Full text of E.4 Automobile Credit : March 16, 1976
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F E D E R A L R E S E R V E s t a t i s t i c a l HAKCH 16, 1976 AUTOMOBILE CREDIT - JANUARY 1976 THE VOLUME OF NEW-CAR CREDIT EXTENDED DURING JANUARY ROSE 8 PER CENT FROM THE DECEMBER LEVEL, AFTER SEASONAL ADJUSTMENT. "OTHER LENDERS" (PRIMARILY CREDIT UNIONS) ACCOUNTED FOR THE LARGEST SHARE OF THE ADVANCE. USED-CAR CREDIT VOLUME ROSE SLIGHTLY, WITH THE GAIN AGAIN ATTRIBUTABLE PRIMARILY TO THE "OTHER LENDER" GROUP. AVERAGE CONTRACT SIZE WAS HIGHER IN BOTH MARKETS, ATI THE AGGREGATE LEVEL. r e l e a s e Low-Down P a y m e n t N e w . C a r Loans at Finance C o m p a n i e s AT FINANCE COMPANIES, THE PROPORTION OF OVER-36-MONTH NEW-CAR CONTRACTS ROSE 3 PERCENTAGE POINTS ABOVE THE 25 PER CENT PLATEAU WHICH HAD PREVAILED DURING THE LAST HALF OF 1 9 7 5 . HOWEVER, THE PROPORTION OF NEW-CAR LOANS WITH LOW DOWNPAYMENTS FELL (SEE CHART). FINANCE RATES ROSE ON A SEASONALLY ADJUSTED BASIS, FOR BOTH NEW AND USED CARS. ON AN UNADJUSTED BASIS, THESE RATES DECLINED. SEASONALLY ADJUSTED CREDIT EXTENDED „ALL HOLDERS TOTAL CREDIT (MILLION.$> NUMBER O?CONTRACTS «THOUS.) &ANK DIRECT WkNS *> TOTAL CREDIT 1MILLION SI NUMBER OF CONTRACTS (THOUS.) AVERAGE SIZE OF CONTRACT ($» 1975 I JAN. I 1975 I DEC. I 1976 | JAN. | 1975 | JAN. I :i 2,479 5181 4,786 1 4*901 4,3321 4,035 BANK PURCHASED;PAPER TOTAL CREDIT (MILLION S) NUMBER OF CONTRACTS (THOUS.) AVERAGE SIZE OF CONTRACT ( » ) 577 127 4,543 782 1671 4,683 '•d: 1975 I DEC. I 1976 | | JAN. | | 2,352*1 492 4,7B0j 1 II I - . ' 2 , 0 2 1 1 11 , 1 , 4 2 0 | 6191 412111 4 , 4 0 5 | |1 2,2941 1 2921 547 119 4*597 1 436| 94| 4,6381 . 526| 1131 4V056I 4 , 6 5 5 1 1 i 1 6791 571| 8721 «,l 1651 ... 1331 I 1341 5,1051 " 5 r l 9 0 j . •. 4>, 261 j 4 , 7 9 4 | FINANCE COMPANIES TOTAL CREDIT (MILLION $ ) NUMBER OF CONTRACTS (THOUS.) AVERAGE SIZE OF CONTRACT (SI 4781 100! 4,780 6601 132 5,000 129 5,233 4,775j OTHER LENDERS TOTAL CREDIT (MILLION S) NUMBER OF CONTRACTS (THOUS.) AVERAGE SIZE OF CONTRACT ( $ ) 347 83 4,181 460 92 5,000 587 131 4,481 60| 4,233| r 3821 NOTES DATA FOR TOTAL CREDIT AND AVERAGE SIZE OF CONTRACTS BANK REFERS TO COMMERCIAL BANKS ONLY* OTHER LENDERS BANKS, SAVINGS AND LOAN ASSOCIATIONS AND AUTOMOBILE 589| 1161 5,0781 1 J d 4,551| 5011 961 5,219| 1 4051 89| 4,5511 1975 | JAN. I 1,7571 7421 2,3^8| I I 11975 | 1976 | JAN. | JAN. I I I 1,7781 .1,3091 5571 7111 2,501j 2.350j 1975 I DEC. I 1976 JAN. 1 1,5741 2,555 ml d 1 3751 5321 1681 C2,2321 c a . l S i ... | 1 485* , 2071 2,3431 2,292j 2,2701 1 ' ': i 454 189 2,402 5101 2011 C 2 ,395 | C2,537| 2,5621 3891 1591 2,4471 449| 1771 2,5371 419 161 2,602 2571 , 971 2,649j 1 2781 991 2,808 j 207*1 801 2,5871 1 2231 84| 2,6551 241 84 2,869 458! 2111 2,1711 5591 2271 2,4631 2,191| iiii 1 2281 1 1 405| 190| 2,1321 d 1. 