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BOARD,OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.20'.'.. ''ys

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r

4 f
I'A
c

X

x>9X:

September 6 , 1956
gALES FINANCE COMPANIES

,,v/
^v/

JULY 1956

"

passenger car instalment paper held by s a l e s f i n a n c e comp a n i e s continued upward during J u l y , i n c r e a s i n g *>75 m i l l i o n t o an
e s t i m a t e d $ 8 , 3 3 5 m i l l i o n a t the month-end. This r i s e compares w i t h
i n c r e a s e s of I3&3 m i l l i o n and # 1 2 2 ' m i l l i o n i n the same month of 1955
and 195lt, r e s p e c t i v e l y . T o t a l consumer instalment c r e d i t held by
s a l e s f i n a n c e comoanies at t h e end of July 1956 amounted t o an e s t i m a t e d ^9,385 m i l l i o n .
The volume of c r e d i t extended on passenger cars decreased
from June t o J u l y , r e f l e c t i n g d e c r e a s e s f o r both new and used c a r s .
The volume during J u l y , e s t i m a t e d a t 0731 m i l l i o n , was $38 m i l l i o n
below June and §1U5 m i l l i o n l e s s t W n J u l y of l a s t y e a r . This month's
volume r e p r e s e n t e d the f i n a n c i n g a t r e t a i l of approximately 206
thousand new passenger c a r s and 232 thousand used passenger c a r s , a
d e c l i n e i n each i n s t a n c e from the number f i n a n c e d i n June.
Wholesale automotive paper outstanding continued
c l i n e begun i n March of t h i s year and dropped %li57 m i l l i o n
February l e v e l t o an e s t i m a t e d &1290 m i l l i o n at t h e end of
Other w h o l e s a l e paper a l s o declined' 1 during the month w h i l e
of b u s i n e s s c r e d i t i n c r e a s e d .

the d e from the
t h i s month.
other t y p e s

Outstanding C r e d i t Held by S a l e s Finance Companies
(In m i l l i o n s of d o l l a r s )

Type of d r e d i t
Consumer i n s t a l m e n t 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 )
vilh o l e sa l e aut omot i v e
wholesale other than automotive
Other b u s i n e s s c r e d i t

July 3 1 ,
1956

Incre Ese or decrease during:
July July
Year ended
July 3 1 , 1956
1956 1955

9,385

• 87

+ 3U0

+1,298

8,335
U22
80
5U8

• 75
+ h
- il
• 9

+ 323
+ 11
0
> 6

+ 1,155
+
50
+
2
+
91

2,316

-122

+

7

+

21h

it 66
1,290
78
U82

- 6 + 10
-123 •
3
- h - 8
+ 11 + 2

•

80
1
18
117

>
+

—/Excludes some c r e d i t extended to b u s i n e s s , such as c r e d i t a r i s i n g from
factoring operations.



G.20
Credit Extended by Sales Finance Companies
(In millions of dollars)

Type o f c r e d i t
Consumer i n s t a l m e n t c r e d i t
R e t a i l automotive (passenger c a r s ) .
• /New
"USed

$

860

-127
TO
-106
- 39

"3E
-20

W
2bh

Other consumer goods paper
Repair and modernization loans
Personal loans
Business c r e d i t i /
R e t a i l automotive (commercial v e h i c l e s )
New
Used

Change i from:
Year
Month
ago
ago

July
1956

0
0
+ 5

h3
5
81

-

+

1,025

0

-205
- k
- 3
- 1

5
- 2

25
10

0
1
19

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

816
m
52

- 1

-237
I2H0
• 3

Wholesale other than automotive
Other b u s i n e s s c r e d i t ! /

1-31
110

1*
- 8

• 9
+ 27

Number o f Motor V e h i c l e s Financed by Sales Finance Companies
( I n thousands)

Type o f v e h i c l e

July
1956

T o t a l financed by r e t a i l
New passenger
Used passenger
New commercial
Used commercial

b65
205
232

T o t a l financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

36U
323
Ul

1)4

13

Change from:
Year
Month
ago
ago
-136
- 62

-29
r-g-20
- 1
0

- • 6I4.

h
• J
* 1

-119
-I20
* 1

' * •

-

6
U

—/Excludes some c r e d i t extended to 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 .