Full text of G.19 Consumer Credit : May 11, 1983

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FEDERAL RESERVE
'm°(iUn&fry
G.19

FOR IMMEDIATE RELEASE
May 11, 1983
CONSUMER INSTALLMENT CREDIT

Consumer installment credit outstanding in March increased by $2.58 billion, after
seasonal adjustment, up from a revised $735 million in February, These increases were equivalent
to annual growth rates of 9 percent in March and 2-1/2 percent in February. For the first
quarter as a whole, the annual rate of growth was 7 percent, compared with 4 percent for the full
year 1982.
Rebounds in automobile credit, which increased $1.22 billion, and revolving credit,
which rose $1.18 billion, accounted for most of the gain in the total. Both these categories
had recorded small declines in February.

Flows Of Credit
Millions of dollars
except as noted
(seasonally adjusted)

Annual Rate of Growth
(percent)

Net Change in
Amount Outstanding

1983

1983
Mar.
TOTAL
Automobile
Revolving
Mobile home
Other

Feb.

2,582
1,221
1,177
-61
245

735
-233
-135
204
899

r

Jan.

Mar.

Feb.

2,725
625
68
420
1,612

9.
11,
22,
-3,
2,

2.6
-2.1
-2.6
12.7
8.4

1983

1982

TERMS OF CREDIT
Mar.

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

Feb.
Jan.
Dec.
(not seasonally adjusted)

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

14.81
17.47 r
16.73
18.82 r

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

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

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

12.07
19.38

12.05
19.91

12.25
20.20

12.57
20.63

17.73
20.63

45.9
37.7

46.0
38.2

46.4
36.9

45.7
37.0

86
90

86
90

87
90

84
90

8,755
4,731

8,683
4,742

8,468
4,846

7,758
4,638

Other terms at auto finance companies
Maturity (months)
New-car loan
45.9
Used-car loan
37.7
Loan-to-value ratio (%)
New-car loan
84
Used-car loan
91
Amount financed ($)
New-car loan
8,829
Used-car loan
4,802




Mar.

r

Jan.

9,
5,
1,
26
15,

r

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

Installment credit
holder and type

Total

Net change during
Mar.
Feb.
Mar.
1983
1983
1983
S.A.
S.A.r
N.S.A.

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

Change from end of
March 1982
amount1"
percent

2,582

735

2,225

345,358

342,568

326,265

16,303

5.0

1,354
487
143
422
187
-35
24

788
-658
43
36
677
-200
94

1,062
958
324
-262
223
-111
31

152,573
95,691
47,180
27,847
15,091
3,838
3,138

151,319
94,817
47,081
27,472
15,083
3,669
3,127

145,588
89,591
45,632
26,530
11,926
4,229
2,769

5,731
5,226
1,449
942
3,157
-560
358

3.9
5.8
3.2
3.6
26.5
-13.2
12.9

Automobile
Commercial banks
Finance cmpanies
Credit unions

1,221
240
913
68

-233
321
-569
15

1,904
596
1,150
158

131,848
58,856
50,429
22,563

130,959
58,567
49,874
22,518

124,917
57,868
45,228
21,821

6,042
699
4,646
697

4.8
1.2
10.3
3.2

Revolving
Commercial banks
Retailers 4/
Gasoline companies

1,177
786
426
-35

-135
61
4
-200

-281
52
-222
-111

63,940
35,874
24,228
S,838

63,091
35,533
23,889
3,669

58,646
31,687
22,730
4,229

4,445
3,846
1,159
-560

7.6
12.1
5.1
-13.2

-61
-95
-23
54
3

204
26
59
120
-1

5
-67
7
62
3

19,475
9,802
5,002
4,170
501

19,379
9,739
4,967
4,174
499

18,258
9,932
4,548
3,293
485

1,121
-193
419
881
14

6.1
-1.9
9.2
26.7
2.8

245
423
-403
72
-4
133
24

899
380
-148
29
32
557
49

597
481
-199
163
-40
161
31

130,095
48,041
40,260
24,116
3,619
10,921
3,138

129,139
47,480
39,976
24,064
3,583
10,909
3,127

124,444
46,101
39,815
23,326
3,800
8,633
2,769

.1^95.

3.8
3.0
0.4
3.2
-5.7
26.4
12.9

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

1,379
161
738
-217
2,276
358

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" 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. 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 seasonlly 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.
6. r revised