Federal Reserve Statistical Release, G.19, Consumer Credit; title with eagle logo links to Statistical Release home page


Release Date: May 07, 1999

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Beginning with the release in early July, the G.19 will no longer provide separate estimates for the automobile and "other" categories.
Instead, these two categories will be combined into a single category called nonrevolving credit. This change is being made because we
believe that the split between the two categories has become unreliable, owing to shifts in the composition of our monthly commercial bank
panel and the lack of suitable benchmarks for the commercial bank automobile and "other" credit series.
 

 

 

 

 

 

G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time)
1 March 1999 May 7, 1999
 

Consumer credit growth slowed to a 1.4 percent annual rate in March, down from 8 percent in February. In March, automobile
credit growth remained strong at a 10 percent rate, while the levels of both revolving and "other" credit turned down.
 

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
  1998 1999
  Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. r Mar. p
Percent change at annual rate 2 
  Total                              6.6      4.3      2.3      9.0      5.4      6.6      6.9     10.6      1.6      2.4     14.1      8.0      1.4 
   Automobile                        8.8      4.1      4.0      8.2      8.0     12.1      8.1      6.1     12.6     12.4     19.0     13.2      9.9 
   Revolving                         9.1      5.4     -1.4      9.2     -4.2     10.7      7.5     13.0     -2.4      8.6     13.2      5.1     -1.6 
   Other 3                          -1.2      2.3      6.9      9.6     19.6     -8.9      4.2     12.7     -7.2    -24.1      8.2      5.6     -6.1 
                                
Amount: billions of dollars                               
  Total                          1,247.3  1,251.8  1,254.2  1,263.5  1,269.2  1,276.2  1,283.6  1,294.9  1,296.6  1,299.2  1,314.5  1,323.2  1,324.8 
   Automobile                      419.8    421.2    422.6    425.5    428.3    432.7    435.6    437.8    442.4    447.0    454.1    459.1    462.9 
   Revolving                       539.4    541.8    541.2    545.3    543.4    548.3    551.7    557.6    556.5    560.5    566.7    569.1    568.3 
   Other 3                         288.2    288.7    290.4    292.7    297.5    295.3    296.3    299.5    297.7    291.7    293.7    295.1    293.6 
              
TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4                                                             
Percent except as noted: not seasonally adjusted                                                                        
Institution, terms, and type of loan                                                                                    
Commercial banks                                                                                                        
  Interest rates                                                                                                        
   48-mo. new car                   n.a.     n.a.     8.69     n.a.     n.a.     8.71     n.a.     n.a.     8.62     n.a.     n.a.     8.34     n.a. 
   24-mo. personal              
   Credit card plan             
   n.a.     n.a.    13.76     n.a.     n.a.    13.45     n.a.     n.a.    13.75     n.a.     n.a.    13.41     n.a. 
    All accounts                    n.a.     n.a.    15.67     n.a.     n.a.    15.83     n.a.     n.a.    15.69     n.a.     n.a.    15.41     n.a. 
    Accounts assessed interest      n.a.     n.a.    15.62     n.a.     n.a.    15.85     n.a.     n.a.    15.54     n.a.     n.a.    14.73     n.a. 
                
New car loans at auto finance companies                                                                                 
  Interest rates                    6.47     6.20     6.07     6.02     6.23     6.00     5.92     6.33     6.79     6.43     6.22     6.43     6.31 
  Maturity (months)                 51.5     50.7     50.8     50.9     51.7     53.0     53.1     53.1     52.8     52.2     52.1     53.4     53.0 
  Loan-to-value ratio                 92       91       93       91       92       93       93       92       91       91       92       92       91 
  Amount financed (dollars)       18,932   18,922   18,793   18,878   19,084   19,068   19,028   19,199   19,590   19,734   19,628   19,304   19,339 
Footnotes appear on reverse.
 

 

 

1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted
 

  1998 1999
  Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. r Mar. p
Total                            1,236.0  1,241.1  1,243.1  1,256.8  1,262.4  1,276.4  1,286.6  1,297.6  1,304.5  1,331.7  1,323.3  1,316.4  1,312.6 
                                                          
Major holders                                             
Commercial banks                   492.1    500.1    497.3    491.4    491.4    498.2    497.9    502.1    498.8    508.9    507.3    497.8    487.6 
Finance companies                  156.5    154.3    153.6    154.3    156.1    159.6    159.1    165.6    166.6    168.5    167.3    169.7    168.9 
Credit unions                      150.7    151.1    152.2    152.4    153.5    153.6    154.3    155.0    155.2    155.4    155.7    155.2    155.0 
Savings institutions                47.1     47.5     47.9     48.3     49.0     49.6     50.3     51.0     51.6     51.6     52.0     52.5     52.9 
Nonfinancial business               72.7     65.1     65.2     65.3     65.5     66.0     65.5     66.0     66.6     74.9     71.0     68.0     67.1 
Pools of securitized assets 5      316.8    323.1    326.9    345.1    346.9    349.4    359.4    358.0    365.6    372.4    370.0    373.3    381.0 
                                                          
Major types of credit 6                                   
Automobile                         415.5    416.0    418.2    425.2    429.9    435.4    439.6    443.1    446.6    451.0    452.2    454.0    458.1 
 Commercial banks                  153.9    151.3    151.7    150.9    153.2    155.5    156.3    156.8    157.1    158.1    160.3    159.9    159.3 
 Finance companies                  86.8     90.6     89.6     89.9     91.7     95.3     96.2     97.6     99.0    103.1    102.8    105.0    104.7 
 Pools of securitized assets 5      65.1     63.7     66.0     71.6     72.5     70.8     72.1     71.8     72.6     73.0     73.2     73.2     77.8 
                                                          
Revolving                          534.1    535.6    535.6    539.6    537.2    545.1    549.0    556.0    559.2    586.5    575.7    569.1    562.8 
 Commercial banks                  201.3    209.2    207.3    200.9    197.6    200.4    197.6    200.9    196.9    210.3    204.8    197.6    188.7 
 Finance companies                  36.6     30.4     30.5     29.9     29.4     29.6     28.4     33.3     33.1     32.3     32.4     32.2     32.3 
 Nonfinancial business              41.2     33.5     33.4     33.5     33.8     34.0     33.7     33.8     33.8     39.2     36.4     34.3     33.7 
 Pools of securitized assets 5     226.2    233.7    235.3    245.6    246.6    251.2    259.3    258.1    265.3    272.3    269.9    272.4    275.4 
                                                          
Other                              286.4    289.6    289.2    292.0    295.2    296.0    298.0    298.5    298.7    294.2    295.4    293.3    291.7 
 Commercial banks                  136.9    139.7    138.3    139.6    140.6    142.2    144.0    144.4    144.8    140.5    142.2    140.2    139.6 
 Finance companies                  33.0     33.4     33.5     34.4     35.0     34.7     34.6     34.6     34.6     33.1     32.1     32.5     32.0 
 Nonfinancial business              31.5     31.6     31.8     31.7     31.7     32.0     31.8     32.2     32.9     35.7     34.6     33.6     33.4 
 Pools of securitized assets 5      25.6     25.6     25.5     27.9     27.8     27.5     27.9     28.1     27.7     27.1     26.8     27.7     27.8 
 

1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
2. Percent changes calculated from unrounded data.
3. Comprises mobile home loans and all other loans not included in automobile or revolving credit, such as loans for education, boats,
trailers, or vacations. These loans may be secured or unsecured.
4. Interest rates are annual percentage rates (APR) as specified by the Federal Reserve's Regulation Z. Interest rates for new-car loans
and personal loans at commercial banks are simple unweighted averages of each bank's most common rate charged during the first calendar
week of the middle month of each quarter. For credit card accounts, the rate for all accounts is the stated APR averaged across all
credit card accounts at all reporting banks. The rate for accounts assessed interest is the annualized ratio of total finance charges at
all reporting banks to the total average daily balances against which the finance charges were assessed (excludes accounts for which no
finance charges were assessed). Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are
volume-weighted averages covering all loans of each type purchased during the month.
5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of
the loan originators.
6. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.


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