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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

G-20

April k, 1958

Aa$>°* u V V f c h / < %

• LIBRARY
•

SALES FINANCE COMPANIES
)

February 1958

r .c<vtz
RFSERVc-"Sales finance company holdings of retail passenger car
instalment paper decreased $126 million during January to an
estimated $7,237 million at the end of the month. This compares
with a decrease of $32 million in February 1957 and an increase
of $21 million in February 195^. Total consumer instalment credit
at sales finance companies decreased $59 million, somewhat more
than.usual for February, to $9,405 million.

Retail credit extended on passenger automobiles declined
$95 million from January, reflecting declines in new and used
passenger car extensions. In February about 90 thousand new and
173 thousand used passenger cars were finanbed at retail.
Wholesale automotive paper outstanding increased $l4l
million to an estimated $1,787 million. Other types of business
credit showed a net decline of $9 million.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)

Type of credit
Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods paper 2/
Repair and modernization loans
Personal loans
Business credit l/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

Increase or decrease during:
Year Ended
Feb. 28, Feb. Feb.
1958
1958 1957 February 28, 1958
9,405

- 59 - 42

+370

7,237
1,464
20
684

-126 - 32
+ 60 - 14
0
0
+ 7 + 4

+ 47
+217
- 3
+109

3,089

+132 +228

+401

508
1,787
96
698

- 14
+l4l
+ 5
0

- 24
+342
- 47
+130

- 8
+209
+ 22
+ 5

l/ Excludes some credit extended to business, such as that extended by
factoring subsidiaries.
2/ Figures for February 1958 reflect in part a large transfer of paper from
banks.



G.20

-

2

-

Credit Extended " y Sales Finance Companies
b
(In millions of dollars)

Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit l/
Retail automotive (commercial vehicles)
New
Used
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit 1/

-

131
1
83

+ 19
0
- 2

1,041
34
21
13

33
102

78
95
69
26

11 1t 11
H
-<% volcHv©

642
427
235
192

+ 35

- 2
+ 14

T—f
- 2

-258
T-g
- 7
- 1

-145
-135
- 10

-219
-231
+ 12

+
-

3
7

1 1

Consumer instalment credit
Retail automotive (passenger cars)
New
Used

Feb.
1958

ocloo

Type of credit

Change from:
Month Year
ago
ago

l/ Excludes some credit extended to business, such as that
extended by factoring subsidiaries.




Gr.20

-

3

-

Number of Motor Vehicles Financed by Sales Finance Companies
(in thousands)

Type of vehicle

Feb.
1 9 5 8

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

Change from:
Year
Month
ago
ago

2 8 4

- 5 1

- 5 7

9 0

- 2 6

- 3 2

1 7 3

- 2 1

- 1 8

7

-

2

-

6

1 4

-

2

-

1

3 8 3
3 2 5

Z%9

- 5 8
- 5 2

5 8

-

- 9 7

+18

6

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Eetail l/
Credit Sales
1958 - February
January
1957 - February

Per Cent
60
6 3

56

l/ Based on new car instalment contracts acquired by banks,
sales finance companies, other financial institutions, and automobile dealers. Data for prior months may be obtained by writing
to the Division of Research and Statistics, Board of Governors of
the Federal Reserve System, Washington 25, D. C.