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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.