Full text of G.20 Finance Companies : October 1974

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/ F E D ER A L
<

R ESERVE

s t a ti s t i c a I

re I e a s e

October 1974
•

FINANCE COMPANIES -August 1974

Finance company holdings of consumer instalment cred: rose 1.2 per cent
it
during the month of August. The two major components of this growth, retail passenger cars and personal loans, experienced sizable increases rhich were due to
large decreases in the amount of repayments, rather than any growth in extensions.
Repayments in August were much less than in July anc registered a greater
than seasonal drop of 13.1 per cent. Extensions also were s n i e r than the preceding
i aH
:
month, thus causing total consumer credit outstanding to rise
Business credit showed a seasonal decline of 3.1 per cent in August. Wholesale automotive paper, continuing the decline which began in A pril, accounted for the
largest portion of the total decrease in outstandings.
Outstanding Consumer Credit Held-by Finance Companies.
(In millions of dollars)

Type of credit
Consumer instalment credit
Retail automotive (passenger
cars)
Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans

Increase
August
1974

August 31,
1974

decrease G-) during:
Year ended
August
1973
Aug. 31. 1974

38,943

464

614

12,267

227

218

3,539
'4,680 ,
1,097
17,360

34
16
-21
208

55
91
38
212

3,309
684
"

352
486
326
1,461

Consumed Credit Extended and Repaid at Finance C
(In millions of dollars)

Type of credit
Consumer instalment credit
Retail automotive (passenger
cars)
Mobile homes
Other retail consumer goods
Home improvement loans
Personal loans




Extended by finance coi.
1
Aug.
July
Aug.
1974
1974
! 1973 :
1 '
3,601
3,929
! 3,877
860
148
945
21
1,627

893

!

157
1,069
43 ,
1,767

!
1

887
' 147
l.,079
81
1,683

Repaid to finance cos.
Aug.
July
Aug.
1974
1974
1Q7T
3,137

3,609

3,263

633

810

669

114
929
42
1,419

101
1,031
39
1,628

.

92
988
43
1,471

.
G.20

lb 3°

-2Outstanding Business Credit Held by 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 •
' All other business credit

August 31,
1974

Increase or decrease (-) during:
Year ended
August
Aug. 31, 1974
1973

August
1974 '

29,497

-943

-1,165

4,584
5,295

-49.
-986

2,765

•

-63
-1,725

181
667

8,687

26

26

835

2,405

315

31

483

1,745
6,781

34
. -283

90
476

!
i
j

151
448

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

-Type:of credit

Extended by finance cos.
Aug.
July
Aug.
1971
1974
7,208
9,323
8,114

Business credit
Retail automotive (commercial
349
vehicles)
2,108
wholesale automotive
Retail- paper on business, in884
dustrial and farm equipment
. Loans on commercial accounts
1,979
receivable
"Factored commercial accounts
j
receivable
| 1,525
All other business credit
j 1,269

Repaid to finance cos.
July
. Aug.
Aug.
1973
1974
1974
8,373
9,458
9,057

339
449 .
1,351
2,891

- 398
3,094

386
3,383

402
3,076

952

991

858

841

965

2,018

1,718

1,664

2,014

1,687

1,556
1,253

1,491
1,552

1,567
1,267

1,466
777

1,700
1,313

Extensions and repayments were less than in July.
motive paper was a major factor in both cases.

Again, wholesale auto

' B a n k loans to finance companies dropped 'a seasonal 5.0 per cent during
August'• After an " extremely'large increase in commercial.paper outstanding during July,
the increase in the total for August was minimal.




.

Change in Extensions and Repayments
(In millions of dollars)

Type of credit

Change in extensions from:
Month ago
Year ago

Change in repayments from
Month
Year ago

Consumer instalment credit
Retail automotive (passenger
car)

-276

-472

zl26

-27

-177

-36

Mobile homes
Other retail consumer goods
Home improvement loans
• Personal loans

1
-134

22
-59
-1
-52

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

-56

13
-102;
3
-209

-1,209

906

-401

684

-100
-783

10
757

12
-289

-4
18

—68

-107

17

-107

-39

261

-350

-23

-31
16

-76
285

25
775

-60

•
•

-175.
-44

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

Type of vehicle

' ! Chan; from:
*e
Montii
Year
ago
ago

August 31,
1974
325

Total financed at retail

-40

'

143
100
.
82

New passenger
Used passenger
New and used commercial

f

;;l|

Z34
-14
-26
6

Selected Liabilities of Finance Companies
(In millions of dollars)

Type of liability

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




August 31,
1974
6,470
21,840
20,627
1,213

August
1974

Increase or decrease
(-) during:
July
August
1974

-341
8
-34 . 42 '

L

375
1,096
1,118
: -22

-683
635
1,139
-504