Full text of G.20 Sales Finance Companies : November 3, 1967

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FEDERAL
statistical

RESERVE

release

Y

November 3, 1967

'

SALES FINANCE^COMPANIES
SEPTEMBER- .1967. .
Consumer instalment credit outstanding at sales finance companies
decreased $54 million in September to a level of $16,701 million. This dip waq
due entirely to: a decline in passenger car paper oubstaridingj- • For the third quarter as a whole, consumer credit held by these
companies declined $20 million. A ^decrease of $159 million in passenger car
paper outstanding was largely offset by increases of $63 million and.$75 million
in other consumer goods and personal loans outstandings, respectively. This
presents a different picture from the one shown for the third quarter of 1966
when consumer credit at sales finance companies showed an increase of $305 million,
with passenger car paper outstanding accounting for $32 million, other consumer
goods $155 million, and personal loans. $117 million*
Sales finance companies acquired $1,142 million of consumer instalment
paper in September, off $118 million from August. Passenger car paper accounted
for the bulk of this decrease. This type of credit was also responsible for
the decline of $138 million in credit extended by sales finance companies from
the third quarter of 1966 to the third quarter of 1967.
Outstanding Credit Held by Sales Finance Companies
(In millions of dollars)

Type of credit

Consumer"instalment credit

Increase or decrease during:
September 31,
September September Year ended
1967
Sept, 31. 1967
1966
1967
\

- 58

16,701

- 14

27

Retail automotive (passenger
cars)

9,079

-121

- 71

Other consumer goods
Home repair and modernization
Personal loans

4,824
107
2,691

43
0
24

61
0
37

66

-159

156

- 13
74
- 14
19

- 7
- 47
- 5
-100.

14
-154
- 66
362

Business credit 1/
Retail automotive
(commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

6*642

1,057
1,794
529
,3,262

•

•

-348

-

131
5
164

1/ Excludes some credit extended to business, such as that extended by factoring
subsidiaries.




.

G.20

-2-"
CredJU>-Extended by Sales Finance Companies
(In millions of dollars)

Type .of credit

^Consumer instalment credit
Retail automotive (passenger cars)
Nev;
Used
•Other consumer goods
Home repair and modernization
Personal loans
.
Business credit "1/
Retail automotive (commercial vehicles)

Wholes-ale automotive paper

Wholesale other than automotive
Other, business credit 1/

Change from:,
' Year Month
ago
ago-^.

1,142

-118

-_20

461

-115

- 70

307 .
154

- SO
- 35

- 47
- 23

41-5 .
8
258

19
2
- 24

42
1
7

572

237

1,899

- ' ' Nev?
Used '

New (passenger and commercial)
Used (passenger and commercial)

Sept. .
1967

^

90

- 22

69
21

- 17
5.

8
• 5
3
243

1,173

654

1,128
45

661
- 7

-

135
501

- 35
- 25

- 25
11

' VE.xcludes some credit extended to business, such as that extended by
factoring subsidiaries.




.

246
3

G. 20

-3Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)

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

Change from:
Month
Year
ago
ago

Sept.
1967

Type of vehicle

236

-55

- 46

102 .
107
20
7

- 27
- 24
2
- 6

- 20
- 29
.
5
- 2

403

,

.

196

370
33

-

201
5

-13

-

58
5

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Retail V

Credit Sales
1967 - September
1967 - August
1966 - September

„ :

Per Cent

r85
'• 76

> ;

l./Based on new car instalment contracts acquired by banks, sales finance
companies, other financial institutions, and automobile dealers. "Data for
prior months may be obtained by writing to the Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D. C.
20551.
u,.;
r - Revised.