Full text of G.20 Finance Companies : November 1974

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FEDERAL

RESERVE

s t a t i s t i c a l
-

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r e l e a s e
|

November 1974

FINANCE COMPANIES - September 1974
Consumer instalment credit outstanding at finance ompanies declined 0.1
per cent during September, the first decline registered by the:
;se companies in
consumer outstandings since March. Increases in retail passen;ger cars and mobile
homes were offset by decreases in the three other major categoiries of consumer
credit. Total consumer instalment credit rose 2.0 per. cent d ring the third
quarter of 1974. However, for.the first nine months of the-y; ar, the increase has
been only 4.5 per cent due to large decreases, mainly in auto credit, experienced
during the first quarter.
Extensions of all major types, of consumer instalment credit were smaller
than in August. Repayments in September were slightly greate: than in the previous
month.

Outstanding Consumer Credit Held by Finance Companies
(In millions of dollars)

Type of credit

September 30,
1974

Increase or decrease ("-) during
Year ended
eptember
September
Sept. 30, 1974
1974
' 1973

Consumer instalment credit
Retail automotive (passenger
cars)

38,921

-22

12,345

78

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

3,573
4,662
1,073
17,268

359
.

138

34
-18
-24 ,
-92

48
71
38
64

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

Type of credit

.

<_

Extended by finance cos.
Sept.
Aug.
Sept.
1974
1974
1973

iRepaid to finance cos.
Aug. Sept.
jSept.
1973
1974
1974

Consumer instalment credit
Retail automotive (passenger
cars)

3,128

3,601

3,189

3,150

3,137

2,830

731

860

696

! 653

633

558

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

132
857
20
1,388

144
951
85
1,313

98
875
44
1j , 4 8 0

114
929
42
1,419

96
880
47
1,249




148
945
21/
1,627

^
•

'

lo 3 5
G.20 .

.

[

-2-

Outstanding Business Credit Held by Finance Companies
(In millions of dollars)

Type of credit

Sept. 30,
1974

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

Increase or decrease ( - ) during:
Year ended
September
Sept. 30, 1974
1973

September
1974

31,208
4,497
6,936

•

1,711

728

3,748

-87
1,641

-156
907

250
1,401

-22

916

8,746

59

-

2,126

-279

43

1,735
7,168

-10
. 387

42
-86

161
1
j

99
921

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

Type of credit

; -

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
A H other business credit

Extended by finance cos.
Sept.
Aug.
; Sept.
1974
i 1973
1974
9,200

8,114

Repaid to finance cos.
Sept.
Aug. .
Sept.
1973
1974
» 1974

8,625

7,489

9,057

7,897

398 3,094

407
2,382

313
3,116

349
2,108

251
3,289

400
1,475

961

884

916

902

2,040

1,979

1,623

1,419
1,351

1,525
1,269

1,241
1,305

858

-938

2,319

1,664

1,580

1,429
964

1,491
1,552

1,199
1,391

Business credit outstanding rose 5.8 per cent during September bringing
the new total to over $31.2 billion. Wholesale automotive paper showed the sharpest
rise, with extensions much higher than in August, and repayments a great deal smaller
than in the previous month. Growth in business outstandings during the third quarter
accelerated to 2.1 per cent, after slowing to 1.6 per cent in the second quarter. For
the year to date, outstandings have increased 7.6 per cent, with most of the growth
exhibited during the first quarter.
'
•
—
Extensions of business credit were greater than in August, with wholesale
automotive the largest contributor. Repayments were much smaller than the preceding
month, with wholesale.automotive registering the sharpest drop of all the major business
categories.




•

Change in Extensions and Repayments
(In-millions of dollars)
Change in ex tensions from: 1 Change in repayments from:
Month ago
Year ago
Month ago
Year .ago

Type of credit

320

Consumer instalment credit
Retail automotive (passenger
car)

-473

z61

-129

35

-20

Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

-16
-88
-1
-239

-12
-94
-65
75

-16
-54
1 • . 2
61

2
-5
-3
231

1,086

575

-1,568

-408

-36
1,008

62
-173

2
-1,619

-7
-907

44

-36

Business credit
Retail automotive (commercialvehicles)
Wholesale automotive
Retail paper on business, industrial and farm equipment
Loans on commercial accounts
receivable
Factored commercial accounts
receivable
All other business credit

77

45

61

417

-106
82

178
46

13

;

,

!
1

•j
;

*.

95

;

739

655-..
-62
-588

,

230
-427

Number of Motor Vehicles Financed at Retail by Finance Companies
(In thousands)
j

Type of vehicle

September 30,
1974

-46

279

Total financed at retail
New passenger
Used passenger
New and used commercial

1 Change from:
. Year
Montti
ago
ago

:S.
-13

89
69

2
2
-12
12

Selected Liabilities of Finance Companies
(In millions of dollars)

Type of liability

September 30,
1974

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




6,550
22,009
20,823
1,186

September
1974
. 80
169
196
-27

Increasii or decrease
( - ) during:
September
August
1973
1974
-341
4 i
• 142

-185
-829
-879
50