Full text of G.20 Sales Finance Companies : November 3, 1960
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BOARD OF GOVERNORS O ' THE FEDERAL RESERVE SYSTEM B /er G 20 November 3 . i960 % \ SALES FINANCE COMPANIES & ^ U B R A R Y SEPTEMBER i960 "— H e s ^ ! L 5 - — R e t a i l passenger car instalment paper held by s a l e s finance companies declined $23 million in September to $7,852 m i l l i o n . The decline compares with an expansion of $88 m i l l i o n for the same month l a s t year and a decline of $129 m i l l i o n in 1958. Total consumer instalment paper at sales finance companies rose by $12 million and was $1,205 million higher than a year ago. Retail passenger automobile paper acquired by s a l e s finance companies in September amounted to $552 m i l l i o n , a decline of $93 m i l l i o n from the previous month. The number of new and used e a r contracts acquired declined during the month and, as in other recent months, was l e s s than a year ago. Business credit outstanding declined $321 m i l l i o n as outstanding balances on automobile floor, plan loans contracted by a similar amount. 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 c : redit Sept. 30 I960 Increase or decrease during: Year ended Sept. Sept. I960 1952. Sept. 30 ; I960 11,154 + 12 +143 +1,205 7,832 2 292 60 970 - 23 + 32 + 3 0 + + '+ + + 504 + 531 + 30 + 140 3.377 -321 -483 + 609 623 1,349 140 1,265 - 5 -347 - 4 + 35 + 11 -524 + 4 + 26 + 50 + 215 + 5 + 339 88 38 . 4 13 l / Excludes some c r e d i t extended to b u s i n e s s , such as t h a t extended by factoring subsidiaries. G.20 - 2 - Credit. jixtenEed by Sales Finance Companies ( i n 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 Sept. 1960 879 552 554 198 214 5 108 Change from; .Month ago -110 - 93 - 53 - 40 - 3 - 2 - 12 809 _49 37 12 -257 Wholesale automotive paper Mew (passenger and commercial) Used (passenger and commercial) 525 455 70 -257 -255 Wholesale other than automotive Other business credit 1/ 47 188 - 3 + 9 Business credit l / Retail automotive (commercial v e h i c l e s ) Mew ' Used - 6 - 4 - 2 - 2 l / Excludes some credit extended to business, such as that extended by factoring s u b s i d i a r i e s . - 3 - G.20 Number of Motor Vehicles Financed by S a l e s Finance Companies (In thousands) Type of v e h i c l e Sept. I960 Change from: Year Month ago ago Total financed by r e t a i l New passenger Used passenger New commercial Used commercial 353 139 189 14 11 -J3 -lb -31 - 1 - 3 -55 -17 -34 - 2 - 2 Total financed a t wholesale New (passenger and commercial) Used (passenger and commercial) 267 197 70 -96 -97 + 1 +42 +50 - 8 Credit S a l e s of New passenger Cars as a Per Cent of Total Number Sold a t R e t a i l l / Credit S a l e s i 9 6 0 - September August 1959 - September Per Cent 71 70 85 l / Based on new car instalment contracts acquired by banks, s a l e s finance companies, other f i n a n c i a l i n s t i t u t i o n s , and automobile d e a l e r s . Data f o r p r i o r months may be obtained by writing to the D i v i s i o n o f Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System, Washington 25, D. C.
