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BOARD OF GOVERNORS OF THE-'FEDERAL RESERVE- SYSTEM
q # 20

September 2, 1953
SALES FINANCE COMPANIES
' JULY 1953

^--Passenger car instalment c r e d i t held by s a l e s f i n a n c e companies
amounted t o an estimated 5*007 m i l l i o n d o l l a r s a t the end of July_> 171
m i l l i o n above t h e preceding month-end and l,Ul8 m i l l i o n above the year-ago
l e v e l . The July i n c r e a s e continued an upward movement t h a t has been
uninterrupted since i t began i n April of l a s t y e a 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 a t the month-end was
estimated a t 5,816 m i l l i o n d o l l a r s 9 183 m i l l i o n above a month ago and
1,553 m i l l i o n above J u l y of l a s t y e a r .
. New extensions of c r e d i t on passenger cars continued i n large
volume during J u l y , having been exceeded previously only by the record
volume of June 1952. The July f i g u r e of 623 m i l l i o n d o l l a r s was about
equally divided between new and used car f i n a n c i n g . New car financing wasabove both a month ago and a year ago; used car f i n a n c i n g was aoove the
June volume but below a year ago.
Wholesale automotive c r e d i t outstanding a t s a l e s finance companies
increased 32 m i l l i o n d o l l a r s t o an estimated 888 m i l l i o n a t the end of J u l y .
The month-end f i g u r e was about SO per cent above t h a t of a year ago. Holdings of r e t a i l paper on commercial v e h c i l e s were moderately below both the
preceding month and July of l a s t y e a r .

Outstanding Credit Held 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
Consumer instalment c r e d i t
R e t a i l automotive (passenger c a r s )
Other consumer goods•paper
Repair and modernization loans
Personal loans
Business' c r e d i t
R e t a i l automotive (commercial v e h i c l e s )
Wholesale automotive
Wholesale-other than automotive
Other business c r e d i t
-

: t Change! from*
J u l y 31,
Year
Month
1953
. . • ago 5,816
5,007
367
75
367

1,8L3
507 "
•' ; 888 '
« * . . - » i•
• " '398

+183 " +1,553 '
+i,lil8
+171
+ : 86
+ 11
5
1 ' +
+ U
U
+ 2'
- 5
- 36
+' 32'

+ U3U
3h
+ 395

*• *

+

u

+

75

1/ Excludes some c r e d i t extended t o b u s i n e s s , 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 o p e r a t i o n s .


a,20

k 2 Credit Extended by Sales Finance Companies
(In millions of d o l l a r s )
July
1953

Type of c r e d i t
Consumer instalment c r e d i t

Change from:
Month " Tear
ago
ago

717

- 15
0
0

+61

+3UU

b
- 2
- 2

- 17
- 9
- 8

+7b
+68
+ 6

+359
+366
- 7

18
89

- 1
- 8

- 7
+ 9

38 •
2lt
1U

Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business c r e d i t 1/
-

- 6
+ 1
- U

812
778
6k

R e t a i l automotive paper (commercial vehicles)
New
Used

+ 58
+ 66
- 8

987

Business c r e d i t 1/

+21
+10
+11

37
7
50

Other consumer goods paper
Repair and modernization loans
Personal loans

+ U3

623
322
301

R e t a i l automotive (passenger cars)
New
Used

+12

—

I

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

July
1953

Change from:
Month
Year
ago
ago

Total financed a t r e t a i l
New passenger
Used passenger
New commercial
Used commercial

529
178
313
17
21

+29
+ 5
+27
- 2
- 1

+
+
+
-

Total financed a t wholesale
New (passenger and commercial)
Used (passenger and commercial)

U13
355
58

+I4O
+35
+ 5

+168
+172
- U

5o
38
21
I4.
5

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,