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
Retail automotive (passenger cars)
Other consumer goods
Home repair and modernization
Personal loans

30,441

: J 1

. 9,810

29

6,236
100
14,295

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

•

.

- 44
• 2
85

20JS99

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

- 78
- 53
- 25

444
7
1,478

- 10

4,797 '

-157

Other business credit

2/
3/

1/
77

161

- 17

' 2,704

47

:l,932

- 93

Retail automotive (commercial vehicles)^
Wholesale automotive paper

158
- 16

732

New
Used

Business credit 1/

- 11

530
202

Retail automotive (passenger cars)

Other consumer goods
Home repair and modernization
^_^Personal loans

Change from:
' Year ago

Month ago

- 28
5
197
Not available
at present
due to
revisions
in reporting

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