Full text of G.20 Finance Companies : March 1974

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March

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1974

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FINANCE COMPANIES - January 1974

C o n s u m e r instalment credit outstanding decreased $103 m i l l i o n during January
A l t h o u g h retail p a s s e n g e r cars outstanding reported a m o r e th ah s e a s o n a l decline, the
decline in total credit w a s less than seasonal as a result of increases in the other
m a j o r types of credit such as personal loans.
January 1973 w a s unusual,,since it
showed a g r e a t e r than s e a s o n a l increase of $89 million? r e f l e c t i n g m o r e than seasonal
increases in m o s t of the credit categories.
Extensions of consumer instalment credit w e r e $587 m i l l i o n less than last
month.
However, in J a n u a r y
19'3 they w e r e $733 m i l l i o n less than in the previous •
month.
A l l the m a j o r areas of credit reported smaller extern ions this motith than in
D e c e m b e r , but except for passerger cars, larger extensions ttia n in January 1973.
O u t s t a n d i n g business credit rose $143 m i l l i o n irr Jsihuary-T-a smaller than
in large part for thi
seasonal increase. W h o l e s a l e automotive paper w a s responsib!
growth.

O u t s t a n d i n g Consumer Credit Ha Id by F i n a n c e C o m p a n i e s
(In millions of d o l l a r s )

Type of credit
C o n s u m e r instalment credit
R e t a i l automotive (passenger
cars)
M o b i l e homes
Other retail consumer goods
H o m e improvement loans
Personal loans

Jan. 31,
1974 ;
37.140

. Increase or d e c r e a s e
January
January
1973
1974
89
-103
-173
14
26
23
7

11,754
3,392
4,460
940
16.594

:

( - ) durinp:
Year ended
Jan. 31, 1974
4.963
1,577
464
816
412
1.694

3
12
55
31
-12

C o n s u m e r Credit Extended and Repaid at F i n a n c ; C o m p a n i e s
(In millions of d o l l a r s )

Type of credit
C o n s u m e r instalment credit
R e t a i l automotive (passenger
cars)
M o b i l e homes
O t h e r retail c o n s u m e r goods
Home improvement loans
Personal loans
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Extended by finance cos
Jan.
Dec.
Jan.
1973
1973
1974
3.127

3.714

522
109
981
77
1.438

559
L64
1,046
83

1.862

Repaid
Jan.
1974

to finance cos.
Jan.
Dec.
1973
1973

3i 033

3.230

3JL358

2.944

699
97
908
46
1.283

695
95
955

581
96
983
52
1.646

696
85
853
15
1.295

•

54
1.431

-2-

Outstending Business Credit Jleld by Finance Companies
(In millions of dollars)

Type of credit
1
.Business credit
•Retail automotive (commercial
vehicles
• Wholesale automotive
Retail-paper on business, in. dustrial and farm, equipment
Loans on commercial accounts
receivable
Factored commercial accounts
receivable
All other business credit

Jan. 31,
1974

i
:

29,149

i
j

4,147
6,809

Increase or decrease ( - ) during:
January
j January
Year ended
1974
1973
!
Jan. 31, 1974

! '
|
.

. 143 -37
192

8,144

-45

2,046

32

1,559

2,638

-21
129

-273
1,275

81

533

3

319

-

. -33
34

6.444

371

•

109
70 •

|

128
656

Business Credit Extended and Repaid at Finance Companies
(In millions of dollars)

Type of credit

Business credit
"Retail automotive (commercial
vehicles)
Wholesale automotive
-Re-tail paper on business, industrial and farm equipment
Loans on commercial accounts
receivable
Factored- commercial accounts
receivable
All other business credit

Extended by- finance cos.
Jan.
Dec.
Jan.
1974
1973
1973

Repaid to finance cos.
Jan.
' Dec.
Jan.
1974
1973
1973

8,226

8,502

8,959

8,083

7,879

8,588

345
2,809

344
2,596

357
3,294

382
2,617

386
2,169

378
3,165

764

889

1,944

2,122

1,346

1,912

2,153.

1,261
1,103

1,327
1,224

1,960
1,192

1,294
1,069

1,302
1,199

810.

809

670

729
' 1,343
1,851
1,122

- Extensions of business credit were $276 million smaller than in December. This
drop reflected declines in the major areas of bu-siness credit except retail commercial
vehicles and wholesale automotive paper. Repayments, however, were $204 million greater
than last month, due primarily to growth in wholesale automotive paper and retail paper
on business, industrial and farm equipment.
Bank borrowing by finance companies fell $642 m i l l i o n during the month. Total
• commercial paper, on the other hand, rose over $1.2 billion, with increases reflected in •
both directly placed and dealer placed paper.
.




Change in Extensions and Repayments
(In millions of dollars)

Type of credit
Consumer instalment credit
Retail automotive (passenger
car)
Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans
Business credit
Retail automotive (commercial
vehicles)
Wholesale- automotive
Retail paper on business, industrial and farm equipment .
Loans on commercial accounts
receivable
Factored commercial accounts
receivable
All other business, credit

Change in extensions from:
Month ago
Year ago
-587
94
-37
-55
-65
-6
-424

-177
12
73
31
155.
Z733

1

-12

213

-485

Change in repayments from:
Month ago
Year ago
-128

286

114:
-I
-28
2
-215

-1
10
102
39
136

204
-4

,

448 .

4

-548

-125

-46

139

8t)

-178

595

-241

569

-66
-121

-699
-89

-8
-130

-557
-53

Number of Motor Vehicles Financed at Retail py Finance Companies
(In thous.-ir.Ir)

Ca£r.p3 il~ y.z:
Jan. 31,
IS 74

Type of. vehicle

Total financed at retail

:

242

New passenger
Used passenger
New and used commercial'

86
87
69

j

Month

1

-17
12
-1

1

Year
ago
^78

j
1

-37 . *
-24
-17

Selected Liabilities of Finance Comp
(In millions of dollars)
ase or decrease
-) d u r i n g
Type of liability

Jan. 31,
1974

Bank loans (excl. commercial
paper)
Commercial paper
Directly placed
Dealer placed




'

January
1974

December
1973

5,651

-642

99

21,499

1,293

19,877

1,168

117
265
-148

1.622

125

January
1973

-226

-Ji

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