Full text of G.20 Sales Finance Companies : December 7, 1964
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3 QfCQfo F E D E R A L statistical R E S E R V E release * f^AL RE^ / / / - . {/Ua&fa > / ^ f z r - y \ _ v December 7 , 1964# a. /4" S ALES FIN AT CE COMPMIES I 1 . ,v, / ,<AV / October 1961). A l l major t y p e s of c r e d i t , w i t h t h e exception of r e p a i r . and modernization l o a n s , c o n t r i b u t e d t o t h e $72 m i l l i o n expansion in consumer i n s t a l m e n t c r e d i t a t s a l e s f i n a n c e companies d u r i n g October, While t h e i n c r e a s e in r e t a i l passenger auto c r e d i t was n o t as l a r g e as i n October 19&3* o t h e r consumer goods c r e d i t showed a h e a l t h y October s p u r t , r e s u l t i n g in an i n c r e a s e g r e a t e r t h a n a year ago. T o t a l consumer e r e d i t e x t e n s i o n s amounted t o $50 m i l l i o n - approximately t h e same as l a s t October. Purchases of r e t a i l passenger auto paper showed a smaller t h a n seasonal i n c r e a s e over September, p r o b a b l y due t o s t r i k e c o n d i t i o n s in t h e auto • market, while b o t h o t h e r consume goods and personal loan e x t e n s i o n s r e g i s t e r e d seasonal d e c l i n e s . B u s i n e s s c r e d i t a t s a l e s f i n a n c e companies dipped i n October, w i t h wholesale auto c r e d i t d e c l i n i n g $492 m i l l i o n . Outstanding C r e d i t Held by S a l e s Finance Companies ( i n m i l l i o n s of d o l l a r s ) Type of c r e d i t Consumer i n s t a l m e n t c r e d i t R e t a i l automotive ( p a s s e n g e r c a r s ) Other consumer goods paper Repair and modernization l o a n s Personal loans Business c r e d i t l / R e t a i l automotive (commercial v e h i c l e s ) Wholesale automotive Wholesale o t h e r t h a n automotive Other b u s i n e s s c r e d i t ftU1' I n c r e a s e or deorease during Year ended Oct, Oct. 1964 1963 Oct. 31, 1964 14,625 + 72 +114 +1;438 .8,773 3,754 146 1,952 + 9 + 48 - 2 +17 + 6k + 29 0 + 21 + + + 610 568 15 275 5,294 -500 +259 - 123 872 + 6 1,155 •-492 0 438 2,829 - 1 4 + 16 +215 + 6 + 22 + + 116 253 22 8 1 / Excludes some c r e d i t extended t o b u s i n e s s , such as t h a t extended by "factoring s u b s i d i a r i e s . -2- G.20 C r e d i t Extended by S a l e s Finance Companies ( I n m i l l i o n s of d o l l a r s ) Type of c r e d i t Consumer i n s t a l m e n t c r e d i t R e t a i l automotive ( p a s s e n g e r c a r s ) Hew Used Other consumer goods paper Repair and m o d e r n i z a t i o n l o a n s Personal loans Business credit i f R e t a i l automotive (commercial v e h i c l e s ) &ew Used Wholesale automotive paper New ( p a s s e n g e r and commercial) Used ( p a s s e n g e r and commercial) Wholesale o t h e r t h a n automotive Other b u s i n e s s c r e d i t l / October 1964 1,192 Change from; Year Month ago ago + 50 - 2 M. + 71 - 7k 1+20 229 + 1+6 + 25 - 68 - 6 523 7 213 - 12 + 1 - 10 + 67 - 2 + 7 1,352 •*357 -951 78 - 60 18 + 3 l 0 2 + - 2 2 723 -334 -9k6 660 63 -31+5 + 11 -939 - 7 130 1+21 - 9 - 12 - 0 5 l / Excludes some c r e d i t extended t o b u s i n e s s , such a s t h a t extended by f a c t o r i n g s u b s i d i a r i e s . G.20 -3- Number of Motor V e h i c l e s Financed by Sales Finance Companies ( I n thousands) Type of v e h i c l e October ; 196k + 19 Total f i n a n c e d a t r e t a i l Hew passenger Used passenger Hew commercial Used commercial T o t a l f i n a n c e d a t wholesale Change from: Year Month ago ago ; li+9 ' i 173 , 17 i 7 - I4I4. + 14 + 8 - 2 - 1 - 17 - 21 - 4 - 2 : 316 -109 -330 Eew (Passenger and commercial) Used (P a s s e n g e r and c o m s r e i & i ) * i m k.6 -112 + 3 -318 - 12 : C r e d i t S a l e s of Hew Passenger Cars as a Per Cent of T o t a l Humber Sold a t R e t a i l Credit S a l e s I96I4. - October September Per Cent 71 &7 1963 - October l / Based on new car i n s t a l m e n t c o n t r a c t s a c q u i r e d by banks, s a l e s f i n a n c e companies, o t h e r f i n a n c i a l i n s t i t u t i o n s , and automobile d e a l e r s . Data f o r p r i o r months may be o b t a i n e d by w r i t i n g t o t h e D i v i s i o n of Research and S t a t i s t i c s , Board of Governors of t h e F e d e r a l Reserve System, Washington, D. C. 20551*