Full text of G.20 Sales Finance Companies : October 6, 1958
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G.20 ^GOVERNORS*. 4: October 6, 1958 \SALES FINANCE COMPANIES August 1958 ^ Sales finance tiolnpany.holdings of r e t a i l passenger car instalment paper decreased $65 million during August to an estimated $6,730 million a t the end of the month. This compares with increases of $66 million in August 1957 and $80 million in August 1956. Other types of instalment c r e d i t , however, increased during the month so that t o t a l consumer instalment c r e d i t a t sales finance companies decreased $38 million to $9,083 million. Retail c r e d i t extended f o r purchases of passenger automobiles decreased $38 million during August, r e f l e c t i n g decreases in extensions of c r e d i t f o r both new and used passenger cars. About 114 thousand new and 205 thousand used passenger cars were financed a t r e t a i l . Wholesale automotive paper outstanding declined $211 million to an estimated $1,113 million a t the mid of August. This compares with an increase of $45 million during the same month a year ago. All other types of business credit on balance increased s l i g h t l y . . Outstanding Credit Held by Sales Finance Companies (In millions of dollars) Type of c r e d i t Consumer instalment c r e d i t Retail automotive (passenger cars) Other consumer goods paper Repair and modernization loans Personal loans Business c r e d i t l / Retail automotive (commercial vehicles) Wholesale automotive Wholesale other than automotive Other business c r e d i t Aug. 31, 1958 Increase or decrease during: Aug. Aug. Year Ended 1958 1957 August 31. 1958 9,083 - 38 +89 -482 6,730 1,612 23 718 + + + 65 20 2 5 +66 +15 0 + 8 -802 +228 + 1 + 91 2 r 4l8 -200 +60 -422 480 1,113 96 729 - 3 -211 - 3 + 17 + 6 +45 - 7 +16 - 70 -417 - 12 + 77 l / Excludes some credit extended to business, such as t h a t extended by factoring subsidiaries. - 2 - Credit Extended, by Sales Finance Companies (in millions of dollars) " Change from: Year .. Aug. , , Month •a . :,agct,, (i , S° , , .1956 ^ype Of credit Consumer i n s t a n t ; c r e d i t r v; •r„Betail a^tomo-tive (passenger cars) v ; , >av,v-> o:; nc;::;:. Mi 1 ' » ''65' "'-1 . .gJa. • 19' •"* : 1 f M ' Z :d + 26 + 4 > 4 Business c r e d i t 1/ Retail automotive (commercial vehicles) f :: :: V -V :i . • 30 . . " - " 3 . ; ffsed "v;, .-.v. :A:V- 5% - 6 - 6 ;ltt Qther .cpnsumer soods. paper ;iv . ^ p a i r and a ^ e x ^ i z a t i o n loans Personal loans , = ,.o ^iHr ,/; v , y ; New (passenger and commercial) Used (passenger and commercial) Wholesale other than automotive Other business c r e d i t l / • '. "' V; - - 58 :- » L V '"'39' l4o + 2 + 17 ' -410 %27 + 17 - 7 + 14 " , ™—2;/-Excludes: some c r e d i t extended to business, such as t h a t e z t t i S o l t,y toptorlng subsidiaries. •, 6 ,„v - 3 - Gr.20 Number of Motor Vehicles Financed "by Sales Finance Companies (In thousands) 205 12 12 322 253 69 <D Total financed a t wholesale New (passenger and commercial) Used (passenger and commercial) 3%3 m O Total financed by r e t a i l New passenger Used passenger New commercial Used commercial Aug. 1958 I Type of vehicle Month ago -21 - 5 from: Year ago - 83 1 l - 18 4 - 6 =21 -20 - 1 zim -142 + 24 -Ik - Credit Sales of New Passenger Cars as a Per Cent of Total Number Sold a t Retail l / Credit Sales 1958 - August July 1957 - August Per Cont 73 71 68 l / Based on new car instalment contracts acquired "by banks, sales finance companies, other f i n a n c i a l i n s t i t u t i o n s , and automobile dealers. Data f o r prior months may be obtained by writing to the Division of Research and S t a t i s t i c s , Board of Governors of the Federal Reserve System, Washington 25, D. C.