Full text of G.20 Finance Companies : August 1974

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August 1974
" FINANCE COMPANIES - JUNE 1974
Finance company holdings of consumer instaIment credit rose 1,1 per cent
in June, bringing the new total to over $38 billion. All the major categories of
consumer credit contributed to this rise, with the greatest increases reflected in
retail passenger cars and personal loans. Total
consumer ins talment credit outstanding increased 3.1 per cent in the second quarter of 1974. However, for the
first half of the year, the total outstandings rose only 2.5 p er cent due to
declines registered in the first quarter
Both extensions and repayments of consumer instalment credit were less
than in May.
This was the first time that either area had shown a decline since
February.
j•

in May.

Business credit outstanding rose a seasonal 1.1 per cent, after a decline
As in the preceding two months, wholesale automotive paper showed a decrease
Outstanding Consumer Credit Held by Finance Companies
..(In millions of dollars)

Type of credit

Increase
June
1974

June 30,
1974

Consumer instalment credit
Retail automotive (passenger
cars)

38,159

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

3,449

I

408

11,957

147
,

4,626
1,114
17,013

decrease ( - ) during:
| Year ended
1973
June 30, 1974

'

36
43
17
165

.

508

3,792

i

249

836

!

56
17
38
148

368
624
420
1,544

Consumer Credit Extended and Repaid at Finance Companies
(In millions of dollars)
j

Type of credit

Extended by finance cos.
May
June
June
1974
1974
1973

Repaid to finance cos.
June
May
J une
1973
1974
1 974

Consumer instalment credit
Retail automotive (passenger
cars)

3,778

3.817

3 ,370

3.667

3,309

826

, 921

917

679

795

668

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

186
1,008
60
1,698

180

150
1,047
70
1,633

150
965
43
1 ,533

131
1,044
30
~ 1,667

94
1,030
32
1,485




4.127

1,080
70 .
1,876

>J
G.20
Outstanding Business Credit Held by Finance Companies
(In millions of dollars)

.Type of credit
Business credit
• Retail; automotive (commercial
vehicles
Wholesale automotive
Retail paper on business, industrial and farm equipment
Loans on commercial accounts
receivable
Factored commercial accounts
. ' receivable '
. All other business* credit

Increase or decrease ( - ) during:
1
j une
June
Year ended
1974 '
1973
June 30, 1974

June 30,
1974
30,575

330

124

2,497

4,570
6,773

1
-72

-10
213

59
260

8,550

186 .

159

884

2,086

27

106

1,578
7,018

92
96

81
-425

'

146
!
|

-15,
1,163

Business Credit Extended and Repaid at Financc Companies
(In millions of dollars)

rype of credit
Business*credit
Retail automotive (commercial
.
'•
vehicles)
'Wholesale automotive
.Retail paper oh business, industrial and farm' equipment
Loans on commercial accounts
receivable
Factored commercial accounts
.,receivable
. All other business credit

May
1974'

June
1974

June
1973

1974

LU . .LilCllK
May
1974

June
1973

9^13

| 8,996

9,765

8,883

9,099

9,641

395
2,937

|

373
3,038

387
3,394

394
3,009

393
3,152

397
3,181

968

1,005

892

880

846

1,078
1,879

1,907

1,873

1,852

1,948

1,767

1,492
1,432

1,424
1,286

1,648
1,458

1,400
1,336

1,447
1,279.

1,567
1,883

from the previous month. After a first quarter increase of .3.8 per cent, growth in
the second quarter slowed to 1.6 per cent. For the first half of 1974, total business
credit held;by finance companies grew 5.4 per cent.
While extensions of business credit were greater than in May, they were
less than in June 1973. In both cases, wholesale automotive paper showed large
declines. Repayments, however, were less than both the month and the year previous.
Bank loans to finance companies in June showed a seasonal increase of 11.5
per cent. However, due to a shift in preferences for means of financing, total
commercial paper outstanding fell a greater than seasonal 6.0 per cent. Both directly
placed and dealer placed paper showed greater than seasonal decreases.




hi-5
G. 20
Change in Extensions and Repayments
(In millions of dollars)

Type of credit

Change in extensions from:
Year ago
Month ago

Change in repayments from
Month ago
ago
-297

Consumer instalment credit
Retail automotive (passenger
car)

-349

Z39

-95

-91

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

6
-72
-10
-178

36
-39
-10
65

19
-79
" 13
-134

56
-65
. 11
48

1
-143:

-3 .
-172

-552

Business credit
Retail automotive (commercial
vehicles)
Wholesale automotive
Retail paper on business, industrial and farm equipment
Loans on commercial accounts
receivable
Factored commercial accounts
receivable
All other business credit

8

22
-101

-457

110

73

12

46

-28

6

-96

85

68
146

-156
-26

-47
57

-167
-547

Number of Motor Vehicles Financed at Retail by Finai.ice Companies
(In thousands) -

June 30,
1974

Type of vehicle

; Month
a
8°

Change from:
Year
ago

zML

Total financed at retail
New passenger
Used passenger
New and used commercial

-36
-15
5

<-16

132
112.
91

-26

Selected Liabilities of Finance Companies
(In millions of dollars)

Type of liability

Bank loans (excl. commercial
paper)
Commercial paper
Directly placed
Dealer placed '




•

June 30,
1974

1974

Incre;ise or decrease
•) during:
.
May
1974

1973
671
-124

V

6,436
20,716

666
-1,334

-98
898

19,543

-1,170
-164

871
27

1,193

.
"

-80
-44