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BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM

d. 20

November 4, 1955
SALES FINANCE COMPANIES
SEPTEMBER 1955

Passenger car instalment paper held by sales finance companies
increased further during September, although by a smaller amount than
in other recent months. Balances outstanding at the end of the month
were estimated at 7,729 million dollars, 233 million above a month
earlier and 2,255 million above a year ago. Total consumer instalment
credit held by sales finance companies amounted to an estimated 8,667
million dollars at the end of September.
Credit extended on passenger automobiles, estimated at 868
million dollars during September, was 93 million below the preceding
month's record volume. September's volume represented the financing
of about 281 thousand new cars and 277 thousand used cars.
Wholesale automotive paper outstanding decreased 265 million
dollars further to an estimated 958 million at the end of September.
Other types of business credit showed slight increases.

Outstanding Credit Held by Sales Finance Companies
(In millions of dollars)

Type of credit

Sept. 30,
1955

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans

8,667

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

1.802

7,729
392

81

465

415
958
54
375

Increase or decrease during:
Sept. Sept.
Year ended
Sept.
30. 1955
1954
1955
+245
+233
+ 8
+ 1
+ 3

+ 38
+ 38
+ 1
- 1
0

+2,373
+2,255
+
56
0
+
62

-245
+ 12

-144
+ 3
-141
- 1
- 5

+
+
+
+
+

-265

+
+

1
7

328
53
241
16
18

1/ Excludes some credit extended to business, such as credit arising from
factoring operations.




G 20

-

2

-

Credit Extended by Sales Finance Companies
(in millions of dollars)

Type of credit
Consumer instalment credit
Eetail automotive (passenger cars)
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit 1/
Retail automotive (commercial vehicles)
...
•
New
Used
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit l/

Sept.
1955

Change from:
Year
Month
ago
ago
-106
- 93
-64
- 29

+318
+297
+266
+ 31

7
1
5

+ 7
+ 1
+ 13

1,024

-341

+347

49
37
12

- 4
- 3
- l

+

+ 12
0

860
809
51

-351
-351
0

+320
+307
+ 13

24
91

- 1
+15

+
+

980
868
610
258
42
6
64

-

12

8
7

Number of. Motor Vehicles Financed by Sales Finance Companies
(In thousands)
Type of vehicle
Total financed at retail
New passenger
Used passenger
New commercial
Used commercial
Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial) 4

Sept.
1955

Change from:
Month }• Year
ago 1 ago

391

• 56

+137

281
277
22
17

- 24
-29
- 1
- 2

+105
+ 28
+ 5
- 1

391
348
43

-146
-147
+ 1

+127
+118
+ 9

1/ Excludes some credit extended to business, such as credit arising
from factoring operations.