Full text of G.20 Sales Finance Companies : August 31, 1942
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r ~, < ~-J.- .. ~#¥;RIO. ~lt'JfffA ~~~~8~-R1l MEN T 0 F C0 MME RCE . ~flt;..,L~I.,:,,·r~lfRUU OF THE C£NSU$ SEP -9(I J042 S.ALES FINAICE CQliPjJIIIS. D Jllly 1942 LIBRARY 1 Sal.ea Finuoe Companiea reportid""2 percent 110re new puaeqer oara financed dllring J1117 _ 1942 thaD daring the preced.i.Dg month of this year, according 1jo aD annoancement releaaed. tod.q by J. C. Capt, Director of the C.enlllla. The Jl117 in<iex for U. number of new care financed. wu 53, ehow1.111 a 47 percent drop aince J110uary 1942, when the index was 100. The dollar Tolume of paper acqairecl in ·nw puee111er car tinanoiDB also increased 2 percent oYer Jlllle 19421 the index rising. t110 poiata to 57, a.bowing Ju;J.y TOl.uae 43 percent l ..s tbu in January 1942. In llaed passenger oar tinanoill8, the m1111ber decreased 2 percent from ~11118 19421 bllt ttui dollar Tolum.e showed litUe chaDBe• I n - cOIIIIIleroial car fi.naDciDB, 1110nth ago comparillons shlllf that the nwaber decreased 13 percent, 8Dd the dollar T01um.e, 14 percent; while the number 8Dd dollar To1ame of llaed co11111ercial oars d.eoreaaed 9 percent and 8 percent, reapecti..-eq. Retail automotive olltstandings -.u.d by sales fin&Aoe CCIIIIP&niee were redllOed an average of 10 percent d11ring Jl117 1942. A year ago comparison ahowa a 56 percent drop in these Olltatandin€ ~ancea, as shown b7 an index of 176 for Jl117 31, 1941 and an iadex of 77 for J1117 31, 1942. OOTST ANDIOO BAL.Ul':ES RETAIL AUT(ILOTIVE FDIANCIMG DEcmmm 31, 1939 100 = INDEX 200 50 r---------------,_--------------~--------------~ 0 19 41 The TOlume of wholeeale autanotive paper acqllired b7 aales finance companiea decrea..cl l2 perout for new cars and 3 percent for lllled cara. The olltstanding balances for wholesale tinanoiq ucreaaed 9 percent daring JlllT 1942 to an index of 175, showing an 11 percent dcline from Jaau.&rT 31, 1942, when the index wu 196. In retail diversified financing, all clasaea of paper acq11ired by sales finance companies ahond decreaaea for Jl117 1942 compared with Jane 1942. The largeat decrease (47%) occurred ~n the fiauciDB of retrt&eratora, followed by other household appliancea {32%) 1 residential bllilcling re- · pair and aod.ernisation (14%), radios and other llllllical inat.rOMnta (10%), fllrniture (9%), and ind• .trial, CC.Iercial, and farm eqllipment (7%). In wholesale diveraitied fi.liancing, the volWile of paper acquired. waa down 34 percent from Jlllle to JlllT of this 1ear. Indexes on diversified financing for JalT, and for the previous months of 1942, are presented in table 4. Diversified o11tatancl1DB balances held by sales finance companies were further reduced in w1ue d11ring Jl117. 011tatanding balances were down 7 peroent for the. retail financing of .other con__.,, ,ooda 1 5 percent for induetrial, coDD.ei'cial, and. farm eqlliplie~t, and 16 percent for wholeBale cli't'eraified financiDB (other than automotive). Indexea en outatanding bal.ancea for Jllly, &i!l for prOTiollB 110ntha, are included in table 1. The ratios of the paper acqllired d11ring Jl117 1942 to the o11tat&nding balances ae of J1117 31 1 1942 were 5 percent tor retail a11tomotive, 4 percent for wholesale &lltomotive, ll percent for wboleaale--other than 111tomot1ve, 3 percent for retail--ot..ber oonaum.era 1 goode, indut.rial, cOIIIIIlllroial, llftd farm eqllipment. · and 3 percent for These data on the Cllrrent trends of aales financiDB for the month of Jl117 were baaed on· reporta for Jlllle and for Jllly !rem 270 aales finance companiea. Jleithor the dollar vol111111a nor the indexes ahollld be lllled to indicate the total •Oilllt of tinanciDB bT all aal.ee finance ccmpaniea in the United Statea. The data are ptlbliahed as reported with011t adjut.nt !or aeaaonal or price fi11ctuat.ione. ' The fig11re11 presented in tablea 5, 6, and 7 of t.Aia nleaae are not coaparable to those publlahed tor prer.io11a 110.otha, since mont.bly reports were not received each 110nth from identical aalea fin&DCe oompaniea. All indexea !or Jl117 were obtained 'V caloalating the percent chaDBea fl'Oil Jlllle to J1117, u shown by datam reports tor both months froa the aae sales finance oompaniee; 8Dd by linking these percentage• to the indexes pred0118J¥ derived for Jlllle 1942. Page 2. SALES FINANCE COl!PANIES Table 1.