Full text of G.20 Sales Finance Companies : July 10, 1956
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G.20 , July 10, 1956 /' '' \ SALES FINANCE COMPANIES MAY 1956 Passenger car instalment paper held, by s a l e s finance companies increased $72 m i l l i o n during May to an estimated $8,11*6 million a t the month end. This compares with increases of $305 million and $1)7 million i n May 1955 and 195U r e s p e c t i v e l y . Total consumer instalment c r e d i t held by s a l e s finance companies amounted to an estimated $9,170 m i l l i o n at the end of the month. The volume of c r e d i t extended on passenger automobiles increased from April to May, r e f l e c t i n g increases for both new and used c a r s , but continued below a year ago. Credit extended during the month, estimated at $763 m i l l i o n , was $66 million above A p r i l ' s volume and $100 million l e s s than May of l a s t year. This month's volume represented the f i n a n c ing of about 210 thousand new cars and 266 thousand used c a r s . Wholesale automotive paper outstanding declined $121 million during May to an estimated $1,588 million at the end of the month. A dec l i n e also occurred i n other wholesale paper outstanding, while other types of business c r e d i t increased. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of c r e d i t Consumer instalment c r e d i t R e t a i l automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t 1 / R e t a i l automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business c r e d i t f a c t o r i n g operations. May 31, 1956 Increase or decrease during: May May Year ended 1956 May 31, 1956 1955 9,170 + 77 + 313 +1,780 8,lU6 iill 81 532 • 72 - 1 - 1 + 7 + 305 • 5 + 1 + 2 +1,634 + 58 + h • 8U 2,603 - 90 + 131 • U33 m 1,588 89 1+61 • 13 -121 - 3 + 21 + 10 +109 + 1 + 11 • • + • 108 20U 18 103 G.20 - 2 - Credit Extended by Sales Finance Companies (In millions of d o l l a r s ) May 1956 Change from; Month Year ago ago 883 763 U91 272 + V + • 70 66 h2 2lt - 85 -100 - 72 - 28 U3 5 72 + 7 0 3 + 5 - 1 + 11 1,146 hi 3U 13 - 53 + 7 + 5 • 2 -325 + 5 + 2 + 3 Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) 9U6 887 59 - 68 - 71 + 3 -362 -362 0 Wholesale other than automotive Other business c r e d i t 1 / 29 12lt 2 • 10 + 2 + 30 Type of c r e d i t Consumer instalment c r e d i t R e t a i l automotive (passenger cars) New . Used Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t 1 / R e t a i l automotive (commercial vehicles) New Used - Number of Motor Vehicles Financed by Sales Finance Companies (In thousands) May 1956 Change from: Month Year ago ago Total financed by r e t a i l New passenger Used passenger New commercial Used commercial 510 210 266 17 17 • Uo > 1U • 22 • 2 • 2 Total financed a t wholesale New (passenger and commercial) Used (passenger and commercial) 108 361 , bl - 27 - 29 * 2 Type of vehicle — + 95 h6 ii 9 2 2 -169 -169 0 1/ Excludes some c r e d i t extended to business, such as c r e d i t arising from f a c t o r i n g operations. ^