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

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FEDERAL RESERVE statistical release
•$EffB^For immediate release
September 12, 1984

G.19

CONSUMER INSTALLMENT CREDIT
Consumer installment c r e d i t Increased $7.11 b i l l i o n in July on a seasonally adjusted
b a s i s , following a $7.83 b i l l i o n advance in June. The annual rate of growth was 19-3/4 percent
in J u l y , compared with an average rate of 24 percent during the second quarter. For the year
1983, consumer installment c r e d i t grew by 11-1/2 percent.
Automobile c r e d i t expanded in July by $3.42 b i l l i o n , seasonally adjusted, up from
a $2.90 b i l l i o n increase in June, but revolving c r e d i t slowed to a $640 m i l l i o n gain from
the previous month's $1.57 b i l l i o n advance. The large "other" category — mainly comprising
personal cash l o a n s , home improvement l o a n s , and s a l e s
finance contracts for non-automotive
durable goods — increased $2.58 b i l l i o n in July compared with $2.91 b i l l i o n in June,
FLOWS OF CREDIT
Millions of d o l lars
( s e a son a l l y adj uis t e d )

July

Total
Automobile
Revolving
Mobile home
Other

Annual Rate of Growth
( percent)
1984

Net Change i n
Amount O u t s t a n d i n g
1984

7,106
3,422
640
462
2,582

May

June

10,233
3,689
2,817
302
3,425

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

July

June

May

19.8
26.3
8.9
22.6
19.0

22.2
22.7
22.2
22.6
21.8

29.8
29.7
41.1
15.2
26.2

1983

1984
TERMS OF CREDIT
(not s e a s o n a l l y adjusted)

August

July

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
16.28
15.58
18.75

n.a.
n.a.

14.68
17.77

14.33
17.64

14.17
17.60

11.84
18.28

n.a.
n.a.

48.6
39.8

48.2
39.8

47.7
39.7

45.7
38.0

n.a.
n.a.

88
92

88
92

88
92

87
93

9,311
5,774

9,262
5,675

8,642
5,052

Interest rates 1/
Commercial banks 2/
4 8 - m o . new-car l o a n
24-mo • p e r s o n a l l o a n
120-mo. m o b i l e home l o a n
C r e d i t card p l a n
Auto f i n a n c e companies 3 /
New-car l o a n
Used-car loan
Other terms a t
a u t o f i n a n c e companies 3 /
M a t u r i t y (months)
New-car l o a n
Used-car loan
L o a n - t o - v a l u e r a t i o (%)
New-car l o a n
Used-car loan
Amount f i n a n c e d
($)
New-car l o a n
Used-car loan




n.a.
n.a.

9,377
5,763

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

Installment credit
holder and type

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

Outstanding at end of
July
July
July
1984
1984
1983
S.A.
N.S.A.
N.S.A.

Change from end of
July 1983
amount
percent

7,106

7,825

7,802

437,237

435,367

365,498

69,869

19.1

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

3,835
1,353
962
471
1,069
89
46

3,746
1,759
1,258
-184
930
183
110

196,423
105,834
61,520
34,851
26,874
4,223
7,512

195,265
106,219
61,151
34,022
26,767
4,472
7,471

154,914
102,084
49,139
30,403
19,135
4,356
5,467

40,351
4,135
12,012
3,619
7,632
116
2,004

26.0
4.1
24.4
11.9
39.9
2.7
36.7

3,422
1,852
820
750

2,897
1,907
529
461

3,712
2,085
1,025
602

159,273
80,146
49,702
29,425

159,649
80,103
50,298
29,248

135,373
59,695
52,176
23,502

24,276
20,408
-1,878
5,746

17.9
34.2
-3.6
24.4

Revolving
Commercial banks
Retailers 4/
G a s o l i n e companies

640
764
-84
-40

1,569
1,047
433
89

990
984
-177
183

87,198
51,428
31,547
4,223

85,588
50,358
30,758
4,472

68,866
37,358
27,152
4,356

16,722
13,000
3,606
116

24.3
34.8
13.3
2.7

Mobile home
Commercial banks
Finance companies
S a v i n g s and l o a n s
Credit unions

462
31
185
230
16

454
10
258
174
12

324
60
84
167
13

25,029
9,665
9,858
4,855
651

24,751
9,681
9,612
4,811
647

22,830
9,826
9,080
3,403
521

1,921
-145
532
1,408
126

8.4
-1.5
5.9
41.4
24.2

2,582
545
397
800
-17
617
240

2,905
871
566
489
38
895
46

2,776
617
650
643
-7
763
110

165,737
55,184
46,274
31,444
3,304
22,019
7,512

165,379
55,123
46,309
31,256
3,264
21,956
7,471

138,429
48,035
40,828
25,116
3,251
15,732
5,467

26,950
7,088
5,481
6,140
13
6,224
2,004

19.5
14.8
13.4
24.4
0.4
39.6
36.7

Total
By major holder
Commercial banks
F i n a n c e companies
Credit unions
Retailers 4/
S a v i n g s and l o a n s
G a s o l i n e companies
Mutual s a v i n g s banks
By major c r e d i t

type

Automobile
Commercial banks
Finance companies
Credit unions

Other
Commercial banks
F i n a n c e companies
Credit unions
Retailers 4/
S a v i n g s and l o a n s
Mutual s a v i n g s banks

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 d a t a are simple unweighted averages of each b a n k ' 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 t h r e e major U.S. automobile manufacturers
a r e volume-weighted averages covering a l l l o a n s of each type purchased during t h e month.
4 . I n c l u d e s 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 e n t e r t a i n m e n t
companies.
5 . n . a . = Data not a v a i l a b l e .
S.A.= S e a s o n a l l y a d j u s t e d .
N.S.A. 88 Not s e a s o n a l l y a d j u s t e d .
Finance company d a t a are for J u l y 1983.
NOTE: The Board's s e r i e s on amounts of c r e d i t covers most s h o r t - and i n t e r m e d i a t e - t e r m c r e d i t
extended to i n d i v i d u a l s through r e g u l a r b u s i n e s s c h a n n e l s , u s u a l l y to finance t h e purchase
of consumer goods and s e r v i c e s or to r e f i n a n c e d e b t s i n c u r r e d for such p u r p o s e s , and scheduled to
be r e p a i d ( o r with t h e o p t i o n of repayment) in two or more i n s t a l l m e n t s .