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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 e i ' of the month. ' This compares with intd
- 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 , $ 5 million reflected principally an increase in new passenger
.2
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
+ 1*
1

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.