Full text of G.20 Sales Finance Companies : February 6, 1968

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February 6
SALES FINANCE COMPANIES
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DECEMBER 1967

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Whether looking at November to December movements, pr making foiirth
(Quarter-or,--annu£l__cOmparisons, the same picture is presented?-sales finance companies are showing steady growth in.their holdings of other' consumer goods paper and
personal loans but are holding less retail passenger car paper. Consumer instalment credit outstanding at sales finance companies increased $129 million in
December to a year-end level of $16,851 million. This level was $85 million below
that of a year ago, due to the continued decline of passenger car paper outstanding.
In both the other consumer goods and personal loan categories advances were registered for 1967.
Consumer instalment paper acquired by sales finance companies in December
totaled.$1,376 million, approximately the same amount as acquired in December 1966.
The composition of the extensions shifted, however, with less auto paper and more
other consumer goods paper and personal loan paper acquired this current December.
Outstanding Credit Held by Sales Finance Companies
(In millions of dollars) •

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Type of credit

December 31,
1967

Increase or decrease during:
Year ended
Dec.
Dec.
Dec. 31, 1967
1966
1967

16,851

• Retail automotive (passenger cars) .--V: 8,959

- 31

5,017
' v
i03
v 2,772

no
2
52

146

129

Consumer instalment credit

Other consumer goods
Home repair and modernization
Personal loans

7,225 .

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

y

''' 1,026
2,330
/ :
547
v
3,322

-

^85

-

-432

4

. .93 1.
0
57

188
''

7

166

457

291

-123

- 19
420
23
33

- 13
276
- 18
46

- 10
-318
9
214

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




G.20

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Credit Extended by Sales Finance Companies
(In millions of dollars)

Type of credit

Consumer instalment credit
Retail automotive (passenger cars)
New
- Used
Other consumer goods •
Home repair and modernization
Personal loans '
Business credit 1/
Retail automotive (commercial vehicles)
New
Used.Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial) .
- Wholesale other than automotive
Other business credit

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•

Dec.
1967
1,376

Change from:
Year
Month
ago
ago
2

93

525

-44

-73

350
175

-21
-23

-44
-29

495
7
349

79
0
58

60
1
14

2,530

_92

89

—84.

- 5

59
25

-9
4

.

-.

- 1
7

1,718

_68

29

1,667
51

71
- 3

38
- 9

152
576

9
20

8
46

V E x c l u d e s some creBit extended to business, such as that extended by
factoring subsidiaries.




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G.20

-3Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)

Total financed at retail

241

-51

- 8
-11
- 1
- 4

-20
-28
1
- 4

552

ill

524
28

Total financed at wholesale

-24

110
109
17
5

New passenger
Used passenger
New commercial
Used commercial

1-

Change from:
Month .
Year
ago
ago

December
1967
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Type of vehicle

- 3
-10

f
1

New (passenger and commercial)
Used (passenger and commercial)

Credit Sales
1967 - December

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Per Cent
61

1967 - November

64

1966 - December

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R

-45
-24

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Retail 1 /

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1

^69

61

1/Based on 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
Statistics, Board of Governors of the Federal Reserve System, Washington, D . C.
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