Full text of G.20 Finance Companies : July 1974

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FEDERAL

RE S E R V E

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r eI e a se
J u l y 1974

FINANCE COMPANIES

MAY 1974

Consumer i n s t a l m e n t c r e d i t o u t s t a n d i n g a t f i n a n c e companies i n May
i n c r e a s e d 1 . 2 per cent over A p r i l . P e r s o n a l l o a n s made the g r e a t e s t c o n t r i b u t i o n
t o the t o t a l i n c r e a s e , both f o r the month and f o r the y e a r ended May 3 1 , 1974,
Although growth i n May 1974 was s l i g h t l y s m a l l e r than t h a t of May 1973, i t was
s t i l l i n l i n e w i t h i n c r e a s e s recorded i n p r e v i o u s y e a r s .
While t o t a l e x t e n s i o n s of consumer c r e d i t - w e r e 7 . 4 per c e n t g r e a t e r
than i n A p r i l , they were o n l y s l i g h t l y g r e a t e r than the t o t a l e x t e n s i o n s of
May 1973. Passenger cars were l a r g e l y r e s p o n s i b l e f o r t h i s , j s i n c e i n seven
months out of the year ended May/31, 1974 t h i s category:showed l a r g e d e c l i n e s .
B u s i n e s s c r e d i t o u t s t a n d i n g r e g i s t e r e d i t s f i r s t d e c l i n e s i n c e August 1973.
The major component of t h i s drop was w h o l e s a l e automotive paper, which had a l a r g e
unseasonal d e c l i n e from the p r e v i o u s month.
j
Outstanding Consumer C r e d i t Held by Finance Companies
( I n m i l l i o n s of d o l l a r s )

Type of c r e d i t

I n c r e a s e or d e c r e a s e (•-) d u r i n g :
Year ended
May
May
1974
! 1973
May 3 1 , 1974

May 3 1 ,
1974

Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive ( p a s s e n g e r
cars)

37,751

460

11,810

12.6

Mobile homes
j Other r e t a i l consumer goods
Home improvement loans
Personal l o a n s

3,413
4,583
1,097
16,848

49
36
40
209;

!

781

!

255

938

!'• 34
1 154
:
45
; 293

388
598
441
1,527

3,892

.7

Consumer Credit Extended and Repaid a t Finance Companies
( I n m i l l i o n s of d o l l a r s )

Type of c r e d i t

Extended by f i n a n c e c o s .
May
Apr.
May
1974
1974
1973

Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive ( p a s s e n g e r
cars)

4,127

3,844

921

769

Mobile homes
Other r e t a i l consumer goods
Home improvement loans
Personal loans

180
1,080
70
1,876




150
1,132
71/
1,722

! Repaid to finam
Apr.
i May
1974
1974

May
1973

4,027
.

3,667

3,558

3 ,246

923

; 795

709

668

164
1,070
'
68
1,802

131
1,044
I
30
1,667

130
110
1,082
916
32
23
1,625 _ 1 ,509

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•

G.20

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j

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-2-

OutsLanding B u s i n e s s Credit; Held; by F i n a n c e Companies
( I n m i l l i o n s ' of d o l l a r s )

Type of c r e d i t
Business c r e d i t
R e t a i l a u t o m o t i v e (commercial
• —vehicles
wholesale automotive.
R e t a i l p a p e r on b u s i n e s s , i n d u s t r i a l and farm equipment
Loans on commercial a c c o u n t s
receivable
F a c t o r e d commercial a c c o u n t s
receivable
All other business credit

May 3 1 ,
1974

Increase or decrease (-) during:
May • •
Year ended
May
1974
1973
May 3 1 , 1974

!
j.
.

i

30,245

728

2,291

-20
-114

22
98

48
545

8,364

88

2,05.9
,

-103

4,569
6,845

-41

1,486
6,922

-23

117 •/

857

338

225

91
62.

7

!
|

.

