Full text of G.20 Sales Finance Companies : November 4, 1958

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G 20"T":; '
Z/-'t -j '£' "x,v* 0 / \
V X
SALES FINANCE COMPANIES
%
)
''

November 4, 1958

September 1958

RESE^j^S'
. -"salea finance company holdings of retail passenger car
instalment paper decreased $129 million during September to an
estimated $6,601 million at the end of the month. This compares
with increases of $25 million in September 1957
$22 million
in September 1956. Total consumer instalment credit at sales
finance companies declined $192 million during the month to $8,891
million.
Retail credit extended for purchases of passenger automobiles decreased $44 million, reflecting decreases in extensions,
of credit for both new and used passenger cars. About 102 thousand
new and 187 thousand used passenger cars were financed at retail.
Wholesale automotive paper outstanding declined $366
million to an estimated $747 million at the end of September. This
compares with a decrease of $158 million during the same month a
year ago. All other types of business credit on balance increased
$23 million.
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 1/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive
Other business credit

9.691

Increase or decrease during:
Year Ended
Sept.1 Sept.
Sept.
30. 1958 ;
1958 | 1957
1
-707
-192
±_31

6,601
1,551
20
719

-129
— 6l
- 3
+ 1

+ 25
+ 5•
0
+ 3

2,075

-343

-138

-627

479
747
96
753

- 1
-3 66
0
+ 24

+ 4
-158
- 8
+ 2k

- 75
-625
- 4
+ 77

Sept. 30,
1958

•

-95 6
+162
- 2
+ 89

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



- 2 -

G.20

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

Type of credit

Sept.
1958

Change from:
Year
Month
ago
ago

656
¥55
257
199

-100
- 44
- 30
- 14

-173
-167
-159

106

- 56
0
0

- 19
+ 3
+ 10

-260

31
12

-483
- 9
- 5
- 4

Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)

305
230
67

-486
-50b
+ 20

Wholesale other than automotive
Other business credit 1/

4o
147

+ 8

Consumer instalment credit
Retail automotive (passenger cars)
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans
Business credit 1/
Retail automotive (commercial vehicles)
New
Used

5
89

5

-

+

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




8

4

G-.20

- 3 -

0

0

1

Number of Motor Vehicles Financed "by Sales Finance Companies
(in thousands)
from:
Year
ago

Sept.
1958

Month
ago

Total financed by retail
New passenger
Used passenger
New commercial
Used commercial

314
102
187
12
13

- 29
- 12
- 18
0
+ 1

- 73
- 60
6
- 4
- 3

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

163
100
63

-128r
-122r
- 6

-191
-213
+ 22

Type of vehicle

Credit Sales of New Passenger Cars as a Per Cent
of Total Number Sold at Retail l/
Credit Sales
1958 - September
August
1957 - September

Per Cent
8l
73
71

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 25, D. C.
r/ August figure for number of new vehicles financed at wholesale revised to 222 thousand.