Full text of G.20 Sales Finance Companies : December 6, 1955
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t BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM December 6, 1955 0.20 SALES FINANCE COMPANIES /A OCTOBER 1955 Sales finance company holdings of instalment paper on passenger automobiles increased 93 million dollars during October to an estimated 7,822 million a t the month end. The r i s e , l e s s than the large mid-year increases, brought the t o t a l increase f o r the 12 months ending October 31 to 2,331 million d o l l a r s . Total consumer instalment c r e d i t held by sales finance companies amounted to an estimated 8,771 million dollars a t the end of October. The volume of c r e d i t extended on passenger automobiles in October, estimated a t 755 million d o l l a r s , was 113 million below September, but 200 million above the year-ago volume. October's volume represented the financing of about 238 thousand new cars and 253 thousand used cars. Wholesale automotive paper outstanding decreased s l i g h t l y f u r t h e r during October. Balances outstanding at the end of the month were estimated a t 895 million d o l l a r s , 63 million below a month ago and 414 above a year e a r l i e r . Other types of business c r e d i t showed s l i g h t increases during the month. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of c r e d i t Consumer instalment c r e d i t R e t a i l automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t l / R e t a i l automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business c r e d i t Oct. 31, 1955 MB Increase or decrease during: Year ended Oct. Oct. Oct. 31. 1955 i23i 2m. +104 7,822 398 82 469 + 21 +2,456 +2,331 + 61 + 1 + 63 - 46 420 895 55 386 + 11 + + + + 514 57 4l4 16 27 1 / Excludes some c r e d i t extended to business, such as c r e d i t a r i s i n g from factoring operations. 0.20 - 2 Credit Extended by Sales Finance Companies (In millions of dollars) Consumer instalment c r e d i t Retail; automotive (passenger cars). New Used' . -111 ! 869 : • .755 : >113 : 520 - 90 • 1 23 • 235 , Other consumer goods paper Repair and modernization loans • Personal loans : Buaiiiese c r e d i t l / Wholesale other than automotive Other "business c r e d i t l / ; +' 8 '42 • 0 ' 6 ; o - +' 1 ' • 66 • ; + 2 + 11 : ' +220 +200 " +176 '+• 24 :: ' 1,006 ' ' R e t a i l automotive (commercial vehicles) New Used Wholesale automotive paper New (passenger and .commercial) Used (passenger and commercial) Change from: Month | Year ago i ago Oct. 1955 Type of c r e d i t 43 : . • , 31 ' ' 12 18 - +453 •+ 8 7 '+ 1 841 79£ 49 - 19... . +432 +414 - 17 - 2 : . +18 21 101 - 3 + 10 + 5 + 8 Number of Motor Vehicles Financed by Sales Finance Companies (in thousands) Type of ; vehicle Total financed a t r e t a i l New passenger Used passenger New commercial Used commercial Total financed a t wholesale New (passenger and commercial) Used (passenger and commercial) Oct. 1955 ' : -526 238 253 19: 16 364 . : 324 40 Change from:" Month Year ago ago - 43 - 24 - 3 - 1 - 27 -24 + + + + - 84 64 18 3 1 +167. • +156 + 11 - 3 i 1./ Excludes some c r e d i t extended to business, such as • c r e d i t a r i s i n g from f a c t o r i n g operations.