Full text of G.20 Finance Companies : February 8, 1971
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2 ' <Clil -AjLO:. FEDERAL 6 R ESERVE- s t a t i s t ! c a I e l e a s e G .20 .. X . 9/^ February 8, 1971 ' FINANCE COMPANIES DECEMBER' 1970 ' 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 . Digitized for than 0.5 million dollars. FRASER 2/Less 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 Year ago 1 -213 454 24 -275 287 167 22 2 549 2 1,790 130 1 298 4,051 New Used 453 ! -Retail automotive (passenger cars) 2,795 | Consumer instalment credit 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 ' . ' 79 |90 30