-- Automotive and Diversified Financing Index of Trends in Outstanding Balances by Class of Paper December 31, 19~9 100 = Total all sales i'inancirul Retail automotive Wholesale automotive Wholesale other than automotive - Dec. 31 •••••.• 100 100 100· 100 1940 - Dec, 31 •••••• ~ 136 132 169 140 171 176 178 l70 164 157 149 ---- 175 ---- 250 196 234 233 222 208 193 175 293 252 191 153 130 110 19~9 -- 1941- June 30, •••••• -JUly 31 ••••••• ~ Aug. .,.. Sep. -Oct. - Nov. - Dec, 31.••••••• 30 ••••••• ~1 ••••••• -152 30 •• .- .••• 31 •.••••• 1942 - Jan. 31 •.••.•• 139 128 116 105 95 86 147 143 135 125 115 105 95 ;-Feb. 28 ••••••• -Mar. 31 ••••••• - Apr. 30 .•••••• - May 31 •...... -June 30 ••••••• -July 31 •• , •••• 77 !/ Retail Industrial, other commercial consumers• and farm eou.i nm•n+. ROods 'e/ 'e/ 262 'e/. :w :wy 'e/ 100 100 129 131 - --- 91 --l4S 147W 143 139 135 131 126 118 110 144!?/ 152 '9.1 155.'9./ 156 !?/ 153 148 140 .... - w !I Indexes .for June 30, 1941 through Novembe~ 30, 1941 are derived from data in the "Automobile Financing 11 report previously published by the Bureau of the Census. Indexes as of December 31 for. t,he years of 1939, 1940, and 1941 are based on figures reported by sales finance companies on a supplementary report form which accompanied the regular monthly report form for January 1942. Indexes for 1942 ~e derived by calculating the percent changes of the outstanding balancea reported by sales finance companies for each month from those reported by the same companies for the preceding month, and by linking these percentages to the indexes for the preceding month. 'e/·Revised. Table 2,- Automotive Financing Index of Trends in Number of Cars Financed, 1942 January 1942 = 100 Class of paper January February March April Total retail automotive •• 100 70 78 64 New passenger cars ••••• 100 22 43 40 New commerc:ial cars, ••• 100 27 Used passenger cars •••• 100 77 Used commercial cars ••• 100 74 Bureau of the Census Jl .2/ - 'e/ 45 'e/ 69 .21 68 83 .21 31 'e/ 55 !/ June July 59 61 61 58 52 53 25 22 64 63 46 42 May 23 .21 60 .21 45 .21 Current Stat~stical Serv~ce Indexes are derived by calculating the percent changes in the number of cars financed by s~es finance companies during each month· from those financed by the same companies during the preceding month, and by linking these percentages to the indexes for the preceding month. The indexes for "Total retail automotive" are based on all figures reported for this item regardless of whether or not a breakdown could be supplied• Revised. 3-3505? Pqe 3. SALES FINANClj: COUPANIES Table 3.- Automotive Financing . Index o! Trends in Volume o! Paper Acquired; 1942 Janua.ry: 1942 100 = !I Feb. March April ~ June J~ Total retail automotive •••• 100 62 73 57 55 57 58 100 22 46 42 60 S5 57 28.e/ 48.e/ 34'R/ 25 29 25 62 55 60 60 47·.e/ 51 47 Class of paper Jan. New passenger cars ••••••• New co11111ercial cars •••••• 100 100 73 Used .coDI!Iercial cars.; ••• 100 76 Total wholesale automotive. 100 93. New cars (pass. & comm.). 100 100 Used cars (pass. & comm.) 100 67 Used passenger cars •••••• . 81 'RI 69 ---- w 58 w w 39 19 16 . l2 l2 )7 17 14 10 8 66 40 37 29 .29 J/ Indexes are derived by calculating the percent changes in the volume ·of· autamotive paper acquired by sales finance companies dlll'ing each month from the volume acquired by the same ocm- · panies dlll'ing· the preceding month, and by linking these percentages to ·the indeus ·ror ,.:&;ae preceding month. The indexes tor "l'otal retail autOJIIOt1ve 11 and for 11 To'tal wholesale· autclaoti'ie1 are based on all figures reported tor these items regardless of whether or not breakcklirns ocKLIA be s11pplled. W Revised. Table 4.- . Diversified Financil!.g · Index o! Trends in. Volume ot Paper Acquired, 1942 !/ January 1942 = 100 Jan. Feb. March Apdl May June J~ Total retail, other consUm.ers 1goods. 1.00 1.03 1.37 123 1.08 80 59 Furni~ure•••••••••••••••••••••••• l.QO 88 1.22 110 97 73 66 Radio,televilion nts,pianos and other mu.sical instruments •••••• 100 108 1.41 72 37 33 ,., Refrigerators'· (gas lind electric). 