Consumer credit reached an annual rate of 3.6 percent in May, maintaining the 3.6 percent annual rate increase reported for April, according to the recent Federal Reserve Statistical Release.
The report included revised annual rate figures for revolving and nonrevolving credit in April.
Nonrevolving consumer credit, which includes auto loans, fell to an annual rate of 1.6 percent, or $1.6 trillion dollars. The figure is the lowest number of 2008.
Interest rates at auto finance companies for new cars stood at 5.71 percent in May, a 1.17 percent gain from April.
Loan maturities rose by nearly a point from 63.1 to 64 months, the highest figure of 2008. The loan-to-value ratio declined from April to May at 93 percent.
Amount financed decreased by $2,486 in May to $24,911, which is the lowest amount recorded in 2008.
Nonrevolving consumer credit increased by $1.2 billion from April to May, reaching $1.601 trillion. Finance companies represented a majority of that at $501.3 billion, up $500 million from April to May. Commercial banks represented the second largest segment at $481.8 billion, a $1.5 billion increase from April to May.
Pools of securitized assets dropped from $221.2 billion in April to $220.6 billion in May, a continued decline from first quarter figures. Credit unions made up $201.5 billion of nonrevolving consumer credit, a $500 million increase from March. Federal government and Sallie Mae increased slightly by $200 million in April to reach $104 billion. Savings institutions and non-financial businesses made up $44.4 and $47.6 billion, respectively, a $200 million decrease from April to May for both segments.