4231 465 196| 184 2,158| 2,527 INCLUDE ^RECOMPUTED FINANCE CHARGES AT MOST HOLDERS. INCLUDE PRIMARILY CREDIT UNIONS, BUT ALSO MUTUAL SAVINGS DEALERS. C = CORRECTED FINANCE COMPANY AUTOMOBILE CREDIT - I CREDIT EXTENDED NEW CARS SEASONALLY ADJUSTED 1 1975 JAN. TOTAL CREDIT (MILLION S ) NUMBER OF CONTRACTS ( T H U U S . ) AVERAGE S I Z E OF CONTRACT 1 $ ) AVERAGE AMOUNT FINANCED ($> AVERAGE FINANCE RATE ( X I I I 1 1 1 AVERAGE MATURITY (MONTHS) PERCENTAGE WITH MATURITIES* OVER 4 2 MONTHS 3 7 - 4 2 MONTHS OVER 3 6 MONTHS 3 1 - 3 6 MONTHS 3 0 MONTHS OR LESS 2 5 - 3 0 MONTHS 2 4 MONTHS OR LESS 1 I 1 1 1 1 I 1 I AVERAGE LOAN-TO-VALUE & A T I O ( X ) | PERCENTAGE WITH L / V RA T IO S : I OVER 1 1 0 * 1 101-110% 1 91-100% 1 90% OR LESS 1 | I 4781 1001 4,7801 3,9621 13.031 1975 DEC. 1 1 | 1 6601 5 0001 4I255I 13 . 0 7 j 1976 JAN. | I 6751 1291 5,2331 4,3681 13.141 37.01 1 1 1 1 68.51 11.31 1 1 38.01 1 9.71 15.31 1 63.21 12.01 1 1 38.11 1 10.11 17.91 1 61.21 11.31 1 87.01 86.01 1 3.31 14.11 33.41 49.51 86.01 1 3.01 13.9| 33.51 49.9| ... ... 2.81 15.51 34.91 47.01 ! JANUARY 1 9 1 6 || NOT SEASONALLY ADJUSTED 1975 JAN. | I 3821 80| 4,775| 3,9311 13.081 36.91 1 1 1 ••* ••• 67.71 12.51 | 87.01 1 3.01 16.11 34.41 46.51 1975 DEC. 1 1 5891 1161 5,0781 4,324| 13.191 37.81 1 9.31 15.21 1 60.6| 14.81 | 86.01 1 3.6| 14.51 32.91 49.01 II II 1976 JAN. || II USED CARS SEASONALLY ADJUSTED 1975 JAN. I 1 1975 DEC. 501II 96|| 5,2191 I 4,33711 13.1811 2281 891 2,5621 2,1661 17.661 2571 97| 2,649 I 2,3281 17.511 37.911 II 10.411 17.1M II 60.1M 12.411 II 29.11 1 1 1 29.81 1 86.0|I II 3.3| I 14.411 33.211 49.111 || NUT SEASONALLY ADJUSTED 1 1 | | 1976 JAN. I | 27B| 99| 2,8081 2,3301 17.641 1 27.11 15.71 1 2.6| 51.11 1 32.11 14.01 29.61 1 1 1 2.6| 55.61 1 27.81 13.81 96.81 1 12.61 24.6| 29.21 34.41 96.41 1 11.31 23.31 30.91 34.61 96.01 I 11.61 22.61 30.61 35.11 1975 JAN. | 1 1975 DEC. DATA NOT AVAILABLE BEFORE NOVEMBER, 1 9 7 5 1976 JAN. 2231 84| 2,6551 2,3041 17.861 2,869 2,377 17.25 29.81 28.71 30.3 1 • •* 1 1 25.31 14.71 95.0| 1 11.51 23.01 29.11 36.41 241 1 3.1 58.6 2.11 44.11 1 36.11 17.71 25 .9 12.4 96.0| 94.0 10.81 21.91 30.51 36.91 10.2 21.4 30.6 37.8 NOTE: LOAN RATE AND LOAN TERMS DATA APPLY MAINLY TO CONTRACTS PURCHASED FROM DEALERS. THE AVERAGE S I Z E OF CONTRACT S T A T I S T I C S ARE ESTIMATED BY DIVIDING TOTAL CREDIT EXTENSIONS FOR ALL FINANCE COMPANIES BY THE ESTIMATED NUMBER OF CONTRACTS* THEY INCLUDE PRECOMPUTED FINANCE CHARGES INCORPORATED IN THE CREDIT EXTENSION S T A T I S T I C S . THE AVERAGE AMOUNT FINANCED S T A T I S T I C S ARE BASED ON DATA OBTAINED FROM A LIMITED SAMPLE OF FINANCE COMPANIES* THEY DO NOT INCLUDE ANY PRECOMPUTED FINANCE CHARGES. FINANCE RATES ARE ANNUAL PERCENTAGE RATES AS S P E C I F I E D BY REGULATION Z (TRUTH-IN LENDING 1 . AVERAGE LOAN RATE, MATURITY AND LOAN-TO-VALUE RATIO DATA ARE OBTAINED FROM A DIFFERENT SAMPLE THAN THE LOAN TERMS PERCENTAGE D I S T R I B U T I O N S . THE USED-CAR LOAN MATURITY AND LOAN-TO-VALUE DATA APPLY ONLY TO CARS LESS THAN THREE YEARS OLD. ..; | I 2071 80| 2,5871 2,2121 17.271