Full text of G.20 Finance Companies : July 6, 1971
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FEDERAL RESERVE s tat i s t i c a I r|e I e a s e July 6, 1971 FINANCE COMPANIES MAY 1971 Holdings of consumer instalment paper by finance companies continued to increase in May bringing the total outstandings to more than $30.4 billion. A $44 million decline in nonautomotive consumer goods credit o Jtstanding was offset by increases in the other three major categories of credit. The total credit extended to consumers by finane companies was $11 million less than in April. Extensions of personal loans wer£ up.$7 7 million in May but the remaining categories showed reduced extensions for the month ' Retail automotive extensions were $78 million less than in April while other con umer goods were $10 million less. Business credit outstanding at finance,companies rose $417 million in May bringing the total to $20.9 billion. However," the amount of business credit extensions dropped $157 million as a result of declines in all major .as. Extensions in other business credit showed the largest decline for May--$93 mill The number of motor vehicles financed by. finance companies declined 15,000 units from April to May. New passenger vehicles increased 5 000 units while used passenger vehicles and hew and used commercial vehicles deel ned 13,000 and 7,000 units, respectively. % Outstanding Credit Held by Finance Companies (In millions of dollars) Consumer instalment credit 30,441 : J 1 . 9,810 Retail automotive (passenger cars) Other consumer goods Home repair and modernization Personal loans 29 6,236 100 14,295 . - 44 • 2 85 20JS99 Business credit 1/ Retail automotive (commercial vehicles)Wholesale automotive Other business credit Inert:ase or decrease during: • Year ending May May May 31, 1971 1970 1971 May 31, 1971 Type of credit • 417 2,960 5,535 12,384 9 223 185/ 58 -1,154 41 -1,180 27 . " 2 .. - 8 - - Not available at present due to revisions in reporting VExcludes some credit extended to business, such as that ext ended by factoring subsidiaries. 269 1 294 G.20 -2Credit Extended by Finance Companies (In millions of dollars) Type of credit Consumer instalment credit . May 31, 1971 2 ,661 Change from: ' Year ago Month ago - 11 158 - 16 732 - 78 530 202 - 53 - 25 444 7 1,478 - 10 4,797 ' -157 Retail automotive (passenger cars) New Used Other consumer goods Home repair and modernization ^_^Personal loans Business credit 1/ Other business credit 1/ 77 161 47 :l,932 - 28 5 197 Not available at present due to revisions in reporting - 17 ' 2,704 - 93 Retail automotive (commercial vehicles)^ Wholesale automotive paper 2/ 3/ 1/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) May 19.71 Type of vehicle 306 Total financed at retail New passenger / Used passenger tfew and'used commercial r 163 105 38