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March 4, 1968 .

SALES FINANCE COMPANIES
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January 1968

Although consumer instalment credit declined $76 million at sales
finance companies during January, this decline "was not; as Sharp as—during the same
month a year ago.
This January only passenger car paper outstanding dipped
significantly, while other consumer goods paper showed more than a seasonal
increase and personal loans held steady. , In January 1967, all, four major credit
categories dipped, with passenger cars declining $106 million compared to the
smaller $86 million drop this year.
Total acquisitions of consumer instalment paper at sales finance
,
companies in January were up $108 million over a year ago, although they declined i
$235 million from December 1967.
Sales finance companies, purchased more paper
in all the major credit categories this January than last, and in comparison with
December showed smaller declines in both passenger car paper and personal loans.
Outstanding Credit Held by Sales Finance Companies
(In millions.of dollars)

Type of credit

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods
Home repair and modernization
Personal loans
Business credit 1/
Retail automotive (commercial
vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit
'

2/

subsidiaries.
Less than 0.5 trillion dollars.




January 31,
1968

Increase or decrease during:
Year ended
Jan.
Jan.
Jan. 31, 1968
1968
1967

16,775

-76

8,873
5,032
' ' 98
2,772

-86
15
- 5
y.

-106
- 12
1
3

2^627

402

124

1,002
2,673
617
3,335

-24
343
70
13

4
171
- 19
- 24

<

-122

- 39
-412
215T
' - .11
. 169

.

'
•

1 5 5

- 30
-146
80
" 251

•

Credit Extended by Sales Finance Companies
(In millions of dollars)

Type of credit

Consumer instalment credit

1 -141

Other consumer goods
"
Home, repair and modernization
• .Personal loans
'

'

Newfpassenger and commercial)
Used (passenger and commercial)

,

Wholesale other than automotive
Other business credit

.: -13
9
-121 .
.
- 2
.
• -108

.
•

188

483

11

10

69
26

10
"l

4
6

222

328

226
4

.336
8

8
- 37

30
U5

1 .940
1 ,893
47
144
539

=

-

jV Excludes some credit extended to business, such as that extended by
factoring subsidiaries.
2/Less than 0.5 million dollars.




52
2/
28

£5

-

•

29
-1

2 ,718
_

Retail automotive (commercial vehicles)

"Wholesale automotive paper

28

374
5
241

Business credit 1/

.

108

4

337
184

- New
Used

.235

521

Retail automotive (passenger cars)

"New
Used

Change from:
Year
Month
ago.

1968

.

.

G. 20

* 3Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)

Type of vehicle

Total financed at retail
New passenger
Used passenger
"Jew commercial
Used commercial
Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

January
1968

Change
Month
ago
29

253
106
116
17
14
659
619
40

Year
ago

-

3

4
7

5
9

-

V
26
107

1/
7
99

•

102
3
-

95
12

/
The table presenting credit sales of new passenger cars as a per
cent of total number sold at retail will no longer appear in this release.
Information on number of cars sold on credit and average notes of major
lenders appears in release G.26.
Copies of this release can be obtained
by writing to the Division of Research and Statistics, Board of Governors
of the Federal Reserve System, Washington, D.C., 20551.

1/

Less than 0.5 million dollars.