Full text of G.20 Sales Finance Companies : February 3, 1958

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
February 3, 1958

G.2Q
r

/

SALES FINANCE COMPANIES
December 1957

Sales finance company holdings of retail passenger car
instalment paper decreased $40 million in December 1957 to an
estimated $7,470 million at the end of the month. This compares
with a decrease of $22 million in December 195& and an increase
of $69 million in December 1955• Total consumer instalment credit
at sales finance companies increased $9 million during December to
$9,573 million. The total increase during 1957 W S $#73 million,
as compared with an increase of $657 million during 1956•
Retail credit extended on passenger automobiles Increased
$29 million from November, reflecting increases in extensions of
both new and used car paper. In December about 145 thousand new
and 173 thousand used passenger cars were financed at retail.
Wholesale automotive paper outstanding increased $273
million to an estimated $1,569 million. All other types of business
credit declined slightly.
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 l o a n s Business credit 1/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

Increase or decrease during:
Year Ended
Dec. 31, Dec. Dec.
1957 1956 December 31, 1957
1957
+473

9 + 25

9,573

+

7,470
1,413
20
670

- 40 -.22
+ 25 + 25
- 1 - 1
+ 25 + 23

2,896

+252 +288

+590

531
1,569
95
701

- 12
+273
- 4
- 5

- 18
+487
- 10
+131

- 10
+300
+ 3
- 5

..

+187 :
+180 •
3
4-103

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



- 2 -

G.20

Credit Extended "by Sales Finance Companies
(in millions of dollars)
1

°
£1

•

Type of credit

Consumer instalment credit . .
Retail automotive (passenger care)
u''
, New

Dec.
1957

Month
ago

865

+ 86

:
1

w
•' f i
210 + 19

from:
Year
a«o
+ 80
TT7
^

,
-

149 :•:-K-S7: : .+ l6
•-V k ; ;
0
-o .•
: : 121 ?+: 30. + 18
•

Other consumer goods paper ;
Repair arid modernization loans ;
Personal loans

+131
Business credit l/
V' 1,440 . +123
•
o
Retail automotive (commercial vehicles) —2.
Si, :
New
+ 2 il':'
TJSed' '' ' ''•••••"'
: •• • ;•
, ,13
1,251 +135
1,192 +125
..-53. + 10

Wholesale automotive paper
New-(passenger and commercial)
Used (passenger and commercial)• Wholesale other than automotive
. Other business credit 1/ """""

37
—

•

•

...

+144
+ m

+ 10

0 , T 10
+ 2
- 12

1/ 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

Dec.
1957

Change from:
Year
Month
ago
-_2S2

Total financed by retail
New passenger
Used passenger
New commercial
Used commercial

340
T55
173
9
13

+13
+ 2
+12
- 2
+ 1

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

S?

+55
+47
+ 8

50

- 3
TZ

- 5
- 3
- 1
+36
+29
+ 7

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Retail l/
Credit Sales
1957 - Year
December
November
1956 - December

Per Cent
^
6l
64
58

l/ Based on new car instalment contracts acquired "by hanks,
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.