View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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 " y retail
b
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.