Full text of E.4 Automobile Credit : February 5, 1976

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

BOARD OF G O V E R N O R S
s "k
. •' of Gov/

;4

i

FEDERAL RESERVE SYSTEM
WASHINGTON,

February 5, 1976
!

<^^4,
> n r

D . C. 20551

I
NOTICE

Attached is a new monthly Federal Reserve statistical release on automobile credit volume and terms which combines into one release three previously
separate releases! The new release, entitled!"Automobile Credit" and numbered ~
G. 26, incorporates most of the data previously p u b l i s h e d t h e old releases
n u m b e r e d G . 26 (volume, average note, and number of l o a r ^ / ^ G . 25 (maturity ai^ in-in,
to-dealer-cost rat] n rli st-H hnt i one n f
r n m p a n i p V t a5H G.ll (finance rates
and average maturity and loan-to-value ratios at finance Sempanies).
"

'

The consolidation of the releases was made to provide users more convenient access to auto credit information available from the Board, and to reduce
the expense of producing and distributing three separate releases.
While the format of the new release differs considerably from the formats
of the predecessor releases, the only data omitted are the tables formerly presented
on page 5 of the G.25 release showing cross-classification of auto contracts by
maturity and dealer-cost-ratio categories. Also, the maturity distribution of auto
loans at finance companies has been restructured to provide more detail in the
longer-maturity categories, and data have been added on the maturity distribution of
r
new-car loans at commercial banks.
Historical data are available upon request from the Mortgage and Consumer
Finance Section, Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, B.C.
20551.
If you are not already receiving the G.26 release and if you would like
to have your name added to the mailing list, please complete arid return this notice
promptly to Publications Services, Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington, B.C.
20551.
If you have received the old G.26 release in the past, your name will
continue on the G.26 mailing list. Thus you do not need to return this form.

Publications Services
Division of Administrative Services
Number of copies required
Name
Street Address
City, State, and Zip Code




FEDERAL
statistical

RESERVE

release

The enclosed Statistical Release (6.26) is a new
publication of the Board of Governors, Federal Reserve System.
A supplement is being prepared providing data on
the series shown back to January I960.
To obtain the supplement or copies of the release
regularly, please send your request to:
Publication Services,
i
Division of Administrative Services,
Board of Governors of the Federal Reserve System*
Washington, D. C. 20551




g 10

1916

BOARD OF G O V E R N O R S

EDERAL RESERVE SYSTEM

February 5, 1976
NOTICE
Attached is a new monthly Federal Reserve statistical release on automobile credit volume and terms which combines into one release three previously
separate releases. The new release, entitled "Automobile Credit" and numbered
G.26, incorporates most of the data previously published in the old releases
numbered G.26 (volume, average note, and number of loans), G.25 (maturity and loanto-dealer-cost ratio distributions at finance companies), and G.ll (finance rates
and average maturity and loan-to-value ratios at finance companies).
The consolidation of the releases was made to provide users more convenient access to auto credit information available from the Board, and to reduce
the expense of producing and distributing three separate releases.
While the format of the new release differs considerably from the formats
of the predecessor releases, the only data omitted are the tables formerly presented
on page 3 of the G.25 release showing cross-classification of auto contracts by
maturity and dealer-cost-ratio categories. Also, the maturity distribution of auto
loans at finance companies has been restructured to provide more detail in the
longer-maturity categories, and data have been added on the maturity distribution of
new-car loans at commercial banks.
Historical data are available upon request from the Mortgage and Consumer
Finance Section, Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551.
If you are not already receiving the G.26 release and if you would like
to have your name added to the mailing list, please complete and return this notice
promptly to Publications Services, Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington, D.C. 20551.
If you have received the old G.26 release in the past, your name will
continue on the G.26 mailing list. Thus you do not need to return this form.

Publications Services
Division of Administrative Services
Number of copies required
Name
Street Address
City, State, and Zip Code




FEDERAL

RESERVE

statistical

release

AUTOMOBILE CREDIT - NOVEMBER 1975
DOLLAR VOLUME OF CREDIT EXTENDED FOR NEW AUTOMOBILES ROSE
ALMOST 5 PER CENT IN NOVEWER, ON A SEASONALLY ADJUSTED BASIS. ALI,
CATEGORIES, EXCEPT FOR BANK PURCHASED PAPER, SHARED IN THE RISE.
THE INCREASE IN NUMBER FINANCED WAS SMALLER THAN FOR VOLUME, AS
AVERAGE AMOUNTS FINANCED WERE HIGHER, PARTICULARLY FOR BANK DIRECT
NEW-CAR LOANS. IN THE USED-CAR LOAN MARKET, BOTH DOLLAR VOLUME AND

Over-36-Month New-Car Loans at Finance Companies

UNITS FINANCED DECLINED.

