Full text of G.20 Sales Finance Companies : December 9, 1960
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM December 9', i960 fijr ( ^>A X k T B R A R Y a Si / '"LES F m N C E C 0 M P A N I E S OCTOBER I960 Retail passenger car instalment paper held by sales finance companies declined $36 million in October to $7>796 million. The decline compares with an increase of $78 million last year and a decline of $124 million in 1958* Total consumer instalment paper at sales finance" companies declined slightly and was $1,076 million above the year ago level. Retail passenger automobile paper acquired by sales finance companies in October amounted to $559 million, a slight increase from September's volume. The number of new car contracts increased 6 thousand during the month and the number of used car contracts declined. The number of contracts purchased continued below a year ago. Business credit outstanding increased $199 million as outstanding balances on automobile floor plan loans rose by a similar amount. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Oct. 31, I960 11,147 7,796 2,319 63 969 - 7 +122 j +1,076 613 1,552 136 1,275 - 36 + 27 + 3 - 1 + 78 + 27 + 3 + 14 + + + + 390 531 30 125 +199 Business credit l/ Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business credit Increase or decrease during: Oct. Oct. Year ended I960 Oct. 31, I960 1959 +186 + 622 - 10 +203 - 4 + 10 + 13 +149 + 4 + 20 + + 27 269 3 329 — + l/ Excludes some credit extended to business, such as that extended by factoring subsidiaries. G.20 - 2 - Credit Extended by Sales Finance Companies (in millions of dollars) Oct. 1960 Type of credit 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 -Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) Wholesale other than automotive Other business credit 1/ Change from: Month ago 680 559 375 1Br ±_ 1 + "7 208 5 108 - + 21 - 14 6 0 0 1,493 46 34 12 +684 - 3 - 3 0 1,225 1,147 78 +700 +692 + 8 43 179 - 4 9 l/ Excludes some credit extended to business, such as that extended by factoring subsidiaries. G.20 - 3 - 0 1 Number of Motor Vehicles Financed toy Sales Finance Companies (in thousands) from: Year aao Oct. I960 Month aero Total financed by retail New passenger Used passenger New commercial Used commercial 343 145 175 13 10 - 10 + 6 - 14 - 1 - 1 -65 -17 -40 - 6 - 2 T )tal financed at wholesale New (passenger and commercial) Used (passenger and commercial) 529 457 72 +262 +260 + 2 + J. +11 - 8 Type of vehicle Credit Sales of Mew Passenger Cars as a Per Cent of Total Number Sold at Retail l/ Credit Sales i960 - October September 1959 - October Per Cent 60 71 62 l/ Based en 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 St tistics, Board of Governors of the Federal Reserve System, Washington 25, D. C.