-26
642

B u s i n e s s C r e d i t Extended, and Repaid a t F i n a n c c Companies
(In m i l l i o n s of d o l l a r s )
•

Type of c r e d i t
Business c r e d i t
R e t a i l automotive (commercial
vehicles)
Wholesale automotive
R e t a i l p a p e r on b u s i n e s s , i n d u s t r i a l and f a h n equipment
Loans on commercial a c c o u n t s
receivable
• F a c t o r e d commercial a c c o u n t s
receivable
All other business c r e d i t

Extended by f i n a n c e c o s .
May
Apr.
May
1974
1973
1974
8,996

8,878

9,989

Repaid t o f i n a n c e c o s .
May
Apr.
May
1974
1973
1974
9,099
8,632
9,261

373
3,038

414
2,806

409
3,525

393
3,152

968

969

960

880

1,907

' 1,978

1,598

1,948

1,94.1

1,260

1,424
1,286

.1,323
1,388

2,145
. 1,352

1,447
1,279

1,3751,186

2,054
1,290

'

386
2,914

387
3,427

830

843

- Although e x t e n s i o n s of b u s i n e s s , c r e d i t were s l i g h t l y g r e a t e r t h a n i n
A p r i l , t h e y showed a s i z a b l e d e c l i n e from May 1973. While b o t h w h o l e s a l e automot i v e p a p e r and f a c t o r e d commercial a c c o u n t s r e c e i v a b l e were i n l a r g e p a r t r e s p o n s i b l e f o r t h e growth from A p r i l t o May, t h e y were a l s o l a r g e l y r e s p o n s i b l e f o r
t h e d r o p from May.1973.
,
F o l l o w i n g d e c l i n e s in t h e p r e v i o u s two m o n t h s , t o t a l commercial p a p e r
o u t s t a n d i n g r o s e $898 m i l l i o n . Both d e a l e r and d i r e c t l y p l a c e d p a p e r c o n t r i b u t e d
to t h i s growth.




'

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-3-

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r

Change i n Extensions and Repayments
(In m i l l i o n s of d o l l a r s )
Type of c r e d i t

Change i n e x t e n s i o n s from:
Month ago
Year ago

Change i n rem ivments from:
i Month ago
Year ago

Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive ( p a s s e n g e r
car)

283

100

152

• ! • -2

Mobile homes
Other r e t a i l consumer goods
Home Improvement loans
Personal loans

30
-52
-1
154

16
10
2
74

Business c r e d i t
R e t a i l automotive (commercial
vehicles)
Wholesale automotive
R e t a i l paper on b u s i n e s s , i n d u s t r i a l and farm equipment
Loans on commercial a c c o u n t s
receivable
Factored commercial accounts
receivable
A l l other b u s i n e s s c r e d i t

118

-993

467

-162

-41
232

-36
>487

7
238:

6
-275

^1

8

50

37

'i

-

-71

109

521

j

86

127

!; " 21
f
-38
i •
-2
42

.

1
128
7
158

•

309

101
-102

J
'

-721
-66

,

7
I

•'

!

72
93

1

688
-

-607
-11

Number of Motor V e h i c l e s Financed a t R e t a i l by Finance Companies
(In thousands)
I
Type of v e h i c l e

May 3 1 ,
1974

Total f i n a n c e d at r e t a i l

Month
. ago

Change from:
Year
ago
-30

. 369

New passenger
%
Used passenger
New and used commercial

-20
6

25
22
-15

148
138
83

-16

S e l e c t e d L i a b i l i t i e s of Finance Companies
( I n m i l l i o n s of d o l l a r s )

Type of l i a b i l i t y
Bank loans ( e x c l . commercial
Paper)

Commercial paper
D i r e c t l y placed
De.-ler placed




May 3 1 ,
1974

May
1974

5,770
22,070
20,713
1,357

-98
898
871
27

I n c r e a s e or d e c r e a s e
( - ) during:
May
I April
1973
1974

I
'
j

295
-275
-356
81

-178
896
783
113

1