Full text of G.20 Finance Companies : February 8, 1971

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February 8, 1971
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FINANCE COMPANIES
DECEMBER' 1970

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The total, holdings of consumer instalment paper by finance companies rose
$42 million in. December after large declines in October and b ovember. Nonautomotive
consumer goods credit and personal loans outstanding increase d,enough in December to
offset a further drop of $285 million in passenger car paper
At year end 1970 the
total holdings by finance companies were $611 million less th an holdings at the end
of 1969. This year-to-year decline was due to a. reduction of more than $1 billion in
passenger car credit outstanding.
$453 million more
Total credit extended to consumers in December, *
•than the amount extended in November. This increase in exter sions was reflected in all
major categories of consumer credit. Extensions in nonautomc tive consumer goods and
personal loans reached their highest levels of the year--$549 million and $1,790 million
respectively. The amount of passenger car credit extended ir creased slightly in
December but was $275.million below that extended in December of 1969.
Business credit outstanding at finance companies increased $606 million
in December; the amount of business credit extended exceeded $4 billion, an increase of
more than $1 billion from the total in November. The category with the largest gain in
both paper outstanding and credit extended was wholesale auto motive; however, there
were increases in all other major categories .
The number of motor vehicles financed by finance companies increased only
1
slightly in December to a total of nearly 200,000 units. The number of n e w and used
passenger cars financed rose 2,000 units from November, while the remaining i n c r e a s e 1,000 u n i t s — o c c u r r e d in commercial vehicles financed.
Outstanding Credit Held by Finance Cc
(In millions of dollars)

Type of credit

December 31,
1970

_4:

344

-611

9,941

-285

12

-1,112

6,648
94
14,440

10C

J

54
- 1
279

18,769

606

3,019
3,487
12,263

e
58£
12

Consumer instalment credit
Retail automotive .(passenger cars)
Other consumer goods
Home repair and modernization
Personal loans
Business credit 1/
(commercial
vehicles)
Wholesale automotive
Other business credit

Increase or decrease during
Dec.
Year ending
Dec
1969
D e c . 31, 1970
197C

Retail automotive

1/Excludes some credit extended to business,
subsidiaries .


2/Less than 0.5 million dollars.


134-.
-.12
379

Not available at
present due to
revisions in
reporting

such as that ext ended, by factoring

Credit Extended by Finance Companies
(In millions of dollars)
i December
1
1970.

Type of credit

Consumer instalment credit
-Retail automotive (passenger cars)
New
Used

Year ago

1

2,795

453

-213

|

454

24

-275

!

287
167

22
2

549
2
1,790

130
1
298

4,051

1,094

Other consumer, goods
Home repair and modernization.
Personal' loans
.Business credit 1/
Retail automotive (commercial vehicles) '
;

Change
Month ago

1,988

' Other business-credit

-

27
1
36

Not available
at present

2

140

866.

1,923

Wholesale automotive paper

2/
2/

-

revisions
in reporting -

226

^/Excludes some credit extended to. business, such as that extended by factoring
subs idiaries.
.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) "

December 1970

Type of vehicle

199

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




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