Full text of G.20 Sales Finance Companies : April 4, 1958
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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.
