Full text of G.19 Consumer Credit : March 10, 1983

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FEDERAL RESERVE statistical release
*ALKL*:-'

FOR IMMEDIATE RELEASE
March 10, 1983

G.19

CONSUMER INSTALLMENT CREDIT
Consumer installment credit outstanding expanded by $2.93 billion in
January, on a seasonally adjusted basis, after increasing $2.42 billion (revised)
in December. The January advance was equivalent to a 10-1/2 percent annual rate
of growth, compared with an 8-1/2 percent rate in December and 4 percent for the
entire year 1982.
The large "other" category — primarily personal cash loans and sales
finance contracts for non-automotive goods — accounted for the bulk of the overall increase in outstandings during January with a $2.18 billion gain. Auto
credit had been the strongest component in December, but grew by less than
$250 million in January.

1982

1983
FLOWS OF CREDIT
Millions of dollars,
except as noted

Jan.
Dec.
seasonally adjusted

233
68
444
2,184

501
-37
463

10.4

8.6

342,245

339,316

Annual rate of growth
Total outstanding

14,186
4,512
4,040

2,418
1,491

2,929

Total net change in outstanding
Automobile
Revolving
Mobile home
Other

Latest 12 months
amount percent

988
4,646

4.3
3.6
6.9
5.4
3.7

1982

1983
TERMS OF CREDIT
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
Used-car loan

Dec.
Nov.
not seasonally adjusted

Oct.

Jan.

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

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

n. a.
17.99
n. a.
18.75

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

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

n. a. 12.25
n. a. 20.20

12.57
20.63

12.82
20.68

16.66
20.76

17.69
20.38

46.0
38.2

46.4
36.9

46.4
36.9

45.9
37.1

45.4
37.3

86
90

87
90

87
91

85
91

86
90

8,683
4,742

8,468
4,846

8,339
4,822

8,184
4,821

7,921
4,646

14.81
17.59
16.73
18.89

Other terms at auto finance companies
Maturity (months)
n a
New-car loan
* *
n a
Used-car loan
- *
Loan-to-value ratio (%)
n a
New-car loan
* *
n a
Used-car loan
- Amount financed ($)
n a
New-car loan
- »
n a
Used-car loan
* -




Jan.

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

Installment credit
holder and type

Total

Net change during
Jan.
Dec.
Jan.
1983
1982
1983
S.A.
S.A.
N.S.A.

Outstanding at end of
Jan.
Jan.
Jan.
1983
1983
1982
S.A.
N.S.A.
N.S.A.

Change from end of
January 1982
amount
percent

2,929

2,418

-1,443

342,245

343,355

328,755

14,600

4.4

410

1,111
1,024

-1,163

224
-14
412
-78
94

197
-91
201
-51
27

-103
-1,343

150,431
95,862
47,198
27,389
14,227
4,073
3,065

150,906
95,080
47,150
28,859
14,209
4,102
3,049

146,782
88,925
45,907
28,179
11,668
4,541
2,753

4,124
6,155
1,243

4.4
6.9
2.7
2.4

-1,137
-1,111

130,468
58,295
50,085
22,088

129,090
57,740
48,714
22,066

124,580
57,904
44,723
21,953

4,510
-164
3,991

113

3.6
-.3
8.9
.5

62,898
35,027
23,798
4,073

65,562
36,282
25,178
4,102

61,332
32,542
24,249
4,541

4,230
3,740

11.5

1,005
-291

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

1,881

758
318
39
758

680
2,541
-439

296

21.8
-9.7
10.8

By major credit type

233

1,491

-581
1,186
-372

527
875
89

Revolving
Commercial banks
Retailers 4/
Gasoline companies

68
130
16
-78

501
650
-98
-51

-1,622
-406
-1,255

Mobile home
Commercial banks
Finance companies
Savings and loans
Credit unions

444
193
53
175
23

-37
-74
-15
49
3

327
144
-4
148
19

19,356
9,871
4,966
3,996

19,315
9,828
4,961
3,984

18,310
10,119
4,481
3,222

523

522

488

2,184

463
8
164
105
7
152
27

989
210
238
408
-88
170
2

129,523
47,238
40,811
24,587
3,591
10,231
3,065

129,388
47,056
40,815
24,562
3,681
10,225
3,049

124,533
46,217
39,721
23,466
3,930
8,446
2,753

Automobile
Commercial banks
Finance companies
Credit unions

Other
Commercial banks
Finance companies
Credit unions
Retailers 4/
Savings and loans
Mutual savings banks

668
642
573
-30
237
3

-66
-530

39

6.9

929

3.8

-439

-9.7

480
762
34
4,855

839
1,094
1,096
-249
1,779

296

5.5
-2.9
10.7
23.6

6.9
3.9
1.8
2.8
1.7
-2.3
21.1
10.8

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 common'1 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 made during the month.
4. Includes auto dealers and excludes 30-day charge credit held by travel and entertainment
companies.
5. n.a.- Data not available.
S.A.- Seasonally adjusted.
N.S.A.- Not seasonally adjusted.
NOTE: The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to
be repaid (or with the option of repayment) in two or more installments.




