Full text of G.20 Sales Finance Companies : April 4, 1962

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FEDERAL
statistic

0

RESERVE

release
Y W L P

G.20

^

GOVERNOR ^

April 4, 1962

l i b r a r y
>*/

3ALES FINANCE COMPANIES
FEBRUARY 19 62

RESERVE-?}^
Consumer instalment credit at sales finance companies
totaled $11,153 million at the end of February, 357 million less than a
month earlier. Almost all of the February decline was in other consumer goods paper. Retail automotive credit on passenger cars
declined only $7 million, compared with a reduction of $119 million
in the corresponding month of I96I. Personal loans rose slightly
and repair and modernization credit was unchanged.
Extensions of instalment credit were $797 million, $24
million less than in January, as small declines were recorded for
each major type except repair and modernization loans. Sales finance
companies financed 297 thousand cars at retail, 5 thousand fewer than
in January but 50 thousand more than in February last year.
Business credit rose $155 million, with wholesale automotive credit accounting for most of the expansion. Such credit had
declined somewhat in February 1961. Sales finance companies financed
488 thousand vehicles at wholesale,73 thousand fewer than in January.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)
Type of credit

Feb. 28,
1962

z_51

-112

+ 80

6,528
3,232
162
1,211

- 7
- 54
0
+ 4

-119
+ 7
+ 1
- 1

-505
+411
+ 22
+152

2,941

+135

- 15

+142

528
1,780
145
1,488

+ 1
+113
+ 5
+ 16

- 16
- 13
+ 1
+ 13

- 30
- 45
+ 15
+202

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit \J
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

Increase or decrease during:
Year ended
Feb.
Feb.
1961 Feb. 28, 1962
1962

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




G.20
Credit Extended by Sales Finance Companies
(in millions of dollars)

Type of credit

Feb.
1962

Change from:
Month
Year
ago

Consumer instalment credit
Retail automotive (passenger cars)
New
Used

M

Z-l

3
4

±121
± M
+ 70
+ 33

Other consumer goods paper
Repair and modernization loans '
Personal loans

202
8
126

- 14
+ 1
- 4

+ 2
+ 2
+ 18

-172
+ 4
+ 2
+ 2

+ 10
+ 7
+. 5

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 l/

268 .
193

1,598
>8.
55
13
1,156
1,056
80
45
169

- 24
-

-189 ' ±291
. ..-187
>374 .
- 2
+17
+
+

4
9

+ 8
+ 34

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




S

G.20

~ 3 -

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

Type of vehicle

February
. 1962
.

Change from;
Year
Month
ago
ago

Total financed at retail
New passenger
Used passenger
New commercial
Used commercial

291
101
174
12
10

- 5
- 1
- 4
0
0

+ 52
+ 24
+ 23
+ 2
+ 1

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

488
413
75

=21

+134
+122
4 12

-73
0
i in
l

Credit Sales of Mew Passenger Cars as a Per Cent
of Total Number Sold at Retail l/
Credit Sales
1962 - February
January
1961 - February

Per cent
56
53
56

1/ Eased 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.