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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.20

,

July 10, 1956

/' ''

\

SALES FINANCE COMPANIES
M Y 1956
A

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.




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