MATURITIES ON NEW-CAR LOANS LENGTHENED FURTHER AT COMMERCIAL
BANKS, BUT SHOWED LITTLE CHANGE AT FINANCE COMPANIES, WHERE THE
PROPORTION OF CONTRACTS WRITTEN WITH TERMS EXCEEDING 36 MONTHS
APPEARS TO HAVE STABILIZED AROUND 25 PER CENT. AT FINANCE COMPANIES
NEW-CAR FINANCE RATES EDGED UP WHILE USED-CAR RATES WERE SOMEWHAT
LOWER.

NOT SEASONALLY ADJUSTED

SEASONALLY
ADJUSTED

1974 I
NOV. I

1975 |
OCT. I

4,703j

1
2,5171
522
4,822

1,706
393
4,341

2,669|
5641
4,7321

S4o!
1231
4,390

608
129
4,713

342
82
4,171

596
1341
4,4461

1974 I 1975 I
NOV. I OCT. I
ALL HOLDERS
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.)
AVERAGE SIZE OF CONTRACT ISI

1,776
413
4,300

• BANK DIRECT LOANS
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS 1THOUS.I
AVERAGE SIZE OF CONTRACT (SI

347
84
4,131

BANK PURCHASED PAPER
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.)
AVERAGE SIZE OF CONTRACT (S)

849
178

832
176
4,727

FINANCE COMPANIES
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.I
AVERAGE SIZE OF CONTRACT (SI

567
438 1
94
111
4,660
5,108

602
lie
5,102

OTHER LENDERS
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.)
AVERAGE SIZE OF CONTRACT (SI

*"
4,230

678
1611

452
100
4,520

4,T98l

ill.

CREDIT EXTENDED

I
I

II
11
1975 ||
NOV. II

NUT S T A S O N ALLY A D J U S T E D

1974 I 1975 I 1975 I 1974 I 1975 I 1975
NOV. I OCT. | NOV. I NOV. I OCT. I NOV.

4,653jf

w l
2,2191

1,6531
679
2,434

556||
11711
4,75211

jj

4981
2121
4,0491

I
I
1,1981 1,6671 1 , * 7 4
567
694|
5411
2,214 j 2,4311 2 , 5 1 1
I
I
476
519|
546 !
321!
192
1501
2201
2211
4,2331 2,140j 2,3481 2,479

465
179
2,612

I
4031
1531
2,2901

l

d

4,774

4,734j

Jsi

421
89
4,730

671
132
5,OS3|

547.!
1061
5,160j

2,468j

4,274

471
SOS
4,573

d

4,8281

baa!

1651
2,0481

I
1,5981

387
146
1821
2 ,588| 2,651

2081
851
2,447j

2,6911

I
3101
4241
1521
1781
2,3821 2,0391

436|
1941
2,247|

•si

2,7111
4331
1921
2,2551

I
4711

3591
154|
2,3311

z

0A7A FOR TOTAL CREDIT AND AVERAGE SIZE OF CONTRACTS INCLUDE PRECOMPUTED FINANCE CHARGES AT MOST HOLDERS.
BANK REFERS TO COMMERCIAL BANKS ONLY* OTHER LENDERS INCLUDE PRIMARILY CREDIT UNIONS, BUT ALSO MUTUAL SAVINGS
AUTOMOBILE DEALERS.


BANKS, SAVINGS AND LOAN ASSOCIATIONS AND


ti!

416
176
2,364

NEW-CAR INSTALMENT LOAN MATURITIES AT COMMERCIAL BANKS
(PUBLISHED MID-MONTH OF EACH QUARTER)
PURCHASED PAPER

PERCENT OF CONTRACTS MADE DURING I —
MONTH WITH MATURITIES OF*
I
I
30 MONTHS OR LESS
31-36 MONTHS
OVER 36 MONTHS

I
I
I
I

I
I
16.1
73.0
10.9

1975
AUG.

I
|
|
|

15.1
66.9
18.0

|
I
I

DIRECT LOANS

1975
NOV.
14.8
64.8
20.5

II

1974
NOV.

1975
AUG.

1975
NOV.

29.3
64.4
6.3

24.6
65.7
9.8

27.1
62.1
10.8

-IIII
1
1
1
1

1
1
1
1

TOTAL LOANS
1974
NOV*

1
1

1975
AUG.

I
|

1975
NOV.

20.9
69.8

1
1
1
1

19.2
65.4
15.4

1
1
1
I
|
1

19.0
64.0
17.0

FINANCE COMPANY AUTOMOBILE CREDIT - NOVEMBER 1975

__
CREDIT EXTENDED

SEASONALLY
ADJUSTED

1974 | 1975 | 1975 I 1974 |
NOV. I OCT. | NOV. I NOV. |
TOTAL CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.)
AVERAGE SIZE OF CONTRACT (S)
AVERAGE AMOUNT FINANCED (SI
AVERAGE FINANCE RATE (*)

