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a
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
.

February U, 19 5U

SALES FINANCE COMPANIES
1-

15 M

,

I'
.

:

DECEMBER 1953

Sales finance company holdings of instalment paper on
passenger automobiles decreased 15 million dollars during December
to an estimated 5,306 million at the end of the month. Compared
with December 31, 1952, however, these balances were up 1,23k
million dollars. Total consumer instalment credit held, estimated
at 6,lit? million dollars at the year end, was l,3lU million above
a year earlier. The total showed practically no change during
December.
The volume of credit extended on passenger cars decreased
2h million dollars during December, reflecting declines in the
financing of both new and used cars. December's volume was estimated at U93 million dollars, and represented the financing of
about 152 thousand new cars and 227 thousand used cars.
Wholesale automotive paper outstanding was further reduced during December, decreasing 22 million dollars to an estimated 833 million at the month end. The other types of business
credit outstanding also declined during the month.

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
Business credit 1/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

Dec. 31,
1953

Increasei or decrease during:
Year ended
Dec.
Dec.
1952 Dec. 31, 1953
1953

6,11+7
5,306
367
83
391

0
-15
- i
+ U
+12

+163
+132
+ 15
+ 3
+ 13

833
35
399

-U5
-13
-22
— 3
- 7

+ 55
+ 3
+ 51
0
+ 1

' +1.31U
+1,23U
+
35
+
1
+
uu
+
+
+

70
97
137
11
Ul

1/ Excludes some credit extended to business, such as credit arising from
factoring operations.



G*20

- 2 Credit Extended by Sales Finance Companies
(In millions of dollars)
Change from:
Month " Tear
ago
ago

Dec,
1953

Type of credit
Consumer instalment credit

+ 1

6oli

Retail automotive (passenger cars)
New
Used

['-2k

1*93
281
212

- 95
•'

"

^

- 37

-13

—, h7

+ h + 1
+20

- 15
+ 2
+ 2

725 '

-76

-119

Retail automotive paper (commercial vehicles)
New
Used

J3
22
11

- 2
- 1
~ 1

- 21

Wholesale automotive paper

597
51t9
U8

-68
-72
+ i
t

- 85
- 63
- 22

11
8U

0
- 6

-

Other consumer goods paper
Repair and modernization loans
Personal loans

33
8
70

Business credit 1/

New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit 1/

- 13
- 8

5
8

•

Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)
Dec,
1953

Type of vehicle
Total financed at retail
New passenger
Used passenger
New commercial
Used commercial
Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

'

Uio
152
227
15
16
300
251

he

Change from:
Month
Tear
ago
ago
-28

-10
-15
- 2
— 1
-31
-36
+ 5

- 56
- 28
- 13
- 9
- 6
-

- 29
„ 16

1/ Excludes some credit extended to business, such as credit arising
from factoring operations.