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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

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J u l y 3, 1957
SA1ES FINANCE COMPANIES

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May 1957
Holdings of r e t a i l passenger c a r instalment paper a t s a l e s
f i n a n c e companies i n c r e a s e d by $60 m i l l i o n to an estimated $7,272 m i l l i o n a t t h e end of May. This compares with May i n c r e a s e s of $62 m i l l i o n
i n 1956 and §262 m i l l i o n i n 1955* T o t a l consumer i n s t a l m e n t c r e d i t held
by s a l e s f i n a n c e companies a t the end of May 1957 amounted to an estimated
$9,176 m i l l i o n , an i n c r e a s e of $72 m i l l i o n during the month.
C r e d i t extended on passenger automobiles a t r e t a i l i n May was
$U6 m i l l i o n above April, r e f l e c t i n g i n c r e a s e s i n both new and used car
volume. I n May approximately 158 thousand new cars and 21^6 thousand used
cars were financed a t r e t a i l .
Wholesale automotive paper outstanding i n c r e a s e d $7 m i l l i o n
during May to an estimated $1,62U m i l l i o n , $17it m i l l i o n above t h e y e a r ago l e v e l . A l l o t h e r types of business c r e d i t showed a net i n c r e a s e
during the month of $26 m i l l i o n .
Outstanding C r e d i t Held by Sales Finance Companies
( I n m i l l i o n s of d o l l a r s )

Type of c r e d i t
Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive (passenger cars)
Other consumer poods paper
Repair and modernization loans
Personal loans
Business c r e d i t l /
R e t a i l automotive (commercial v e h i c l e s )
Who l e s a l e automotive
Wholesale o t h e r t h a n automotive
Other b u s in e s s c r e d i t

I n c r e a s e o r decrease during;
Year Ended
May
May
May 31, 1957
1956
1957

May 31,
1957
9,176

•72

+ 66

+ 535

7,272
1,285
22
597

•60
+ 6
0
+ 6

•62
- 3
0
+ 7

+ 173
+ 26U
- 2
+ 100

2,930.

+ 33

-76

+ 3CS

537
1,62k
153
616

+ 6
+ 7
- 6
+ 26

+ 16
-110
- 5
+ 23

~ 22
+171
+ 29
+127

L

l / Excludes some c r e d i t extended to b u s i n e s s , such as t h a t extended by
factoring subsidiaries.




G.20

- 2 C r e d i t Extended by Sales Finance Companies
( I n m i l l i o n s of d o l l a r s )

Type of c r e d i t
Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive (passenger c a r s )
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans

May
1957
886
-j£zL
U08
270

+ 19
+ 27

LML
+ ii
- 21*
+ 32

125
2
81

-10
+ 1
- 6

+ 19
0
+ 1U

+ 4
+ 3
+ 1

+199.
- K
- 5
+ l

1^253
992
61

-38
+ U

+ 190
+ 183
* 7

HI
1U7

- 6
+ 33

+ 1
+ 12

1.29ii
Business c r e d i t l /
R e t a i l automotive (commercial v e h i c l e s ) . 53 .
36
New
17
Used
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale o t h e r than automotive
Other business c r e d i t 1 /

Change from:
Year
Month
ago
ago

1/ Excludes some c r e d i t extended to b u s i n e s s , such as t h a t extended
by f a c t o r i n g s u b s i d i a r i e s .




- 3 -

G.20

Number of Motor Vehicles Financed by Sales f i n a n c e Companies
( I n thousands)

May
1957
T o t a l financed by r e t a i l
New passenger
Used passenger
New commercial
Used commercial

ML
158
2h6
15
18

T o t a l financed a t wholesale
New (passenger and commercial)
Used (passenger and commercial)

W
U9

Change from:
Month
Year
ago
ago
• 6
*2H
+ 1
• 1

-20
- 1
- 3
- 1

-11 '
-14
+ 3

+ HH
TJTF
• 1

T T T "

C r e d i t Sales o f New Passenger Cars as a Per Cent
of T o t a l Number Sold a t R e t a i l 1 /
C r e d i t Sales
1957 - May
April
1956 - May

Per Cent
63
65
67

1 / Based on new c a r i n s t a l m e n t c o n t r a c t s acquired by banks, s a l e s
finance companies, o t h e r f i n a n c i a l i n s t i t u t i o n s , and automobile d e a l e r s .
Data f o r p r i o r months may be obtained by w r i t i n g to the D i v i s i o n of
Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System,
Washington 25, D. C.