Full text of G.20 Finance Companies : February 3, 1972
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F E D E R A L R E S E R V E release s t a t is fi c a I February 3, 1972 \ FINANCE. COMPANIES DECEMBER 1971 Holdings of consumer instalment paper by f inancje companies continued to rise in the final month.of the year bringing the total amo' outstanding to over $32 billion. The $497 million increase ,in December reflecteiid growth in all major types of consumer credit held, by this sector. Since Decent er 1970, total holdings have risen more than $1 billion as a result of increases in three of the major credit categories. These gains more than offset a moderate dec!in e in other consumer goods Total credit extended to consumers in December was $355 million more than the amount extended in November. Extensions of both persona 1 loans and other consumer' goods credit showed large seasonal increases, but borrowing for retail automobile purchases was somewhat lower than in November. Business credit outstanding at finance companie advanced by $231 million in December, largely because of increases in wholesale autoijmotive paper and "other" business credit. However, extensions of business credit de creased $219 million from November. The total number of motor vehicle contracts acq jired by finance companies declined in December, the third consecutive monthly reducti an. The number of commercial vehicles financed was unchanged from November, but the number of new and used passenger cars dropped 18,000 units and 2,000 units, respec Lively. Outstanding Credit Held by Finance C m p a n i e s (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 1/ Retail automotive (commercial vehicles) Wholesale automotive Other business credit December 31, 1971 Inc:rease or decrease during: Year ending Dec. Dec. 31, 1971 1970 197 32,140 49: 42 1,017 10,279 .3: -285 338 6,521 107 15,233 19( 100 26? 227 20,710 231 3,123 5,004 12,583 12: 10( -127 13 793 Not aivailable at present due to revisions in reporting tended by factoring subsidiaries . * Less than 0.5 million dollars. ' • . ; • „ G.20 — ' C'f -2- Gredit Extended by Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) New . Used Dec. 31, 1971 Business credit 1/ Retail automotive (commercial vehicles) Year ago 3,370 355 5 75 __727 - 6r ill 547 180 - 56 - 5 N.A. N.A. _ Other consumer goods Home repair and modernization Personal loans Change from: Month ago 670 6 1,967 ' 5,776 1.78 121 4 177 174 • 2 240 -219 9- Wholesale automotive paper 2,596 -513 Other business credit 3,002 285 Not available at present due to revisions in reporting V E x c l u d e s some credit extended to business, such as that extended by factoring subsidiaries. N.A. Not available. " Number of Motor Vehicles Financed by Finance Companies (In thousands) Type of vehicle Total financed at retail New passenger Used" passenger . New and used commercial December 1971 280 144 95 41