Full text of G.20 Sales Finance Companies : November 19, 1964

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FEDERAL
statistical

RESERVE

release

f*4L

rVo«jG. 20

November 19, 196^
SALES' FINANCE COMPANIES
September 1964

. .

Consumer instalment credit at sales finance ^companies
rose S78 million during September. This was the seventh consecutive month tti show a greater than seasonal increase.
Majoif factors in the September expansion were increases
in non-automotiVe"consumer,^)ods credit and in personal loans,
and a smaller-than—seasonal
Recline in new passenger -automobile'
paper.
,v
The increase of $63 million in the non-automotive goods
category includes purchases of |33 million from other lenders.
Apart from these purchases, the third-quarter rise in total credit
outstanding at sales finance companies amounted to $292 million
this year as against !yl71 miZlion in the same quarter of 1963.
Whil® auto credit at .'>131 million and personal loans at $105 million
contributed slightly less to; the expansion in 1964 than they did
in 1963, the non-automotive goods category increased , 1 ? 5 8 million
as compared with a decline of $121 million the previous year.
Total acquisitionsof consumer paper in-September were
down fpom August, a seasonal decline stemming from the retail
passenger car market. Acquisitions of passenger car and other
consumer goods paper were above the year-earlier total, however,
by $70 million and $124 million respectively.
For the quarter as a whole, total acquisitions of $3,556
million compared with 3,208 million for the third quarter of 1963,
All categories of consumer credit expanded except repair and modernization loans, which registered a slight decline.
Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)
Sept 30, Increase or decrease during?.
sept. Sept. Year ended
1964
•
19*3 .Fipp-k. in,Jl3£L

Type of Credit
Consumer instalment credit

14,553

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



-V

' I

,480
665
549
13
279

8,764
3,706
148
1,935

IB
-35
*63
- 1
+51

+167
- 54 *
*17L 1 *
a <> —
* 50
+

5,794

•28

— 88

636

866
1,647
438
2,843

+ 8
+ 6
- 7
+21

+ 1
-107
- 1
• 19

126
454
*
+
28
4.
28
*

G.20

-2-

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

Type of credit

Consumer instalment credit
Retail automotive (passenger cars)
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit if
Retail automotive (commercial vehicles)
Hew
Used
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit if

September
1964

Chance from:
Month 1 Year
ago
ago

1.1L2

- 30

+187

578

- 6U

+ 70

37U

- 1+8
- 16

+ 71
- 1

335
6
223

+ 31

: I

+121+
- 2
- 5

1,709

+390

+506

6

+ 18

20h

80

+

63
17
1,057

+ 3
+ 3
1128

+ 11+
+ 1+
#1+27

1,005
52

+3W.
- 3

+1+26
+ 1

139
1*33

+ 7
+ 39

+ 21
+ l+o

l/ Excludes some credit extended to business, aich as that extended by
Tactoring subsidiaries«




G. 20
Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)

Type of vehicle

September

196b

Change from;
Year
Month
ago
ago

Total financed at retail

327

- 26

+ 15

New passenger
Used passenger
New commercial
Used commercial

165

135

- 18
- 12
<i + 3

1

+ 23
- 9
+ 2
- 1

U25

+115

+ia

382

+119
- k

+145
- 1

Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

19
8

b3

+

Credit Sales of Hew Passenger Cars as a Per Cent
of Total ITtimberSold at Retail if
Credit Sales

Per Cent

I96I4. - September
August

67
75

I963 - September

7b

j/ Based on new car instalment contracts acquired by banks, sales
finance compc&ies, other financial institutions, and automobile
dealers. Data for prior months may be obtained by writing to the
Division of Research §nd Statistics, Board of Governors of the
Federal Reserve System, Washington, D» C. 20551