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A
GO I M O T S

L T B R A R

Y

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

J u l y 5 # i960

mm*
SALES FINANCE COMPANIES

May i960
R e t a i l passenger car instalment paper held by s a l e s f i nance companies increased $93 m i l l i o n during May to $7 631 m i l l i o n •
« the end of t h e month. The r i s e compares with an increase of "
$136 m i l l i o n a year ago and a decline of $80 m i l l i o n i n May 1958.
To ^ 1 outstanding consumer c r e d i t a t s a l e s f i n a n c e companies i n creased $140 m i l l i o n to $10 744 m i l l i o n which was $1 655 m i l l i o n
above a year ago.
'
C r e d i t extended by s a l e s finance companies f o r automobile
purchases by consumers declined $23 m i l l i o n from t h e previous month.
Contracts acquired amounted to 157 thousand f o r new passenger c a r s
and 241 thousand f o r used passenger cars*
,
Wholesale automotive paper outstanding a t the end of May
was $33 m i l l i o n higher than a t t h e beginning of the month. A l l o t h e r
types of business c r e d i t outstanding increased $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

May 31 .

I960

Consumer instalment, c r e d i t
R e t a i l automotive (passenger cars)
Other consumer goods paper ,
Repair and modernization ldans
Personal loans
Business c r e d i t 1 /
R e t a i l automotive (commercial v e h i c l e s )
Wholesale automotive
Wholesale o t h e r than automotive
Other business c r e d i t

I n c r e a s e o r decrease during;
May

I960

May

Year ended

1959

May 31, I960

+1'4Q

+168

+1.655

7,631
2.132
45
936

+
+
+
+

+136
+ 23
+. 2
+ 7

4.000

±J2

+ 92

+

+ 10
+ 33
- 3
+ 19

+ 14
+ 63
+ 1
+ 14

+ 111
+ 220
+
32
+ 300

10.744

•618

2,078
163
1.141

93
36
3
8

"

+ 952
+ 527
+
23
+ 153
663

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 sub si d i a r i e s .




G.20

-

2

-

C r e d i t Extended by Sales Finance Companies
(In 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)
New
Used
Other consumer goods 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 )
Hew
Used
Wholesale automotive paper
New (passenger and coranercial)
Used (passenger and commercial)
Wholesale o t h e r than automotive
Other business c r e d i t l /

Change from:
Year
Month
ago
,2.6°

May
I960

264

-11
-12

+ 43
+ 6
+ 23
- 15

192
6
114

+ 4
+ 1
- 7

+ 17
+ 3
+ 15

1 493
'To
47
13

*
-

+102 .
+ 4
T~Z
0

.1 223
"1,135
88

±_2
+16
- 7

+ 80
- 3

0
- 3

+ 3
+ 18

983

4

5

.

3
3
2
1

a / Excludes some c r e d i t extended t o business f 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 .




G.20

— 3 -

Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)

Type of vehicle
Total financed by r e t a i l
New passenger
Used passenger
New commercial
Used commercial
Total financed a t wholesale
New (passenger and commercial)
Used (passenger and commercial)

May
I960
!£L
157
2kl
16
13

n

31

Change from?
Month
Year
ago
aso
-1.0
- 5
- 4
- 1
0

+ 1
"+12
-12
0
+ 1

+ 1
+ 7
- 6

325
+40
- 5

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold a t R e t a i l 1 /
Credit Sales
i960 - May
April
1959 - May

Per Cent
60
60
56

l / Based on new car instalment contracts acquired by banks
s a l e s finance companies ? other 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 Division 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.