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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
FRASER
2/Less
0.5 million dollars.
i



'

-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

|
|

Other consumer goods
Home.repair and modernization
Persona 1 loans
Business -credit .J./.

wholesale automotive paper

87

.
J

, 425
185

!

504
-2
1,271

. 1,281
2,141

. 32.

-

3/
3/ .

•

- 3
- 2
- 20

2/ '
3

-248
|

.
-277

18
52

|
|

3,612
190

-302
i

610

Retail.automotive (commercial vehicles)

Other business credit

Change from:
Month ago
Year ago

October

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