Full text of G.19 Consumer Credit : October 12, 1984

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FEDERAL RESERVE statistical release
.fSuRt§?
G.19

For immediate release
October 12, 1984
CONSUMER INSTALLMENT CREDIT

Consumer installment c r e d i t outstanding increased $6.0 b i l l i o n in August,
a f t e r seasonal adjustment, compared with a $7,11 b i l l i o n advance in July. August marked
the third month of slowing growth s i n c e May, when a record $10.23 b i l l i o n gain was
r e g i s t e r e d . The annual percentage rate of growth was 16-1/2 percent in August and
19-3/4 percent in J u l y , following average growth during the second quarter of
24 percent.
Growth in automobile c r e d i t during August, at $1.78 b i l l i o n seasonally
adjusted, was about half the July pace.
Revolving c r e d i t growth rebounded to
$1.31 b i l l i o n in August from $640 m i l l i o n the previous month.
The large "other"
category expanded by $2.33 b i l l i o n in August, down from $2.58 b i l l i o n in July.
FLOWS OF CREDIT
M i l l i o n s of d o l l a r s
( s e a s o n a l l y adjusted)

Net Change in
Amount Outstanding

Annual Rate of Growth
(percent)

1984

1984

igust
Total
Automobile
Revolving
Mobile home
Other

5,998
1,777
1,314
573
2,334

July

June

August

July

June

7,106
3,422
640
462
2,582

7,825
2,897
1,569
454
2,905

16.5
13.4
18.1
27.5
16.9

19.8
26.3
8.9
22.6
19.0

22.2
22.7
22.2
22.6
21.8

1984
TERMS OF CREDIT
(not s e a s o n a l l y adjusted)
I n t e r e s t r a t e s 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 r a t i o (%)
New-car loan
Used-car loan
Amount financed ($)
New-car loan
Used-car loan




August

July

1983
June

May

August

14.08
16.75
15.72
18.81

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

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

13.53
16.35
15.54
18.71

13.50
15.58
16.28
18.75

15.01
17.99

14.68
17.77

14.33
17.64

14.17
17.60

12.77
18.25

49.2
39.8

48.6
39.8

48.2
39.8

47.7
39.7

45.9
38.0

88
93

88
92

88
92

88
92

87
93

9,409
5,753

9,377
5,763

9,311
5,774

9,262
5,675

8,724
5,103

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

Installment credit
holder and type

Net change during
Aug.
July
Aug.
1984
1984
1984
S.A.
S.A.
N.S.A.

Outstanding at end of
Aug.
Aug.
Aug •
1984
1984
1983
S.A.
N.S.A.
N.S.A.

Change from end of
Aug. 1983

amount

percent

5,998

7,106

8,170

443,235

443,537

371,295

72,242

19.5

2,631
1,111
844
206
1,124
-51
133

3,192
1,402
1,566
-101
847
-40
240

4,389
662
1,528
272
1,151
-20
188

199,054
106,945
62,364
35,057
27,998
4,172
7,645

199,654
106,881
62,679
34,294
27,918
4,452
7,659

158,402
102,541
50,121
30,648
19,461
4,457
5,665

41,252
4,340
12,558
3,646
8,457
-5
1,994

26.0
4.2
25.1
11.9
43.5
-0.1
35.2

Automobile
Commercial banks
Finance companies
C r e d i t unions

1,777
1,150
222
405

3,422
1,852
820
750

2,389
1,683
-25
731

161,050
81,296
49,924
29,830

162,038
81,786
50,273
29,979

138,242
62,178
52,092
23,972

23,796
19,608
-1,819
6,007

17.2
31.5
-3.5
25.1

Revolving
Commercial banks
Retailers 4/
Gasoline companies

1,314
1,159
206
-51

640
764
-84
-40

2,200
1,955
265
-20

88,512
52,587
31,753
4,172

87 ,788
52,313
31,023
4,452

70,006
38,162
27,387
4,457

17,782
14,151
3,636
-5

25.4
37.1
13.3
-0.1

573
4
346
214
9

462
31
185
230
16

427
30
174
207
16

25,602
9,669
10,204
5,069
660

25,178
9,711
9,786
5,018
663

22,993
9,851
9,140
3,471
531

2,185
-140
646
1,547
132

2,334
2,582
318
545
543
397
430
800
0 - 1 7
910
617
133
240

3,154
721
513
781
7
944
188

168,071
55,502
46,817
31,874
3,304
22,929
7,645

168,533
55,844
46,822
32,037
3,271
22,900
7,659

140,054
48,211
41,309
25,618
3,261
15,990
5,665

28,479
7,633
5,513
6,419
10
6,910
1,994

Total
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 4/
Savings and loans
Gasoline companies
Mutual savings banks
By major c r e d i t 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 s a v i n g s banks

9,
-1,
7,
44,
24,
20.3
15.8
13
25
0
43
35

1. I n t e r e s t r a t e s are annual percentage r a t e s as s p e c i f i e d by Regulation Z.
2* Commercial bank data are simple unweighted averages of each bank's "most common" r a t e charged
during the f i r s t calendar week of the month*
3 . Finance company data from the s u b s i d i a r i e s of the three major U.S. automobile manufacturers
are volume-weighted averages covering a l l loans of each type purchased during the month.
4 . Includes auto d e a l e r s and excludes 30-day charge c r e d i t held by t r a v e l and entertainment
companies.
5 . n . a . » Data not a v a i l a b l e .
S.A.- Seasonally a d j u s t e d .
N.S.A.* Not s e a s o n a l l y a d j u s t e d .
NOTE: The Board's s e r i e s on amounts of c r e d i t covers most short- and intermediate-term c r e d i t
extended to individuals through regular business channels, u s u a l l y to finance the purchase
of consumer goods and s e r v i c e s or to refinance debts incurred for such purposes, and scheduled to
be repaid (or with the option of repayment) in two or more I n s t a l l m e n t s .