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G.-20

April 5, 1971
FINANCE COMPANIES

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FEBRUARY 1971

Holdings of consumer; instalment paper by finance companies continued to
decrease during February lowering total outstandings to $30.5 billion. Declines were
registered in all major categories of consumer credit.
The total credit extended to consumers by finance companies rose
$160 million in February. Extensions of passenger car paper snd personal loans increased $124 million and $47 million, respectively.
Total business credit outstanding at finance com; anies increased for the
third consecutive month bringing these holdings to nearly $20 billion. The total amount
The increase in total
of business credit extended increased $651 million in February
business credit outstanding and total business credit extended was present in all of the
major categories. Wholesale automotive paper showed the large st expansion, an advance
of $711 million in outstandings and $499 million in extension:
The number of motor vehicles financed, by finance companies increased in
February by 32,000 units. New and used passenger cars increas ed 26,000 and 13,000 units,
respectively, offsetting a 7,000 unit decline in new and used commercial vehicles.
Outstanding Credit Held by Finance Companies
(In millions of dollars)

Type of credit

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods
Home repair and modernization
Personal loans
Business credit If
Retail automotive (commercial
vehicles)
Wholesale automotive
Other business credit

February 28,
1971

Increase or decrease during;
Year ending,
Feb. .
Feb...
Feb. 28, 1971
1970
1971

30,511

-280

%33

9,672

- 82

-56

6,493
93
14,253

-112
- 86

8
- 3
18

19,937

741

2,992
. 4,707
12,238

711
24

2,

'

-JU027
-1,236

•

-

Not available at
present due to
revisions in
reporting

^./Excludes some credit extended to business, such as that extended by factoring
subsidiaries.
2/Less than 0.5 million dollars.




30
10
249

Credit Extended by Finance Companies
(In millions of dollars)

Consumer instalment credit

160

-_4

124

19

443
178

100
24

1 /

372
3
; 1;
,125

- 12
1
47

.-37
1
13

4^643

.651

.
:

Business credit 1/
Retail.automotive (commercial vehicles)

, 135

- Wholesale automotive paper
Other business credit

Year ago

621

\

Other consumer goods
Home"repair and modernization
Personal loans

Month ago

2,121

Retail automotive (passenger cars)
New • •
'
Used.../

Change from:

February
1971

Type of, credit

2

2, 843
,
j'

Not available
at present

1,665

150

revisions
. in reporting

499
j

t
_1/Excludes some credit extended to business, such as that extended by factoring
subsidiaries.
•
2/Less"than 0.5 million dollars .
3/Not available due to revisions in reporting.

Number of Motor Vehicles Financed by Finance Companies
(In thousands)
•

'

Type of vehicle

_Total financed at retail
New passenger
.
Used pas.senger
New and used commercial

* Revised figures.




• February 1971

January 1971*

252

220

122
93
37

96
80
44