Full text of G.19 Consumer Credit : May 6, 1988

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FEDERAL RESERVE statistical release
?f53f53?rG.19

For immediate release
May 6, 1988

CONSUMER INSTALLMENT CREDIT
Consumer installment credit outstanding rose $4.46 billion in March, following
a $5.04 billion increase in February. The annual rate of growth in March was 8.6 percent
— off from the 9.8 percent February pace. For the first quarter as a whole, outstanding
installment credit expanded at a 10.3 percent annual rate, after rising 7.2 percent for
all of 1987. Revolving credit outstanding advanced more rapidly in March while auto
loans rose at about the same pace as in February. Mobile home and "other" loans both
declined in March.

Net change in
amount outstanding
(millions of dollars)

Annual rate of growth
(percent)

1988

1988

CHANGE IN CREDIT, BY TYPE
(seasonally adjusted)

Mar.*

Feb.

Jan.

Total
Automobile
Revolving
Mobile home
Other

4,461
3,212
2,221
-176
-796

5,035
3,250
1,396

6,236
2,704
2,758

-69
458

-32
807

Mar.*

Feb.

Jan.

8.6

9..8
14,.5
10,.3
-3,.2
3,.4

12.2
12.1
20.8
-1.5

14.1
16.3
-8.2
-5.9

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

1987

Mar.

Feb.

Jan.

Dec.

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

10.72
14.46
13.45
17.80

x.a.
n.a.
n.a.
n.a.

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

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

12.24
14.77

12.26
14.75

12.19
14.56

12.23
14.97

10.59
14.40

55.9
46.8

55.5
47.2

55.5
45.3

53.7
44.9

94
99

93
98

93
99

94
99

11,447
7,619

11,534
7,612

11,645
7,718

10,641
7,145

Other terms at
auto finance companies 3/
Maturity (months)
56.0
New-car loan
46.9
Used-car loan
Loan-to-value ratio (percent)
94
New-car loan
98
Used-car loan
Amount financed (dollars)
New-car loan
11,493
Used-car loan
7,587




6.0

Mar.

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

Feb/
1988
S.A.

Outstanding at end of month

Mar.P
1988
N.S.A.

Mar.p
1988
S.A.

Mar.p
1988
N.S.A.

Mar.
1987
N.S.A.

Change from end of
Mar. 1987
Amount

Percent

4,461

5,035

1,976

628,754

620,902

568,352

52,550

9.2

3,555
1,107

2,591
1,251

2,406

191
26

235
763
154
41

-671
-405

288,430
140,935
81,216
64,202
42,673
3,446

261,019
131,108
75,829
57,546
39,665
3,185

27,411
9,827
5,387
6,656
3,008

10.5

264

290,899
144,053
82,161
64,713
43,271
3,657

Automobile
Commercial banks
Finance companies
Credit unions
Savings institutions

3,212
2,490

3,250
1,723

n.a.
2,199

976
292
259

n.a.
n.a.

n.a.
112,410
97,904
n.a.
n.a.

n.a.
101,298
90,859
n.a.
n.a.

n.a.
11,112
7,045
n.a.
n.a.

n.a.
11.0

546
309

276,345
113,511
100,669
44,559
17,605

Revolving 7/
Commercial banks
Saving8 institutions
Retailers
Gasoline companies
Credit unions

2,221
1,771

1,396

n.a.

658
344
144
41
209

858

165,683
103,309
13,980
37,408
3,657
7,329

n.a.
102,761
n.a.
36,824
3,446
n.a.

n.a.
85,695
n.a*
34,245
3,185
n.a.

n.a.
17,066
n.a.
2,579

n.a*
19.9
n.a.

Mobile home
Commercial banks
Finance companies
Savings institutions

-176

25,681
8,993
7,640
9,048

n.a.
8,895
7,609
n.a.

Other
Commercial banks
Finance companies
Credit unions
Savings institutions
Retailers

-796
-664

161,046
65,086
35,744
30,272
24,080
5,863

n.a.
64,364
35,422
n.a.
n.a*
5,849

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

-683

614
122
-90

7.5
7.1
11.6

7.6
8.2

261

Major credit type 6/

-133

35
176
26
213
-42
-39
-95

600
-257
-490

15

368

n.a.
-385

-90
n.a*

-69
-29
-73
34

n.a*

458
238
349

n.a*
-571

-266

n.a*
n.a*

126
10

-80
-51
n.a*

297
-20

7.8
n.a.
n.a.

261

7.5
8.2

n.a*

n.a.

n.a.
9,048
8,467
n.a.

n.a.
-153
-858
n.a.

n.a.
-1.7
-10.1
n.a.

n.a.
64,978
31,782
n.a.
n.a.
5,420

n.a.
-614
3,640
n.a.
n.a.

n.a.
-0.9
11.5
n.a.
n.a.

429

7.9

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.a Data not available.
S.A.
r * revised.
p s preliminary.

Seasonally adjusted.

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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