Full text of G.20 Sales Finance Companies : December 3, 1953
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<r BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM December 3, 1953 G.20 SALES FINANCE COMPANIES R A. « j OCTOBER 1953 paper outstanding at sales finance companies - on passenger automobiles increased 86 million dollars during October to an estimated .,,272 million at the end of the month. Compared with a year ago, holdings were up l,U6o million dollars. Total consumer instalment credit outstanding at ohese companies on October 31 was estimated at 6,093 million dollars, 88 million above e preceding month-end and 1,5>70 million above a year ago# The expansion of automobile credit outstanding during October was somewhat larger than'in September, reflecting a gain in extensions of credit on new passenger cars. The increased volume of credit extended on new cars more than offset a decrease in used car credit extended, and resultedin a net g a m total from 570 million dollars in September to 587 million in October. Wholesale automotive paper held by sales finance companies, estimated at 883 million dollars at the end of October, was slightly below the preceding month-end. Holdings of other wholesale paper and commercial vehicle paper continued to decrease during the month. Other business credit outstanding showed little change. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of credit Oct. 31, 1953 Increase or decrease during: Year'ended Oct.- 31, 1953 +1,570 Consumer instalment credit Retail automotive (passenger cars) Other consumer goods paper Repair and modernizations loans" Personal loans Business credit 1/ . Retail automotive (commercial vehicles) . Wholesale:automotive Wholesale other than automotive Other business credit +1,1+68 + + 6o 2 hit +100 1/ Excludes some"credit extended to business, such as credit arising from factoring operations• G.20 2 ** Credit Extended by Sales Finance Companies (in millions of dollars) Chang; Month ago CD Consumer instalment credit Oct, 1953 1 £ Type of credit Year ago 6?6 +20 -11 Retail automotive (passenger cars) New Used 587 +17 335 252 +29 -12 0 +11 -11 Other consumer goods paper Repair and modernization loans Personal loans 33 ' 8 hQ • + 2 + 1 0 -12 + 1 0 876 +28 -25 J1 23 lb + 1 -21 0 + 1 -iii - 7 Business credit 1/ Retail automotive paper (commercial vehicles) New Used Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) Wholesale other than automotive Other business credit \J 733 682 51 +22 +11 +23 - 1 +26 12 9h 0 + 5 -15 k -11 - Number of Motor Vehicles Financed by Sales Finance Companies (In thousands) Type of vehicle Total financed at retail New passenger Used passenger New commercial Used commercial Total financed at wholesale New (passenger and commercial) Used (passenger and commercial) Oct# 1953 Change from: Month Tear ago ago 196 +13 +15 187 270 18 21 +17 - 8 > 1 + 3 + k +22 - 7 - L 372 +10 +11 + +19 32U k8 9 + 1 1/ Excludes some credit extended to business# such as credit arising from factoring operations. 8 ;
