IMGCAP(1)]
Finance companies held more than $1.77 trillion in outstanding receivables in July, down 56 basis points from $1.79 trillion in June, according to the Federal Reserve's monthly G.20 report.
On a seasonally adjusted basis, total outstanding receivables held by finance companies decreased 6.5% in July, following a decline in June of 12%. Consumer receivables fell 13.7% in July after an 18.6% drop the previous month. Real estate receivables decreased 18.4% in July and business receivables increased 13.3%, according to a Fed report this week.
The dollar value of consumer receivables held by finance companies during July totaled $753.7 billion, down 114 basis points from $762.4 billion in June. A basis point is one-hundredth of a percentage point.
Real estate receivables held by finance companies in July totaled $460.6 billion, a decrease of 154 basis points from June's $467.8 billion. Business receivables during July totaled $563.1 billion, up 111 basis points from $556.9 billion in the previous month.
Interest rates on new car loans issued by finance companies averaged 3.43% in July, down from June's 3.88%, the Fed reports.
