Full text of G.20 Sales Finance Companies : January 8, 1957
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y BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G.20 January 8, 1957 | SALES FINANCE COMPANIES I / November 1956 Sales finance company holdings of passenger automobile instalment paper declined seasonally during November to an e s t i mated $7j305 million at the ronth-end. The decline of $28 million compares with an increase of $33 million and a decrease of «|U million in the same month of 1955 and 195U respectively. Total consumer instalment credit held by sales finance companies at the end of November 1956 amounted to an estimated $8,963 million# a decrease of $10 million during the month. Credit extended on passenger automobiles decreased f>U8 million from October's volume, r e f l e c t i n g decreases f o r both new and used cars. This month's volume represented the financing at r e t a i l of approximately 151 thousand new passenger cars and 19U thousand used cars, a decrease i n each instance from the number financed i n October. Wholesale automotive paper outstanding increased during November, for the f i r s t time since February of t h i s year, to an estimated $782 million. All other types of business credit declined slightly. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of c r e d i t Consumer instalment credit Retail automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t 1/ Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business c r e d i t Increase or decrease during: Year Ended Nov. November 30, Nov. 19% 19% 1955 November 30, 19.56 8,963 - 10 7,305 1,090 2li 5Wi - 28 • 7 0 • 11 • 12 0 + 9 +L55 • 89 0 • 97 2,018 •13U •352 -139 559 782 102 575 '- 3 +1L2 - 3 - 2 + 13 >330 • 1 + 8 • Ul -365 • 5U • 33 • 2h •161 l/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) Type of credit November 1956 Consumer instalment credit Retail automotive (passenger cars) New Used 769 Change from: Montn Year ago ago 37b 208 - 52 ub 36 12 - 22 - 33 102 1 82 - 9 - 2 + 7 0 0 + 13 1,102 Uti 33 15 + 332 - 2 - 1 - 1 -29k 0 - 3 + 3 Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) 892 0U7 U5 + 358 + 355 + 3 —318 -313 - 5 Wholesale other than automotive Other business credit 1/ 38 12U - k - 20 + 7 . + 17 m Other consumer goods paper Repair and modernization loans' Personal loans Business c r e d i t i / Retail automotive (commercial vehicles) New Used • - 3h - 1/Excludes some c r e d i t extended to business, such as credit arising from factoring operations. 1 G.20 - 3 Number of Motor Vehicles Financed by Sales Finance Companies (In thousands) I [ 1 Type of vehicle Change from: Month Year ago ago November 1956 Total financed by r e t a i l New passenger Used passenger New commercial Used commercial 377 151 19U 15 17 Total financed at wholesale New (passenger and commercial) Used (passenger and commercial) Uo5 367 38 | - Lt3 - 21 - 21 0 - 1 - 61t - 25 - 35 - h 0 +115 + 1U3 + 2 -150 -lUo - 2 Credit Sales of New Passenger Cars as a Per Cent of Total Number Sold at Retail 1/ Credit Sales 1956 - November October 1955 - November Per Cent 5$ 80 65 1/ Based on new car instalment contracts acquired by banks, sales finance companies, other financial i n s t i t u t i o n s , and automobile dealers. Data f o r prior months may be obtained by writing to the Division of Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System, Washington 2$, D. C. I i