Full text of G.20 Sales Finance Companies : November 4, 1954

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3Wi

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.20

November L, 19 5L
"

SAIES FINANCE COMPANIES
SEPTEMBER 19$h

Passenger car instalment paper held by s a l e s finance
companies continued upward during September f o r the s i x t h consecutive month. Balances at the end of the month amounted to
an estimated 5}h7h million T clollars, 38 m i l l i o n above a month
ago and 288 m i l l i o n above a^year e a r l i e r . Total consumer i n s t a l ment c r e d i t outstanding a t * s a l e s finance companies was estimated
at 6,29b. m i l l i o n d o l l a r s at the end of September.

-

New extensions of c r e d i t on passenger cars during the
month, estimated at 571 m i l l i o n d o l l a r s , were 19 m i l l i o n below '
the preceding month and about equal to the year-ago volume. An
. increase over a year ago i n new car financing approximately o f f s e t a decrease i n used car f i n a n c i n g . Sales finance companies
extended c r e d i t on about 176 thousand new cars and 21*9 thousand
used cars during September.
Wholesale automotive paper outstanding, dropped sharply
during the month, r e f l e c t i n g decreased dealer s t o c k s . Balances
at the eiid of the month, estimated at 717 m i l l i o n d o l l a r s , were
l l i l m i l l i o n below the preceding month end. Commercial v e h i c l e
paper outstanding increased s l i g h t l y while other business c r e d i t
• declined.

Outstanding Credit Held by Sales Finance Companies
- (In m i l l i o n s of d o l l a r s )
Sept. 30,
195h

Type of c r e d i t
Consumer instalment c r e d i t
R e t a i l automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans
Business c r e d i t 1 /
R e t a i l automotive (commercial v e h i c l e s )
V/holesale automotive
'wholesale other than automotive
Other business c r e d i t

.

Increase or decrease during:
Sept. Year ended
Sept.
195U
1953 Sept. 30,195b.

6,291
$,h7h
336
81
k0'3

+ 38
t 38
+ 1
1
•0

+81
+78
+ 1
+ 2
0

" "1.U7U
362
717
38
357

-ILL
•+ 3
-111
- 1
- 5

-11
- 2
- 4
+ u

+289
+288
- - 39
+ 7
+ 33
-

-132
-17U '
—- u
- h9 -

1/ Excludes some c r e d i t extended to business, such as c r e d i t a r i s i n g from
factoring operations.



G.23

,

- 2 Credit Extended by Sales Finance Companies
(In m i l l i o n s of d o l l a r s )
Type of c r e d i t

Sent*
195k

Chan^<e from:
Year
Month
ago

662 /

s

zJk

227

- ii
- 8

Other consumer goods paper
• Repair .and modernization loans
. Personal loans

35
5
. 51

-

Business c r e d i t 1 /

677' '

Consumer instalment credit
Retail- automotive (passenger cars')
: New '
Used

R e t a i l automotive paper (commercial v e h i c l e s )
Me?;
"
Used T
.
Yvholesale automotive paper
- Mev: (passenger and commercial)
Used (passenger and commercial)
wholesale-other than automotive
Other business c r e d i t 2 /

+

6

+ 1
+ 39
. - 37

1
0
h

+
+

U
2
3

12

LA
+ 2
+ 1

+
+
:
-

i
2
1

5Lo
-.502
38

-165
-163
- 2

-171
-157
- Ill-

+
-

-

16
8U

-

1
5

\

Number of Hotor Vehicles Financed by Sales Finance Companies
(In thousands)
Type of v e h i c l e
Total financed a t r e t a i l
• Ne-vr passenger
Used p a s s e n g e r
I-Iev; commercial
Used commercial
Jpotal financed at whole s a l e
Nevr "(passenger and commercial)
Used (passenger and, commercial)

Sept,
. 195k

Change from:
lea r
Month
ago
ago .

L6o
176
21:9
17
18

-11
It.
- 9
+ 1
+ 1

- 23
+ 6
.29'
0
c

26k
230
31;

zJi
79
- 2

- 98
- 85
-13

1 / Excludes some c r e d i t extended to business, such as c r e d i t a r i s i n g
from f a c t o r i n g operations.
.
'
. ,