Full text of G.20 Sales Finance Companies : March 7, 1961

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- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

G.20

March 7, 1961

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SAL3S FINANCE COMPANIES
JANUARY 1961

Retail passenger car instalment paper held, by sales finance
companies declined $140 million in January to 07,555 million. Holdings
declined $ 2 3 million and S I ? million in the corresponding month of i 9 6 0
. and .1959. respectively. Other consumer goods paper increased 338 million.
Total consumer instalment paper at sales fifttotoe companies-at- the end
of January was $862 million higher than a year ago, of which $490 million
was accounted for by other consumer goods paper.
Credit extended in January by sales finance companies for the
purchase of passenger automobiles declined $73 million from the previous
month. On a seasonally adjusted basis, extensions were at the lowest
level since 1958. The number of new car contracts acquired was 19 thousand fewer than a year ago and the number of used car contracts was 31
thousand fewer.'
Business credit outstanding declined $18 million in January
as a slight rise in automobile floor plan loans was more than offset
. by declines in other types of business credit.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)

Type of credit

Increase or decrease during:
Jan. 31) Jan. Jan.
Year ended
1961
1961 I960
January 31. 1961

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit l/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

11,030
'

-104 t-21.

±962.

7,555
2,412
64
999

-140
+ 38
0
- 2

3,814

- 18 ± 2 2 2

+538

574
1,838
129
1,273

- 15 - 7
+ 6 +319
- 1
0
- 8 + 25

- 2
+313
- 15
+242

- 23 ••
+ 39
+ 1
+ 6

•

+250
+490
+ 28
+ 94

l/ Excludes some credit extended to business, such as that extended by
factoring subsidiaries.




G.20

-

2

-

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

Type of credit

Jan.
1961

Change from ;
Month | Year
ago
ago

757
515
240
175

-128
- 75
— 69
- 4

-

214
5
105

- 5
- l
- 49

+ 51
0
+ 1

1,158
59
28
11

-205
- 5
- 5
0

-291
- 3
- 2
- 1

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

899
856
65

-224
-215
- 11

-541
• -550
- 11

Wholesale other than automotive
Other business credit 1J

38
182

- 5
+ 27

•0
+ 53

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).
NewUsed

65
97
52
45

l/ Excludes some credit extended to business, such as that extended
by factoring subsidiaries.




G.20

- 5 Number of Motor Vehicles Financed by Sales Finance Companies
(in thousands)

Type of vehicle

Jan.
1961

Change, from:
Year
Month
ago
ago

Total financed by retail
New passenger
Used passenger
New commercial
Used commercial

272
"95
160
10
9

zZL

Z-52
- 19
- 31
- 1
- 1

Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

391
334
63

=2!±

-146
-140
6

-26
-10
- 2
+ 1
-84
-10

Credit Sales of New passenger Cars as a Per Cent
of Total Number Sold at Retail l/
Credit Sales
1961 - January
i960 - December
January

Per Cent
61
56
53

l/ Based on new car instalment contracts acquired by banks, sales
finance companies, other financial institutions, and automobile dealers.
Data for prior months may be obtained by writing to the Division of
Research and Statistics, Board of Governors of the Federal Reserve System,
Washington 25, D. C.