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Finance companies held $1.96 trillion in outstanding receivables in November, down 1.5% from $1.99 trillion in October, according to the Federal Reserve's monthly G.20 report, released Monday.
On a seasonally adjusted basis, total outstanding receivables held by finance companies decreased 16.6% in November, following a decline in October of 11.9%. Consumer receivables fell 12.5% in November after a 15.4% drop the previous month. Real estate receivables declined 30.3% in November and business receivables fell 11.2%, the Fed reports.
The dollar value of consumer receivables held by finance companies during November totaled $848.3 billion, down 1% from $857.2 billion in October. Real estate receivables held by finance companies in November totaled $489.3 billion, a 2.5% decrease from October's $502 billion. Business receivables during November totaled $624.5 billion, down 0.9% from $630.3 billion in the previous month.
Interest rates on new car loans issued by finance companies averaged 6.43% in November, virtually unchanged from October's 6.41%, the Fed reports.
