Full text of G.19 Consumer Credit : March 7, 1988
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•JSSS»J^C-. FEDERAL RESERVE statistical release ?f«3f3S?: G.19 For immediate release March 7, 1988 CONSUMER INSTALLMENT CREDIT Outstanding consumer installment credit rose $5.42 billion January, following a revised $3.98 billion increase in December. The annual rate of growth in January was 10.6 percent; last year, consumer installment credit advanced 5.9 percent — well below gains in recent years. Revolving credit expanded rapidly for the second straight month. Mobile home and "other" borrowing increased in January after declining in December; auto credit credit growth slowed in January. Net change in amount: outstanding (millions of dollars) 1988 Annual rate of growth (percent) 1987 CHANGE IN CREDIT, BY TYPE (seasonally adjusted) Jan. p Dec. r Total Automobile Revolving Mobile home Other 5,421 1,545 2,001 142 1,733 3,980 2,315 2,305 -122 -518 1988 Jan. P 2,634 424 477 54 1,679 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 Feb. Dec. Nov. 10.6 7.1 16.5 6.6 11.6 Nov. 1988 TERMS OF CREDIT (not seasonally adjusted) 1987 7.9 10.7 19.3 -5.7 -3.5 5.2 2.0 4.0 2.5 11.3 1987 Jan. Dec. Nov. Oct. 10.72 14.46 13.45 17.80 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.86 14.58 13.62 17.82 n.a. n.a. n.a. n.a. n.a. n.a. 12.19 14.56 12.23 14.97 12.24 14.90 10.31 14.76 n.a. n.a. 55.5 47.2 55.5 45.3 55.4 45.3 52.8 45.2 n.a. u.a. 93 98 93 99 94 99 93 99 n.a. n a. 11,534 7,612 11,645 7,718 11,630 7t646 11,585 7,537 CONSUMER INSTALLMENT CREDIT, BY HOLDER AND TYPE 4/ Millions of dollars except as noted Net change during month Jan.1, 1988 S.A. Total Dec. 1987 S.A* 5,421 3,980 2,880 2,692 1,021 Jan.*' 1988 N.S.A. Outstanding at end of month Change from end of Jan. 1987 Jan.* 1988 S.A. Jan.* 1988 N.S.A. Jan. 1987 N.S.A. -1,202 617,522 619,766 580,634 39,132 6.7 918 277,846 144,228 84,867 65,982 41,009 3,590 279,411 143,472 84,696 65,626 42,847 3,714 262,999 135,091 78,127 58,588 42,440 3,389 16,412 8,381 6,569 7,038 6.2 6.2 8.4 12.0 407 325 1.0 9.6 262,993 107,692 99,066 42,543 13,692 n.a. 107,143 97,788 n.a. n.a. n.a* 100,872 91,422 n.a. n.a. n.a. 6,271 6,366 n.a. n.a. n.a. 147,926 96,702 8,768 36,547 3,590 2,319 n.a. 99,149 n.a. 38,301 3,714 n.a. n.a. 87,556 n.a. 38,018 3,389 n.a. n.a. 11,593 n.a. n.a. 13.2 n.a. 283 325 0.7 9.6 n.a. n.a. 25,750 8,282 8,521 8,947 n.a. 8,281 8,505 n.a. n.a. 8,786 9,060 n.a. n.a. -505 -555 n.a. n.a. -5.7 -6.1 n.a* 180,853 65,170 36,641 40,005 34,575 4,462 n.a. 64,838 37,179 n.a. n.a. 4,546 n.a. 65,785 34,609 n.a. n.a. 4,422 n.a. -947 2,570 n.a. n.a. n.a. -1.4 124 2.8 Amount Percent Major holder Commercial banks Finance companies 5/ Credit unions Savings institutions Retailers Gasoline companies 440 480 1,194 362 65 -32 287 88 -76 -355 -400 423 -1,898 110 Major credit type 6/ Automobile Commercial banks Finance companies Credit unions Savings institutions 1,545 1,184 -129 2,315 n.a. 472 699 1,799 241 248 -16 60 -484 n.a. n.a. Revolving 7/ Commercial banks Savings institutions Retailers Gasoline companies Credit unions 2,001 1,432 2,305 2,279 n.a. 158 334 65 13 38 65 -76 -1 n.a. -1,867 Mobile home Commercial banks Finance companies Saving8 institutions 142 -71 51 162 -122 n.a. -117 Other Commercial banks Finance companies Credit unions Savings institutions Retailers -54 249 110 n.a. -108 -38 39 n.a. 1,733 -518 n.a. 335 518 227 626 29 -4 87 167 -671 -15 150 22 n.a. n.a. -31 6.2 7.0 n.a. n.a. 7.4 n.a. n.a. 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 • 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* The exact