NET CHANGE IN CONSUMER INSTALLMENT CREDIT OUTSTANDING
seasonally adjusted revised data
amounts in millions

Auto

Total
-JAN...|
-FEB...|
-MAR...|
-APR...|
-MAY...|
-JUN...|
-JUL...|
-AUG...|
-SEP...|
-OCT...|
-NOV...|
-DEC.. |
1980-JAN...|
-FEB...|
-MAR...|
-APR... |
-MAY...i
-JUN...
-JUL...
-AUG...
-SEP
-OCT...
-NOV...
-DEC...

4214.
4220.
3350.
3809.
3166.
2611.
2816.
2731.
4008.
3033.
2694.
2033.

|
|
\
|
|
|
|
|
|
|

2635. |
2370. I
654. j
-1755. |
-2647.
-2071. i
-562. i
787.
852.
402.
617.
1270.

1981-JAN...
-FEB...
-MAR...
-APR...
-MAY...
-JUN...
-JUL...
-AUG...
-SEP...
-OCT...
-NOV...
-DEC...

1183.
1707.
2971.
2474.
1625.
1881.
1401.
1770.
2885.
773.
-76.
67.

1982-JAN...
-FEB... I
-MAR... !
-APR... i
-MAY... I
-JUN... |
-JUL... |
-AUG... I
-SEP... |
-OCT... |
-NOV... |
-DEC... |

417.
167.
633.
1623.
1844.
2023.
839.
256.
1256.
-131.
2015.
2418.




!
!
|
|
|
|
|
|
|
|
|
|

2031.
1681.
1579.
1388.
1140.
988.
816.
871.
1713.
954.
794.
1014.

Mobile
home

Revolving
|
|
|
|
|
|
|
|
|
!
|
|

837. |
882. |
656. |
833. |
777. |
593. |
507. |
809. |
746. |
860. |
719. I
401. i

Other

290. |
276. |
201. |
65. |
185. |
68. |
62. |
114. |
96. |
126. ]
90. i
85. I

1056.
1381.
914.
1523.
1064.
962.
1431.
937.
1453.
1093.
1091.
533.

437.
689.
264.
-405.
-259.
-121.
198.
281.
54.
-86.
142.
330.

104.
55.
55.
14.
-50.
58.
9.
22.
33.
126.
27.
79.

556.
644.
-177.
-715.
-1297.
-982.
-313.
73.
620.
99.
343.
589.

33.
832.
1526.
648.
-115.
149.
1090.
1398.
1954.
591.
155. !
-13. !

576.
202.
510.
691.
409.
870.
-132.
-13.
725.
173.
1.
141.

-59.
-87.
64.
183.
248.
110.
60.
146.
126.
92.
47.
151.

633.
760.
871.
952.
1083.
752.
383.
239.
80.
-83.
-279.
-212.

1
I
|
|
|
|
|
|
I
|
|
|

-108.
102.
523.
653.
751.
727.
558.
199.
311.
81.
39.
501.

1538.
982.
512.
-649.
-1041.
-1026.
-456.
411.
145.
263.
105.
272.

66.
-145.
-281.
546.
1093.
969.
37.
-380.
349.
-70.
1534.
1491.

I
I
|

5.
-16.
33.
68.

I
1

96.
95.

|
|

108.
177.

1
I
I
1

75.
-35.
23.
-37.

!
I
I
|
I
I
I
I
I
|
|
|

454.
226.
358.
356.
-96.
232.
136.
260.
521.
-107.
419.
463.

NOTE

This is the first issue of the monthly G.19 statistical release to
appear in this new format.

Credit extensions and liquidations estimates, and

dissaggregations of commercial bank automobile credit into direct and indirect
components, are no longer available.
finance companies—data

on

credit

In the separate monthly FR G.20 release—
extensions

and

credit

liquidations

will

continue to be presented solely for these institutions.
Included for the

first time in the G.19 release are certain loan

terms that appeared previously in two Board releases that have been eliminated:
the E.12 (Finance Rates on Selected Consumer Installment Loans at Reporting
Commercial Banks) and the E.4 (Automobile Credit).
Commercial bank figures shown in this issue of the G.19 and on the
reverse side of this page have been revised for the period July 1981 through
December 1982

to

reflect

new benchmark

data

ar^ji related

changes

in both

seasonal and trading day factors based on the new data.
Historical data

for all

series included

in the G.19 release are

available from the Mortgage and Consumer Finance Section, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington,
D. C. , 20551.

For additional

telephone (202) 452-2924.




information,

contact Mrs. Nellie Middleton,