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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.20

May 8, 1953
SALES FINANCE COMPANIES
MARCH 1953

Consumer instalment credit held by sales finance companies increased
lU3 million dollars during March to an estimated 5,17b- million at the end of
the month. Increased holdings of retail paper on passenger, cars accounted for
practically all of the expansion during March. Little change occurred in the
other types of consumer credit outstanding.
The volume of credit extended on passenger cars amounted to 609 million dollars during March, as shown in the table on page 2 of this release.
This was 102 million dollars above the preceding month, and only moderately
below the record volume of last June. The volume of new credit was about evenly
divided between new and used passenger cars. Nearly 200 thousand new and almost
300 thousand used passenger cars were financed in March.
Most of the increase in business credit outstanding during March was
accounted for by a gain of U6 million dollars in wholesale automotive paper
outstanding> which reflected increased dealer stocks of automobiles. New wholesale automotive credit extended during March amounted to 903 million dollars,
over 90 per cent of which was for the purpose of financing new vehicles.

Outstanding Credit Held by Sales Finance Comapnies
(In millions of dollars)
Change from:
March 31, Month
Year
1953p
ago
ago

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 1/
p—Preliminary.


1/ Excludes
http://fraser.stlouisfed.org/ some credit extended
*
Federal "
Reservefactoring operations.
Bank of St. Louis

+1,551
+1,369
+ 109

79
351

-•1
*13
+142
+ 3
- 1
- 1

1.811
55o
831
59
371

+ 73
+ 7
+ U6
+ 9
+ 11

U,U02

3h2

+

1J4

+

59

+
+
+

223

-

+

to business, such as credit arising from

hk
109

h
7b

T

G.20

'

- 2

Credit Extended by Sales Finance Companies
(In millions of dollars)
March
1953p

Type of credit

Change from:
" Month
Year
ago
ago .

' 703

Retail automotive (passenger cars)
New •
' Used.
Other consumer goods paper
.
Repair and modernization loans
Personal loans
.

+117

+216

609
317
292

Consumer instalment credit .

.+102
+ 52
+ 5o

+213
+1U7
+ 66

+

tl
i

uh9

1,082 '

Business credit 1/
Retail,automotive paper (commercial vehicle)
New. ,
Used

5U

3k

' 20

6
0
9

+ 11
0
- 8

+197

+3U1

+
+
+

+

6

+
+

5
l

+
;

7
u
3

• ,903
812
61

Wholesale other than automotive
Other business credit 1/

+169
+16 9
0

+309
+321
- 12

26
99

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

+ 8
+ 13

+ 3
+ 23

Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)
. March
1953p

. . Type of vehicle
.
Total 'financed at retail
Mew passenger,
;
• - Used passenger •
N6w commercial •
•Used commercial
Total financed at wholesale
. New (passenger and commercial)
: Used (passenger and commercial)

• .

Change from:
Year
Month
ago
ago

5o*i ' ' + 87
+ 30
178
• 279
>5o
+ 3
23
+ h
2U

+111
+ 68
+ 36
+ 5
+ 2

+ 76
+ 75
+ 1

+131
+1U1
- 10

U35
380
55

p-*~Prelim,inary«
1/ Excludes some credit extended to business, such as credit arisingfrom factoring
L operations.
,