Full text of G.20 Sales Finance Companies : May 3, 1962

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FEDERAL

*******

statistical

RESERVE

release

May 3, 1962
I ^ J I B F A R Y " ) SALES FINANCE COMPANIES
„<*/

MARCH 1962

Consumer instalment credit at sales finance companies declined $84 million in March and totaled $11,049 million at month-end,
A reduction of $114 million in other consumer goods paper more than
offset increases in other types of instalment credit. Retail credit
on passenger automobiles rose $26 million, compared with a decline of
$109 million in March 1961.
Extensions of consumer instalment credit were $917 million,
$120 million higher than in February. Most of the increase represented extensions of credit on new and used passenger cars, which
rose $102 million. Sales finance companies financed 127 thousand new
and 202 thousand used passenger cars at retail in March.
Business credit outstanding totaled $4,021 million, $80
million more than at the end of February. All types of business credit
rose during March, with wholesale automotive paper accounting for more
than half of the increase.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)
Type of credit
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:
Mar. 31, March March
Year ended
1962
March 31. 1962
1961
1962
11,049

- 84

-122

+118

6,554
3,118
163
1,214

+ 26
-114
+ 1
+ 3

-109
- 15
+ 3
- 1

-370
+312
+ 20
+156

4,021

+ 80

=m

543
1,824
154
1,500

+ 15
+ 44
+ 9
+ 12

- 5
-131
+ 6
+ 7

«

factoring subsidiaries.




4' i n 4-V

AV4

- 10
+130
+ 18
+207

G.20

*
— 2 •
Credit Extended by Sales Finance Companies
. - . ( i n . millions:of -dollars)
Type of credit

Consumer'instalment credit
Retail automotive (passenger cars)
ve •
iw
Used

Change from:
Month
Year
ago
ago

I March •
1962

M
557
226

+120 •
+102
* + 69
+ 33

+ 88
+107
+ 80
+ 27

206
9
139

+ 4
+ 1
/ + 13 .
:

- 37
+ 3
+ 15

Business credit l/
Retail automotive (commercial vehicles)•
Mew

+17.7 .
1,575
- 60 1 • + 12
'
+ 8
• 43
. - 17

+463
+ .1?
+ 8

' Wholesale automotive paper
'
i
(passenger and. commercial), i .
. .
Used (passenger and commercial)'

1,275

Other consumer goods paper ' "
Repair and modernization loans
Personal loans

Wholesale other.than automotive
Other business credit l/

93

+139
«4 A *
*>
,-,+

'

+413
• - +395
+ ,8
1

1 5

52
;

hb':

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




+ 8
+ 29

w

G* 20

3 wv

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

Type of vehicle
Total financed at retail
New passenger
Used passenger
New commercial
Used commercial
Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

March
1962

Change from:
Year
Month
ago
ago

127
202
15
10

±21
+26
+28
+ 5
0

+ 40
+ 27
+ 11
+ 3
1

55ft
567
87

+66
+54
+12

+15.1
+147
+ 10

+*

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Retail 1/
Credit Sales
1962 - March
February
1961 - March

Per rent
52
55 r
54

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.
r ~ Revised