Full text of G.20 Sales Finance Companies : April 1, 1955

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
A p r i l l j 1955

G.20
A; ' 1

^'V\SAIES FINANCE COMPANIES

\ .

/

FEBRUARY 1955

. S a l e s f i n a n G e company holdings of instalment paper on
passenger automobiles increased 106 million d o l l a r s during
February. This increase compares with a decline of ?8 million
i n February of l a s t year and an increase of 101 million i n the
same month of 1953* Balances outstanding at the end of the
month, estimated at 5,709 million d o l l a r s , were 559 million
above a year e a r l i e r • Total consumer instalment c r e d i t held
by s a l e s finance companies amounted t o an estimated 6,570 million dollars.
Extensions of c r e d i t on passenger automobiles i n
February increased 65 million d o l l a r s t o a monthly t o t a l of
601 m i l l i o n , r e f l e c t i n g increased financing of both new and
used c a r s . The average amount of c r e d i t extended on new cars
increased s l i g h t l y during the month, while the average used
car note showed a s l i g h t decrease. Sales finance companies
financed about 175 thousand new cars and 239 thousand used
cars during the month.
Wholesale automotive paper outstanding at the end of
February amounted t o an estimated 1,0L0 million d o l l a r s , 169
million above the preceding month end and U5 million above a
year ago.
Outstanding Credit Held by Sales Finance Companies
(In millions of d o l l a r s )
Type of c r e d i t
Consumer instalment c r e d i t
R e t a i l automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans
Business c r e d i t 1/
R e t a i l automotive (commercial v e h i c l e s )
Wholesale automotive
Wholesale other than automotive
Other business c r e d i t

Feb. 28, '
1955

Increase or decrease during
Year ended
Feb. ' Feb.
Feb.
28, 1955.
1955 1951

78
U3L

+108
+106
- 1
- 1
+ h

-88
- 78
- 8
- 1
- 1

+596
+559
- 2
- 7
+ ij.6

1,771
3U5
l,0h0
....
#
333
.

+179
0
+169
+17
- 7

+
+
+
-

- 36
w 1*9
+ U5
+ 18
- 50

6,570
5,709
3h9

Ui
12
55
2
U

Excludes some c r e d i t extended to business, such as c r e. dJ . :i JLt a r i s i n g from



G.20

— 2 —
Credit Extended by Sales Finance Companies
(in millions of d o l l a r s )
Type of c r e d i t

Consumer instalment c r e d i t
R e t a i l automotive (passenger c a r s )
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans
Business c r e d i t 1/
R e t a i l automotive paper (commercial v e h i c l e s )
New
Used
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business c r e d i t 1/

Feb.
19#

Change from:
Year
Month
ago
ago

693

+70

+229

601
368
233

+65
+39
+26

+210
+156
+ 5h

32
3
57

+ 3
0
+ 2

+ 8
- 1
+ 12

1,161

+77

+3U7

30
20
10

+ h
+ 2
+ 2

+ 3
+ 2
+ 1

1,028
981
U7

+6h

+338
+33U
+ ll

31
72

+13

+63
+ 1

- h

+ 19
- 13

Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)
Type of vehicle

Feb,
1955

Change from:
Year
Month
ago
ago

175
238
13
1U

+16
+29
+ 1
+ 2

+105
+ 62
+ Ui
+ 1
+ 1

152
till*
38

+11+
+15
- 1

+121
+121
0

Total financed at r e t a i l
New passenger
Used passenger
New commercial
Used commercial

hho

Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

+I18

1/ Excludes some c r e d i t extended t o business, such as c r e d i t a r i s i n g
from f a c t o r i n g operations.