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 -348 Other consumer goods Home repair and modernization Personal loans 4,824 107 2,691 43 0 24 61 0 37 131 - 5 164 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 • • 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) Sept. . 1967 •Other consumer goods Home repair and modernization Personal loans . Business credit "1/ Retail automotive (commercial vehicles) - 47 - 23 19 2 - 24 42 1 7 572 237 90 - 22 69 21 Wholes-ale automotive paper Wholesale other than automotive Other, business credit 1/ - SO - 35 1,899 - ' ' Nev? Used ' New (passenger and commercial) Used (passenger and commercial) - 70 41-5 . 8 258 Nev; Used -_20 -115 307 . 154 Retail automotive (passenger cars) -118 461 ^Consumer instalment credit Change from:, ' Year Month ago ago-^. 1,142 Type .of credit - 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 236 Total financed at wholesale -55 102 . 107 20 7 New passenger Used passenger New commercial Used commercial New (passenger and commercial) Used (passenger and commercial) Change from: Month Year ago ago Sept. 1967 Type of vehicle - 27 - 24 2 - 6 403 , - 46 . - 20 - 29 . 5 - 2 196 370 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.
