3,769
7,609

n.a.
103,537
n.a.
36,711
3,554
n.a.

n.a.
87,337
n.a.
34,390
3,285
n.a.

n.a.
16,200
n.a.
2,321

n.a.
18.5
n.a.

25,745
9,021
7,575
9,148

n.a.
8,940
7,560
n.a.

161,826
65,180
36,376
30,277
24,113
5,880

n.a.
65,115
35,967
n.a.
n.a.
5,849

Percent

Amount

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

462
555
357
24
112

698
-318

781
640
825

191
26

-113

3,628
2,571

n.a.
1,263

546
544
-34

n.a.
n.a.

108

7.1
7.9
11.7

6.9
8.2

269

Major credit type 6/
Automobile
Commercial banks
Finance companies
Credit unions
Savings institutions

1,546
1,032
-105

Revolving 7/
Commercial banks
Savings institutions
Retailers
Gasoline companies
Credit unions

1,609

Mobile home
Commercial banks
Finance companies
Savings institutions
Other
Commercial banks
Finance companies
Credit unions
Savings institutions
Retailers

469
150

285

2,182
1,614

n.a.

114
176
26
251

n.a.
-113

13
28
-65
50

-125

n.a.

-42
-39
-44

45
-49

478
87
633

-493
-657

989
260
7
112
241

600
-97

932
108
n.a.

n.a.
n.a.

744
545

-155
-103

-354

n.a.
n.a.

17

15

0

6.9
n.a.
n.a.

269

6.7
8.2

n.a.

n.a.

n.a.
9,057
8,494
n.a.

n.a.
-117
-934
n.a.

n.a.
-1.3
-11.0
n.a.

n.a.
65,633
31,940
n.a.
n.a.
5,440

n.a.
-518
4,027
n.a.
n.a.

n.a.
-0.8
12.6
n.a.
n.a.

409

7.5

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 commmon" 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 - revised.
p c preliminary.

N.S.A.* 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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