Full text of G.20 Sales Finance Companies : October 5, 1955

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BOARD CF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
* ^

G.20 .

,<.r-

October 5# 1955
^

SALES FINANCE COMPANIES
AUGUST 1955

Sales finance company holdings of instalment paper on
passenger automobiles continued upward during August to an estimated 7#U96 million dollars at the end of the month. This was
316 million above a month earlier and 2#060 million above a year
ago* Total consumer instalment credit held by sales finance companies amounted to an estimated 8#L22 million dollars at the end
of August.
Credit extended on passenger automobiles reached a new
monthly high of 961 million dollars# 85 million above July and
slightly above June's previous record volume for sales finance
companies. The 611 thousand passenger cars financed during August
were about equally divided between new and used vehicles.

Wholesale automotive paper outstanding decreased 68
million dollars during August as dealers reduced their stocks of
new automobiles. Outstanding balances at the month end were 1,223
million dollars. Wholesale paper other than automotive also declined# while other types of business credit increased from July
to August *

, 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

Aug.

31,

1955

Increase or decrease during:
Year ended
Aug. Aug.
Aug."31. 1955

1955

195U

8,1(22

+335

+ 67

+2,166

7 #196
38U
80
U62

+316
+ 12
+ 2
+ 5

+ 65
0
0
+
2

+2,060

+

U9
2
59

2,017

* 55

- Hi

+

li29

U03
1,223
53
368

+ 17
- 68

2
- 17
3
+
8

+
+
+
+

ll
ii
365
Hi
6

+

7
3

+

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



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

Type of credit
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
Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit 1/

Aug.
1955

Change from:
Month
Year
ago
ago
+ 99

+ltC0

961

+ 85

+371

67U
287

+ 81
+

u

+319
+ 52

+
+
+

6
1
7

+ 13
+ 2
+ 1U

1?365

+135

+522

53

+ 11

+ 19

13

+
+

9
2

+ 17
+ 2

1,211

+128

+5o6

1,160

5l

+126
+
2

+1*95
+ 11

25
76

+

3

-

7

+ 10
- 13

1,086

h9'
7
69

..ho

Number of Motor Vehicles Financed by Sales Finance Companies
(In thousands)
Type of vehicle

Aug.
1955

Change from:
Month Year
ago
ago

Total financed at retail
New passenger
Used passenger
New commercial
Used commercial

6,53

+ 52

+.182

305
306
23
19

+ 37
+ 10
+ 3
+
2

+125
+
+
7
+ 2

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

537

+ 5it

+192

195

+ 52

+186
+ 6

>2

+ 2

be

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