Full text of G.20 Sales Finance Companies : March 6, 1956
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM a.20 3 <"*, Ie. March 6, 1956• " A " J SALES FINANCE COMPANIES JANUARY 1956 Passenger car instalment paper held by sales finance companies at the end of January, estimated at $7,939 million, was unchanged from the December level. Similarly, little change occurred in their other holdings of consumer credit. Total consumer credit at sales finance companies amounted to an estimated $8,936 million at the end of January. The volume of credit extended on new and used passenger automobiles during January declined to $633 million from December's $722 million. January's volume, however, was $97 million above a year earlier. About 179 thousand new cars and 219 thousand used cars were financed during the month. Wholesale automotive T>alazi6®8 Increased $133 million further to an estimated $1,664 million at the month end. Retail paper on commercial vehicles was unchanged, while other types of business credit showed small increases. Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of credit Jan. 31, 1956 - Consumer instalment credit Retail automotive• (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business credit 1/ Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business credit Increase or decrease during: Year ended Jan. Jan. Jan. 31. 1956 1956 1955 + 2,564 ~~W 1,664 66 399 2 0 4 1 3 +142 0 +133 + 6 + 3 + 41 TTo +2,474 +2,336 1 2 4 + 62 + + 5 71 +144 - 10 +154 + 5 - 5 + + + + + 969 90 793 27 59 + YJ Excludes some credit extended to business, such as credit arising from factoring operations. a.20 - 2 - Credit Extended "by Sales Finance Companies (In millions of dollars) Type of credit Consumer instalment credit Retail automotive (passenger cars) New Used Other consumer goods paper Repair and modernization loans Personal loans Business credit 1/ Retail automotive (commercial vehicles) New Used Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) Jan. 1956 736 -131 +113 633 - 89 + 97 412 221 - 79 - 10 + 83 + 14 35 4 64 - 13 - 2 - 27 + + + 1,293 -219 +209 6 1 9 37 - 4 + 11 27 10 - 3 l + + 9 2 1,134 -220 +170 1,082 52 -216 - 4 +164 + 6 + + 10 + 18 28 Wholesale other than automotive Other business credit 1/ Change from: Year Month ago ago 94 1 6 Number of Motor Vehicles Financed by Sales Finance Companies (In thousands) Type of vehicle Jan. 1956 Change from: Month j Year ago i ago Total financed by retail 427 - 44 + 35 New passenger Used passenger New commercial Used commercial 179 219 15 14 - 37 - 4 - 2 - 1 + 20 + 10 + 3 + 2 473 - 83 432 41 - 84 + 1 +J2 + 33 + 2 Total financed at wholesale New (passenger and commercial) Used (passenger and commercial) 11 1 1 . -i. - ^ from factoring operations. . Ssuch ais credit arising ov4" oTifl Ad to "Hit 8in6 8