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Finance companies held more than $1.78 trillion in outstanding receivables in June, down 1.66% from $1.81 trillion in May, according to the Federal Reserve's monthly G.20 report.
On a seasonally adjusted basis, total outstanding receivables held by finance companies decreased 17.1% in June, following a decline in May of 10.8%. Consumer receivables fell 20.3% in June after a 13.7% drop the previous month. Real estate receivables decreased 12.7% in June and business receivables dropped 16.3%, according to a Fed report last week.
The dollar value of consumer receivables held by finance companies during June totaled $761.9 billion, down 169 basis points from $775 billion in May. A basis point is one-hundredth of a percentage point.
Real estate receivables held by finance companies in June totaled $463.3 billion, a decrease of 105 basis points from May's $468.2 billion. Business receivables during June totaled $557.9 billion, down 134 basis points from $565.5 billion in the previous month.
Interest rates on new car loans issued by finance companies averaged 3.88% in June, up from May's 3.47%, the Fed reports.
