Full text of G.20 Finance Companies : December 1973
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F E D E R A R L s t a t i s ti c o I E S E R V E r e l e a s e December 1973 FINANCE COMPANIES - October 19 Finance company holdings of consumer instalment c edit rose $372 million during the month of October, bringing the total to over $36 billion. All the major areas of consumer credit contributed to this seasonal growt Extensions and repayments of consumer credit were considerably greater than last month, reflecting usual seasonal developments. E<irsonal loans and retail automotive paper accounted for much of the rise in both ext^insions and repayments. Finance companies reported a seasonal increase of $499 million for total busines credit gnts-fcaiiding, with wholesale automotive paper accounting for the re $2.3 billion greater major portion of this growth. Business credit extensions than in September. Greater than seasonal increases in whole;sale automotive paper, hd loans oh commercial retail paper on business, industrial and farm equipment .accounts receivable formed the bulk of this rise. Outstanding Consumer Credit Held by Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) Mobil homes Other retail consumer goods Home improvement loans!/ Personal loans Increase <;r decrease (-' during: October Year ended October Oct. 31, 1973 1972 1973 5,395 320 372 Oct. 31, 1973 36,365 138 34 51 38 in 11,859 3,269 4,316 847 16,074 1,945 407 886 435 1,722. 79 42 63 29 107 Consumer Credit Extended and Repaid at Finance Companies (In millions" of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) Mobile homes Other retail consumer goods Home, improvement loans \J Personal loans Extended by finance cos Oct. Sept. Oct. 1972 1973 1973 3.348 3.189 3,765 904 146 1,052 89 1,574 http://fraser.stlouisfed.org/ 1/ Formerly Home repair and modernization Federal Reserve Bank of St. Louis 696 144 951 85 ! 1,313 loans. 827 135 941 40 1,405 Repaid to finance cos. Oct. Sept. Oct. 1972 1973 1973 3.028 3.393 L830 766 112 1,001 51 1,463 558 96 , 880 - 47 1,249 748 93 878 11 1,298 G.20 -2- . .1 ' 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: October October Year ended 1973 1972 Oct. 31, 1973 Oct. 31, 1973 27,959 499 684 .4,253 5,839 6 304 91 233 7,977 147 306 694 . "292 1,995 30 42 1,579 6,316 -57 69 -37 49 , 3,142 I -174 1,072 248 1.010 . Business Credit Extended and Repaid at 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 Loan's on commercial accounts receivable Factored commercial accounts receivable All other business credit Repaid to finance cos. Oct. Sept. Oct. 1973 1973 1972 Extended by finance cos. Sept. Oct. Oct. 1972 1973 1973 10,948 8,625 9,131 10,449 7,897 8.447 397 3,892 251 3,289 449 3,490 391 3,588 407 2,382 358 3,257 1,550 916 1,008 1,403 938 702 2,401 1,623 1,413 2,371 1,580 1,371 1,352 1,356 1,241 1,305 1,370 1,401 1,409 1,287 1,199 1,391 1,407 1,352 , Finance company net borrowing at banks and in the commercial paper market rose somewhat in October, following a sizable decline in the preceding month. Reliance commercial paper increased relative to bank loans as a source of funds, however, apparently in response to changed interest cost relationships. >ol G. 20 Change in Extensions and Repaypien (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) Mobile homes Other retail consumer.goods Home improvement loans 1/ Personal loans Change in extensions- from Month ago Year ago 576 417 208 2 101 4 261 , Change in repayments from: Month ago Year ago 563 365 77 11 111 49 169 Business credit 2.323 1.817 Retail automotive (commercial vehicles) 146 -52 Wholesale automotive 603 e • 402 Retail paper on business, industrial and farm equipment 634 542 Loans on commercial accounts receivable 778 988 Factored commercial accounts receivable 111 -18 All other business credit 5.1 -45 17 Formerly Home repair and modernization loans 18 19 123 40 165 2,552 2,002 33 331 701 1,000 210 -104 2 -65 Number of Motor Vehicles Financed at Retail by Finance Companies (In thousands) Oct. 31, 1973 - Type of vehicle Total financed at retail New passenger Used .passenger New and used commercial Change from: Year Month ago ago 360 83 Z21 159 '/ 116 85 * 40 15 28 -2 -1 -18 Selected Liabilities of Finance Com (In millions of dollars) Type of liability Bank loans (excl. commercial paper) Commercial paper Directly placed Dealer placed Oct. 31, 1973 5,317 19,968 18,372 1 Incr Base or decrease f - ) during October September October 1973 1973 1972 -849 983 -185 -829 376 517 m