Full text of G.20 Finance Companies : December 8, 1970
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X V F E D E - R A L statistical E R S E - ! V Y E r el e a s e G.20 December 8, 197.0 FINANCE COMPANIES OCTOBER 1970 Finance company holdings of consumer instalment pap er d.ecreased $201 million during October; in the corresponding month - of 1969 there was $210 million increase, Passenger car paper outstanding declined $154 million from Se ptember to October bringing the cumulative reduction in such holdings in the four.mori ths since June to $608 million. Personal loans also showed a sizable drop in Gjctober but holdings of nonautomotive consumer goods paper edged up for the third mon th in a row. Credit extended to consumers by all types of finane companies totaled nearly $2.4 billion in October, an increase of $87 million fr om September extensions, 11 types of. consumer but $302 million less than the October 1969 volume. Although credit extensions showed increases as compared with September extensions of each largest year-to-year type of credit were below those reported in October 1969. Th decline was in passenger car credit--this category accounted for $277 million of the total drop in extensions of $302 million. Business credit outstanding at finance-companies de creased $321 million during October; a decline of $597 million in wholesale automc tive paper was only partly offset by increased holdings of commercial vehicle pap er and other business credit. Extensions of business credit, which had risen sharp ly in September, fell, back in October because of a $414 million reduction in wholes le-automotive paper. Outstanding Credit Held, by Finance Contpanies (In millions of dollars) Type of credit October 31, 1970 Other consumer goods Home repair and modernization Personal loans Business credit 1/ Retail automotive (commercial vehicles) Wholesale automotive Other business credit or decrease during: Oct. Year ending 1969 Oct. 31, 1970 -542 10,465 -154 6,594 94 14,156 26 2/ - 73 18,515 3,030 3,172 12,313 _1/Ex eludes some credit extended to business , such subsidiaries. ; Digitized forthan 0.5 million dollars. i FRASER 2/Less ' -201 Consumer instalment credit Retail automotive (passenger cars) Oct. , 1970 ' 59 -597 217 40 2 . 37 143 - 14 537 Not available at present due to revisions In reporting ended by -factoring Credit Extended by Finance Companies (In millions of dollars) Type of. credit | j 'Consumer instalment credit 1970 j . &387 Retail-'automotive (passenger cars) New Used Business -credit .J./. wholesale automotive paper -302 i J , 425 185 . -277 ! 504 -2 1,271 190 . 1,281 2,141 . 32. - 3/ 3/ . 18 52 | | 3,612 Retail.automotive (commercial vehicles) Other business credit 87 . 610 | | Other consumer goods Home.repair and modernization Persona 1 loans Change from: Month ago Year ago October • - 3 - 2 - 20 2/ ' 3 -248 | 15 ; -414 151' ! j . Not available at present revisions in reporting j 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 October 1970 Total financed at retail New passenger Used passenger New and used commercial 266 i j 124 102 40