100 147 250 1.32 105 63 34 other.household appliances ••••••• 1.00 115 '1.69 ll6 80 .46 ~ .modernization •••••••••••••••••• 1.00 92 119 327 1.28 98 84 Miscellaneous retail ••••••••••••• 100 144 155 131 1.31. 1.42 124 Total wholesale, except automotive •• 100 l.28l!/ 106.e/ 24.e/ J.8 1.2 Indwstrial, camnercial, and farm equ.iJ1118nt • ••••••••••••• ·••••••••••• l24.e/ 1.')8 l?l 1.62 w 85·.e/ 49 46 lll.e/ 130.e/ 86.e/ 62 47 Clau of paper Residential building repair and 100 Total diversified financing ••• 100 Blll'eau of the Census t 52.e/ 107 w Current Statistical Servioe J/.Indexes are derived by calculating the percent changes in the volume of· diversit,t.ed paper acquired by sales finance companiu dlll'ing each month from the volume acquired by the suui companies dlll'ing the preceding month,. and by linking these percentages to the indexes tor. the preceding month. The indexes tor "Total retail other consumers' goods" are based on all figlll'8s reported tor this item regardless of whether or not a breakdown could be Sllppl.ied. · R/ Revised. -BALES FINANCE COMPANIES Table 5.-- Automotive and Diversified Financing Vol.uae of Paper Acquired During July 1942 and Balances Outstanding. July 81, 1942 Dollar volU11118 of ·paper acquired du J 1942 By all ca.paniee By all reporting companies outstan balancee a Claee of paper Total retail autOJDOtiye. ·• •••·••••••••••••••• Total wholeeale. autCIIIIOtive ••••••••••.••••••• Total wboleeale - otber than automotive •••• Total retail - · other cons111111r1' goode. , , , , , lnduetrlal, CODIIercial and farm equipment .. Total ealee financings ••• ,,,,,,,, Outstanding · . balanc.. Ju17 81, 1942 !I Ratio of paper ao~red to outetandi.ns · balances 9/ $30,245,087 10,996,904 548,448 7,010,426 554 466 t29,62l,840 10,930,563 . 496,343 6;812,428 503 659 1640. 612, 200 282,880,414 4,695,413 213,911,170 16 599 94 ll 149,355,331 • $48,364,813 $1,158,698,691 4 5 4 3 3 !I Data are based on figures from alee finance companies able to report both their paper acquired and their outstanding balances. '9./ Ratios obtained b7 dividing paper acquired (column 2) by outstanding balances (column 3), Table 6.~ Automotive Financing Number of Cars Financed and Volume of Paper Acquired During July 1942 Number of cars Percent Number of total Class ·of paper Paper acquiioed Per.cent Dollar of vo1111111 total Total retail automotiv••••••••••••••••••••• ~ .!QQ 128 13§§ 1927 .!QQ New paaaencer car•••••••••••••••••••••••• Rn COJIIIIroial care • ••••••••••••••••••••• 6,092 490 60,171 2,710 9 1 86 4 4,813)214 581,127 1,158,473 17 2 77 4 - - 1§1 763 1 532 .!QQ 6,318,354 2,445,178 72 Used paaeenaer ca.ra •• •••••••••••• • ••••••• Uaecl c~rcial care •• ••••.•....••••••••• Total wholeaale automotive. • • • •• .-. • •••• •. •. New cars (passenger and CDIII118rcial) •• ,, •• Ueed care (passenger. and COI!Drcial) •,, •, !I - 21,803,113 28 Data are based ·on report• from salea finance companiea providing a breakdown of their. retail and wholenle automotive financing. These amount.s are less than those reported in column l of table. 5 due to the inolu- . lion in that table of data. from 1011111 salsa· finance cOmpanies that eould not provide a. breakdown. Table 7.-- Diversi£ied Financing Volume of Paper Acquired During July 1942 Percent Class of paper Dollar volume · at total Retail - other conaUIIII8re 1 gooda: Purn:1 ture It • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Radio, televilion seta, pianos and other ~aical instruments •••••••••••••.•.••••••••••••• Refriseraiore, (gae and electric) •••••••••••••• 1212,053 5 2 Residential building repair and moderni~tion.,. JU.aoellallloua ntall ••••••••••••••••.••••••••••• 73,904 276,524 109,073 2,356,714 639a908 Total retaU- other ooneWIIIrii' goode ••••••••••••• Total wholeeale -other than automotive ••••••••• ,, Induatrial, c~rcial, and farm equip~~~~~nt.,,,,,,, $3,668,174 548,448 554 1 466 Total.divereitied financing.,,,,,,,,,,,, 14,771,088 Other household apPliances •••••••••••••••••••••• Bureau of the Cenaue !/ Oate are 8 2 49 ...l! 77 ll ..1& 100 Current Statietioal.Servioe beeed on reporta from sales finance companies providing a breakdown of their retail financing of other cona111111re 1' goode. This amount ia lese than that reported in column. 1 of teble 5 due to the inclusion in that table of data from s011111 eales finance companies that could not provide a breakdom. l-aOIW