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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

a.20
3 <* I
", e.

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

Jan.
1956

Change from:
Year
Month
ago
ago

736

Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit 1/

633

- 89

+ 97

- 79
- 10

+ 83
+ 14

- 13
- 2
- 27

+
+
+

1,293

New
Used

+113

35
4
64

Retail automotive (passenger cars)

-131

412
221

Consumer instalment credit

-219

+209

6
1
9

New
Used

37

-

4

+ 11

27
10

Retail automotive (commercial vehicles)

-

3
l

+
+

9
2

1,134

Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)

-220

+170

1,082
52

-216
- 4

+164
+ 6

+

+ 10
+ 18

28

Wholesale other than automotive
Other business credit 1/

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)
1 1
1

1

. -. - ^
i

from factoring operations.



. such as credit arising
i
ov4" o i l Ad to "i 8in6 S 8
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