Full text of G.20 Finance Companies : September 3, 1971
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ESERVE release FEDERAL ! .-isi£r?s&- s t a t i s t i c a l '••f^LRtsv: September 3, 1971 \ FINANCE COMPANIES JULY 1971 Holdings of consumer instalment paper by finance companies continued to increase during July bringing the total amount outstanding o $30.9 billion. Three major categories of consumer credit contributed to this ris The increases in passenger car paper and personal loans outstanding reflected declines in repayments from June levels that exceeded reductions in extensions. Total credit extended to consumers*in July was $2.8 b i l l i o n — $ 4 1 million : less than the amount extended in June. Extensions of nonaultomotive consumer goods and home repair and modernization were up $45 million for the miicjmth but declines in passenger car and personal loan paper more than offset this increase. Total business credit outstanding at finance coiiijipanies and total extensions of.business credit declined from June to- July. Outstandings; of wholesale automotive paper and other business credit fell $364 million and $109 j illion, respectively, reducing the total outstandings to approximately $20.8 bill on. Extensions for July were only $4.9 billion. Primarily because of model change civer extensions of commercial vehicles and wholesale automotive credit were reduc^i:d to $11 million and $858 million respectively. The number of motor vehicles financed by finance July by 19,000 units. Part of this decline occurred in each companies declined in of the three /categories. Outstanding Credit Held by Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) Other consumer goods Home repair and modernization Personal loans Business credit 1/ Retail automotive (commercial vehicles) Wholesale automotive Other business credit July 31, 1971 rea&e or decrease during: July Year ending Ju ly 1970 July-31, 1971 197 -301 30,906 10,037 6,230 . 6 • 101 14,538 17T 20,756 -437. 3,049 5,420 12,287 -364 -655 -302 -734 - 61 -269 5 343 - 2 64 Not available at present due to revisions -in reporting 1/Excludes some credit extended to business, such as that exi ended by factoring subsidiaries . -• 2/Less than 0.5 million dollars. G.20 Credit Extended b.y Finance Companies (In millions of dollars) Consumer instalment credit - Retail automotive (passenger cars) New Used • • ' 'Retail automotive (commercial vehicles) . , Year ago 2,791 - 41 60 803 - 47 -11 587 216 Other consumer goods Home repair and modernization Personal loans Business•credit 1/ Change Month ago | July 31, 1971 Type of credit 516 6 1,466 4,851 • . j . 183 . . i % - 29 - 18 44 1 - - 39 '-572 - 11 Wholesale automotive paper i j 2,219 -858 Other business credit j 2,449 297 - -19 4 86 Not available at present revisions in reporting - i V E x c l u d e s some credit extended to business, such as that extended by factoring • subsidiaries. r _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) Type.of vehicle July 1971 Total financed at retail -.New passenger Used passenger New and used commercial 160 113 44