Outstanding consumer credit increased at an annual rate of 2.25 percent in October, up from the 1.75-percent increase rate in September, according to the recent Federal Reserve Statistical Release.

Nonrevolving consumer credit, which includes auto loans, decreased at an annual rate of 1.3 percent, or $1.5 million. In September it fell by a revised 1.1 percent.

Interest rates at auto finance companies for new cars dropped to 4.11 percent in October from 4.48 percent in September.

Loan maturities remained increased by about one month in October, from 62.9 months in September to 63.7 months. The loan-to-value ratio decreased slightly, down from 96 percent in September to 95 percent in October.

Amount financed continued its upward trend, increasing $3,648 since July to $30,738 in October.

Nonrevolving consumer credit remained steady from September to October at about $1.571 trillion. Finance companies represent the majority of that at $486 billion, down $1.3 billion from September. Commercial banks represent the second largest segment, remaining steady from September to October at $448 billion. Pools of securitized assets made up $234 billion of that, a $1-billion increase from last month, while consumer credit in credit unions remained steady at $209 billion. Federal government and Sallie Mae increased by $2 million from September, together representing about $98 billion. Savings institutions and non-financial businesses remained steady at about $47 billion and $46 billion, respectively.