Full text of G.20 Sales Finance Companies : May 4, 1956
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BOARD OP.-GOVERNORS OF THE FEDERAL RESERVE SYSTEM May 4, 1956 G.20 " SALES FINANCE COMPANIES MARCH 1956 Passenger car instalment paper held by sales finance companies increased $63 million during March to an estimated $8,026 million at the month end. This compares with an increase of $236 million in March of last year and a decline of $71 million in the same month of 1954• Balances at the end of this March were $2,081 million above a year earlier. Total consumer credit held by sales finance companies was estimated at $9,037 million at the end of the month. Increased financing of both new and used cars in March brought total automobile credit extended to an estimated $742 million during the month, $88 million above February's volume. Compared with March of last year, however, volume was down $84 million. This month's volume represented the financing of about 208 thousand new cars and about 260 thousand used cars. Wholesale automotive paper outstanding declined $19 million during March, the first decrease since the sharp rise in this type of paper began in November. Month-end balances amounted to $1,728 million. Increases occurred in the other types of business credit. 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 l/ Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business credit Mar. 31, 1956 9,037 8,026 412 82 517 88 Increase or decrease during: Year ended Mar. Mar. 1956 1955 Mar. 31, 1956 + 73 + 63 0 - 1 + 11 +238 +236* - 1 - 2 + 5 +2,229 +2,081 + 64 + 6 + 78 + 3 - 19 + 8 + 13 +151 - 6 +139 + 11 + 7 + + + + + 754 101 549 21 83 l/ Excludes some credit extended to business, such as credit arising from factoring operations. 0.20 - 2 - Credit Extended by Sales Finance Companies (In millions of dollars) Type of credit Other consumer goods paper Repair and modernization loans Personal loans Business credit l/ Retail automotive (commercial vehicles) New Used Wholesale automotive paper New (passenger and commercial) Used (passenger and commercial) Wholesale other than automotive Other "business credit l/ 862 m 481 261 Change from: Year Month ago ago +110 + 88 + 64 + 24 ^§2 sps 11 1 1 Consumer instalment credit Retail automotive (passenger cars) New Used Mar. 1956 + 4 0 + 18 + 4 - 1 + 16 1.2% 39 28 11 + 19 + 6 + 5 + 1 -166 + 5 + 5 0 1.077 1,019 58 + 5 0 + 5 -195 -189 - 6 - 2 + 10 + 2 + 22 39 4 84 32 107 Number of Motor Vehicles Financed hy Sales Finance Companies (In thousands) Type of vehicle Mar. 1956 Change from: Year Month ago ago Total financed "by retail New passenger Used passenger New commercial Used commercial 498 208 260 15 15 + 61 + 28 + 29 + 2 + 2 + - Total financed at wholesale New (passenger and commercial) Used (passenger and commercial) 457 409 48 + + -109 -102 - 7 3 1 4 88 36 52 1 1 ]_y Excludes some credit extended to business, such as credit arising from factoring operations.