FEDERAL RESERVE BANK OF NEW YORK

f Circular No. 3 58 8 1 I September 14, 1950 J

REGULATION W

CONSUMER INSTALMENT CREDIT CONTROL

Designation of Automobile Appraisal Guides

To Lenders, Automobile Dealers, and Certain Others in the Second Federal Reserve District Concerned with Regulation TV :

Following is the text of a statement issued by the Board of Governors of the Federal Reserve System and released for publication on September 9, 1950.

Under Regulation W as recently issued effective September 18, 1950, the credit value of any automobile is based on the lower of either (1) the cash price or (2) the average retail value stated in one of the appraisal guides designated by the Board of Governors of the Federal Reserve System. For the purposes of this rule, the Board has designated certain editions and issues of the appraisal guides shown on the list attached. Detailed information as to the designations may be obtained from any Federal Reserve Bank or Branch. A dealer is not required to use any particular automobile appraisal guide but, for purposes of complying with Regulation W, may use quotations from any of the appraisal guides that are designated for use in his territory. The automobile models for which designations will initially apply are limited to used cars of model years 1941 to 1950, inclusive. In the case of these cars, the maximum credit value on and after September 18, 1950, will be the specified percentage (now 66-2/3 per cent) of whichever is the lower of (1) the cash purchase price or (2) the “ appraisal guide value” (as determined from any desig­ nated guide). For those automobiles which do not have an “ appraisal guide value” (new automobiles, used 1951 models, and used cars of 1940 and older models) the maximum credit value will be the specified percentage of the cash purchase price. The “ appraisal guide value” to be used for the purposes of Regulation W does not include any added value for cars equipped with a radio or heater, but it may include the added value specified in the appraisal guide for cars having an overdrive or automatic transmission as extra equipment.

The list referred to in the statement is printed on the reverse side. To determine the retail value of an automobile on any given date for the purposes of Regulation W, only the issue of a guide currently designated should be used.

Additional copies of this circular will be furnished upon request.

A l l a n S p r o u l , President.

(o v e r ) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Automobile Appraisal Guides Designated for Purposes of Regulation W (Designations limited to quotations for used cars of model years 1941-50)

Guide, name and address o f 'publisher, and territory for which guide is designated Issues designated AMERICAN AUTO APPRAISAL September-October, 1950 March-April, 1951 American Auto Appraisal, November-December, 1950 May-June, 1951 194 Grove Avenue, Detroit 3, Michigan January-February, 1951 Region A (see Note 1)

BLUE BOOK — EXECUTIVES EDITION August 15-September 30, 1950 February 15-March 31, 1951 National Used Car Market Report, Inc., October 1-November 14, 1950 April 1-May 14, 1951 900 South Wabash Avenue, 5, Illinois November 15-, 1950 May 15-June 30, 1951 Regions A, B, and C (see Note 1) January 1-February 14, 1951

KELLEY BLUE BOOK GUIDE September-October, 1950 March-April, 1951 Les Kelley, November-December, 1950 May-June, 1951 1221 South Figueroa Street, 15, Calif. January-February, 1951 Region C (see Note 1)

MARKET ANALYSTS REPORT September-October, 1950 March-April, 1951 Used Car Statistical Bureau, Inc., November-December, 1950 May-June, 1951 93 Massachusetts Avenue, Boston 15, Mass. January-February, 1951 The six New England States, New Jersey, New York and Pennsylvania

N. A. D. A. OFFICIAL USED CAR GUIDE September, 1950 February, 1951 National Automobile Dealers Used Car Guide Co., October, 1950 March, 1951 1026 — 17th Street, N. W., Washington 6, D. C. November, 1950 April, 1951 5 Regions (see Note 2) December, 1950 May, 1951 January, 1951 June, 1951

NORTHWEST USED CAR VALUES September, 1950 February, 1951 Northwest Publishing Company, October, 1950 March, 1951 90 University Street, Seattle 1, Wash. November, 1950 April, 1951 Washington, Oregon, Idaho, and Montana December, 1950 May, 1951 January, 1951 June, 1951

OFFICIAL AUTOMOBILE GUIDE, PRICE EDITION September-October, 1950 Recording and Statistical Corporation, November-December, 1950 222 West Adams Street, Chicago 5, Illinois January-March, 1951 Regions A, B, and C (see Note 1) April-June, 1951

OFFICIAL AUTOMOBILE GUIDE, PRICE EDITION September-October, 1950 The National Research Bureau, Inc., November-December, 1950 415 Dearborn Street, Chicago 10, Illinois January-March, 1951 Regions A, B, and C (see Note 1) April-June, 1951

OFFICIAL USED CAR SURVEY September-October, 1950 Motor Vehicle Dealers Administration, Nebraska, November-December, 1950 State House, Lincoln, Nebraska January-March, 1951 Nebraska April-June, 1951

OFFICIAL AUTOMOBILE August 15-September 30, 1950 February 15-March 31, 1951 VALUATION GUIDE October 1-November 14, 1950 April 1-May 14, 1951 Wisconsin Automotive Trades Association, November 15-December 31, 1950 May 15-June 30, 1951 119 Monona Avenue, Madison 3, Wisconsin January 1-February 14, 1951 Wisconsin

RED BOOK NATIONAL USED CAR August 15-September 30, 1950 February 15-March 31, 1951 MARKET REPORT October 1-November 14, 1950 April 1-May 14, 1951 National Used Car Market Report, Inc., November 15-December 31, 1950 May 15-June 30, 1951 900 South Wabash Avenue, Chicago 5, Illinois January 1-February 14, 1951 Regions A, B, and C (see Note 1)

N o t e 1. Begion A : Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois (except Madison, St. Clair and Rock Island Counties), Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia and Wisconsin (except Douglas County). Begion B : , Colorado, Illinois (Madison, St. Clair and Rock Island Counties), Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota Oklahoma, South Dakota, Texas, Wisconsin (Douglas County) and Wyoming. Begion C : Arizona, , Idaho, Nevada] Oregon, Utah and Washington. N ote 2. The regions for which each of the five territorial editions o f N. A. D. A. Official Used Car Guide is designated are: Begion “A”: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee (Sullivan County only), Vermont and Virginia. Begion “B”: Arkansas (Miller County only), Colorado, Louisiana, Montana, New Mexico, North Dakota, Oklahoma, South Dakota, Texas and Wyoming. Begion “ C” : Arizona, California, Idaho, Nevada, Oregon, Utah and Washington. Begion “ D” : Alabama, Arkansas (except Miller County), Florida, Georgia, Illinois (Madison, Rock Island, St. Clair Counties only), Iowa, Kansas, Minnesota, Mississippi, Missouri, Nebraska, North Carolina, Tennessee (except Sullivan County), South Carolina and Wisconsin (Douglas County only). Begion “ E Illinois (except Madison, Rock Island, St. Clair Counties), Indiana, Kentucky, Michigan, Ohio, West Virginia and Wisconsin (except Douglas County). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis