In April, consumer credit reached an annual rate of 4.2 percent, down from a 6.2 percent annual rate increase in March, according to the recent Federal Reserve Statistical Release.

The report included revised annual rate figures for revolving and nonrevolving credit in March.

Nonrevolving consumer credit, which includes auto loans, increased at an annual rate of 6.5 percent, or $1.6 trillion dollars.

Interest rates at auto finance companies for new cars increased to 4.54 percent in April, a slight increase from March.

Loan maturities rose nearly a point from 62.3 to 63.1 percent. The loan-to-value ratio remained the same from March to April at 94 percent.

Amount financed decreased by $776 in April to $27,397.

Nonrevolving consumer credit increased by $6.3 billion from March to April, reaching $1.601 trillion. Finance companies represented a majority of that at $502.3 billion, up $1.9 billion from March to April. Commercial banks represented the second largest segment at $480.3 billion, a $6.5 billion increase from March to April.

Pools of securitized assets dropped from $225 billion in March to $222.2 billion in April. Credit unions made up $201 billion of nonrevolving consumer credit, a $900 million increase from March. Federal government and Sallie Mae increased slightly by $300 million in April to $103.8 billion. Savings institutions and non-financial businesses made up $44.6 and $47.4 billion, respectively, a $200 million decrease from March to April for both segments.