Full text of G.20 Sales Finance Companies : May 3, 1957
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;?A. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G. 20 . Ma : >>'" y 3, 1957 SALES E NANCE COMPANIES C March 1957 Sales finance company holdings of r e t a i l passenger car i n s t a l ment paper at the end of March were estimated at $7,190 million. This represented no change from the previous monxh-end l e v e l , compared with March increases of S55 m i l l i o n i n 19i>6 and $202 million i n 1955* Total consumer instalment c r e d i t held by sales finance companies a t the end of March 1957 amounted to an estimated §9>0it8 m i l l i o n , an increase of $13 million from the previous month. Credit extended on passenger automobiles increased ^87 mill i o n from February's volume, r e f l e c t i n g increases i n both new and used car financing. The March volume represented the financing a t r e t a i l of approximately lL2 thousand new passenger cars and 219 thousand used passenger c a r s . Wholesale automotive paper outstanding increased during March by $122 m i l l i o n to an estimated #1,567 m i l l i o n , $11 million below the l e v e l a year ago. All other types of business c r e d i t showed a net i n crease of $28 m i l l i o n . Outstanding Credit Held by Sales Finance Companies (In millions of d o l l a r s ) Type of c r e d i t Consumer instalment c r e d i t R e t a i l automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t 1 / R e t a i l automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business c r e d i t March 30, 1957 Increase or clecrease during; Year Ended Mar. Mar* March 30, 1957 1957 1956 + 13 + 66 + 522 0 8 1 6 +55 0 0 +11 + 195 + 231 - 2 + 98 2,838 +150 +13 + 161 530 1,567 155 586 - 2 + 122 + 12 + 18 + U -17 + 11 + 15 * 1 - 11 + 32 + 139 9,OU8 7,190 1,255 22 581 + + 1/ Excludes some c r e d i t extended to business, such as t h a t extended by factoring subsidiaries* G.20 - 2 ~ Credit Extended by Sales Finances Companies (In millions of d o l l a r s ) Type of Credit March • 1957 Change from: Month Year ago ago Consumer instalment c r e d i t . R e t a i l automotive (passenger cars) New Used ' 821 olO 355 2U6 + 130 + 67 + 5o + 37 — i - 35' r^2 + 17 Other consumer goods paper Hepair and modernization loans • Personal loans 129 1 81 + 33 - 2 + 12 + 33 - 1 + 2 credit 1/ R e t a i l automotive (commercial vehicles) New Used 1,365 " 1*7 31 16 + 66 + 5 + 3 + 2 + 173 0 - 3 +• 3 Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) 1,136 l,0?ti 58 + U5 + 36 + 9 +153 + 1U8 + 5 - 5 + 21 +•• 8 + 12 : Business , Wholesale other than automotive Other b u s i n e s s . c r e d i t 1/ 52 130 — Excludes some c r e d i t extended to business* 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 at wholesale New (passenger and commercial) Used (passenger and commercial) March 1957 Change from: Month Year ago ago 219 lU 17 +51 + 20 + 28 + 1 + 2 -58 -33 -23 —2 m 1*37 14-7 + 22 + 15 + 7 121 392 Tk2 + 21 - 1 Credit Sales of Kew Passenger Cars as a Per Cent of Total Number Sold at R e t a i l 1/ Credit Sales 1957 - March February 1956 - March Per Cent 57 58 62 l/Based on new car instalment contracts acquired by banks, sales 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 for p r i o r months may be obtained by writing 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.