Full text of G.20 Sales Finance Companies : August 5, 1958
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM August 5, 1958 G.20 SALES FINANCE COMPANIES June 1958 Sa3.es finance company holdings of retail passenger car instalment paper decreased $44 million during June to an estimated $6,844 million at the etid' of the month. ' This compares with in- creases of $104 million in June 1957 and $100 million in June 195^. Total consumer instalment credit at sales finance companies decreased $24 million to $9,10$ billion at the month end. Retail credit extended for purchases of passenger automobiles rose somewhat"less than seasonally in June. The increase of ,.$25 million reflected principally an increase in new passenger car extensions. About 11$ thousand new and 229 thousand used passenger cars were financed at retail. Wholesale automotive paper outstanding decreased $115 million during June to an estimated $1,466 million. This compares with a decrease of $74 million during the same period a year ago. Other types of "business credit showed little change. • Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of credit June 30, 1958 - 24 +124 -195 6,844 1,532 20 709 - 44 + 12 0 + 8 +104 + 11 0 + 9 -532 +236 - 2 +103 2J60 -120 - 77 - 93 481 1,466 104 709 - 4 -115 - 2 + 1 + 2 - 74 - 13 + 8 + Consumer instalment credit Retail automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business credit 1/ Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business credit Increase or decrease during; Year Ended June June 1958 1957 June 30. 1958 58 84 36 85 l/ Excludes some credit extended to business, such as that extended by factoring subsidiaires. G.20 - 2 -• Credit Extended by Sales Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) New Used Other consumer goodd"" paper Repair and modernization loans Personal loans Business credit 1/ Retail automotive (commercial vehicles) New Used June 19158 Change from; Month ago 226 i n 297 236 151 2 90 -255 1*2 30* 12 Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) 7h6 679 69 •JZ + 19 0 Wholesale other than automotive Other business credit 1/ 36 132 + h + 11* 1/ Excludes some credit extended to business, such as that extended by factoring subsidiaries. G.20 - 3 - Number of Motor Vehicles Financed by Sales Finance Companies (In thousands) Type of vehicle June 1958 Change from: Year Month ago ago Total financed by retail New passenger Used passenger New commercial Used commercial 369 115 229 12 13 ±12 + 9 + 3 + 1 + 2 -6b -51 - 8 - 2 - 3 Total financed at wholesale New (passenger and commercial) Used (passenger and commercial) 349 282 67 +_I + 9 - 2 -48 -72 +24 Credit Sales of New Passenger Cars as a Per Cent of Total Number Sold at Retail l/> Credit Sales 1958 " June May 1957 - June Per Cent 52— 57 61 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.