Full text of G.20 Sales Finance Companies : May 8, 1953
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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. ,