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B A D OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
OR
G.20

January 8, 1957
| SALES FINANCE COMPANIES

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/

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.

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