Full text of G.20 Sales Finance Companies : December 5, 1957

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V.
X

BOAR]/ OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

%£>*G-1.20-- v v c. G- •

December 5, 3-957
SALES FINANCE COMPANIES
October 1957

Sales finance company holdings of.retail passenger car
instalment paper decreased $20 million in October to an estimated
$7,537 million &t the end of the month. This compares with a
decrease of $13 million in October 1956 and an increases of $81 million
in October 1955 • Total consumer instalment credit at sales finance
companies decreased $13 million during October to $9,505 million.
Retail credit extended on passenger automobiles increased
$16 million from September, reflecting increases in both new and
used car paper extended. In October about 170 thousand new cars
and about 186 thousand used cars were financed.
Wholesale automotive paper outstanding declined $381 million to an estimated $991 million. Other types of business credit
showed a net increase of $25 million.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)

Type of credit

Oct.

11,

1957

i

Consumer instalment credit

''

Retail automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans

9,585

-

13

7,537
1,390

-

20

+

1

23

+

635

+

j

2,i46

Retail automotive (commercial vehicles)!
Wholesale automotive
j
Wholesale other than automotive
j
Other business credit
j

991

Business credit l/

Increase or decrease during:
Oct. r Oct.
Year Ended
1 9 5 7 . 1. 1 9 5 6 . . . . . October ?1, 1957

|

I

557
99
699

- 31

+204
+ 107

1
5

+

4

+102

-182

+462

+

5
+351

3

|

-?8l
+

+612

+ 12
+ 1

-356
+

- 16

1
23

1

-185
i
|

-

-

2

~

+

4

+122

i

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




1

6

G-.20

- 2 Credit Extended by Sales Finance Companies
(In millions of dollars)

Type of Credit

1 Change from:
Month j Year
Oct.
agr
1957
,

Consumer instalment credit
Retail automotive (passenger cars)
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit l/
Retail automotive (commercial vehicles)
New
Used

a

§ °

+ 31
+ lb
1 + 13
j
! + 3
j

+39
+ 7
+17

+ 10

+24
- 1
+ 9

718
-50

-300

16

0

1 :52
1
0
0
0

860

'Ml
429

210
135
2
84

Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)

484
*33"
51

Wholesale other than automotive
Other business credit l/

42
142

-10

1
0
! + 5

-307
-3I1

+

1

-50

4

1+ 9

I+ 6
! + 3
!

0
- 2

l/ 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

Change from;
Year
Month
ago
ago

Oct.
1957

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

386
170
186

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

226

-34

zJ-

1TB

-

2

15

-

7
1

-29

15

-

1

-

0

-128

100

-34

-Iff

-133

46

+
!

5

3

j
S

+10

!

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Eetail 1/
Credit Sales
1957 - October
September
1956 - October

Per Cent
83
74
80

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.