438|
94|
4,6601
3,8771
12.951

AVERAGE MATURITY (MONTHS)
PERCENTAGE WITH MATURITIES!
OVER 42 MONTHS
37-42 MONTHS
OVER 36 MONTHS31-36 MONTHS
30 MONTHS OR LESS
25-30 MONTHS
24 MONTHS OR LESS

36.21

AVERAGE LOAN-TO-VALUE RATIO(S)
PERCENTAGE WITH L/V RATIOS:
OVER H O t
101-110*
91-100*
90% OR LESS

::: I
73.51
13.21

I

87.01

16.71
33.51
47.11

USED CARS

II

NOT SEASONALLY ADJUSTED

||
||

1975 I 1975 II
OCT. | NOV. ||

SEASONALLY
ADJUSTED

6021
2321
*711
54711
1181
106||
1321
941
5,1021 4,7301 5,0831 5,160|| 2,4681
4,2231 3,906| 4,189| 4,253|| 2,117|
13.101 13.061 13.151 13.17M 17.611
I
I
I
I
II
37.81
36.21
37.91
37.71
28.9|
37.7M
I
II
10.31
10.0H
ee • |
15.11
• • • I 14.611
:::!
I
II • •• I
63.01
63.01
70.71
62.31
60.9M
*** I
12.01
12.01
16.11
13.6|
14.511
i
I
28.61
I
I
17.61
I
I
86.01
86.01
87.01
86.0| 86.011 97.01
II
3.21
3.41
3.11
3.21
3.411
13.31
13.71
13.61
17.11
13.71
14.011
24.21
32.91
32.81
33.21
32.31
32.511
28.61
50.61
50.11
46.71
50.81
50.1M
33.71

5671
Ull
5,1081
4,1311
13.061

"Hi

i

I

!

II

|
|

NOT SEASONALLY ADJUSTED

1974 | 1975 I 197 5 | 1974 | 1975 | 1975
NOV. I OCT. I NOV. | NOV. | OCT. | NOV.
2081
2611
85|
971
2,6771 2,7111 2,4471 2,6911 2,671
2,3251 2,329| 2,102 1 2,2971 2,306
17.561 17.52 1 17.881 17.791 17.82
I
I
I
I
29.71
29.81
28.31
29.11
I
I
I
I
I
I
2.9|
.6
.. 1
... i
51.31 ... i # • • | 46,.1
.. 1

"II

i

32.51
13.71

31.91
13.51

31.31
21.21

34.01
1*5 .91

35 .0
16 •3

95.01

95.01

97.0|

95.01

95 .0

10.6|
21.91
30.51
36.91

10.91
22.51
30.11
35.81

12.51
23.41
29.11
35.11

10.41
21.71
30.51
37.51

10
21
30
37

NOTE* LOAN RATE AND LOAN TERMS DATA APPLY MAINLY TO CONTRACTS PURCHASED FROM DEALERS. THE AVERAGE SIZE OF CONTRACT
STATISTICS ARE ESTIMATED BY DIVIDING TOTAL CREDIT EXTENSIONS FOR ALL FINANCE COMPANIES BY THE ESTIMATED NUMBER OF
CONTRACTS* THEY INCLUDE PRECOMPILED FINANCE CHARGES INCORPORATED IN THE CREDIT EXTENSION STATISTICS. THE AVERAGE
AMOUNT FINANCED STATISTICS ARE BASED ON DATA OBTAINED FROM A LIMITED SAMPLE OF FINANCE COMPANIES* THEY DO NOT INCLUDEANY( PRECOMPUTED FINANCE CHARGES. FINANCE RATES ARE ANNUAL PERCENTAGE RATES AS SPECIFIED BY REGULATION Z (TRUTH-IN
LENDING). AVERAGE LOAN RATE, MATURITY AND LOAN-TO-VALUE RATIO DATA ARE OBTAINED FROM A DIFFERENT SAMPLE THAN THE LOAN
TERMS PERCENTAGE DISTRIBUTIONS. THE USED-CAR LOAN MATURITY AND LOAN-TO-VALUE DATA APPLY ONLY TO CARS LESS THAN THREE


http://fraser.stlouisfed.org/
DATA NOT AVAILABLE BEFORE NOVEM , R, ..V.'X
Federal Reserve Bank of St. Louis

.voVoo^f**.

Mm;-,

FEDERAL

RESERVE

AUTOMOBILE CREDIT - DECEMBER 1975
STRENGTH IN USEO-CAR C R E O I T EXTENSIONS MORE THAN O F F S E T A N e w a n d U s e d - C a r C r e d i t E x t e n d e d ( S . A . )
SMALL D E C L I N E IN NEW-CAR LOAN V O L U M E . AFTER SEASONAL ADJUSTMENT.
USED-CAR EXTENSIONS WERE UP ALMOST 10 PER C E N T FROM NOVEMBER, W I T H
LARGEST INCREASES IN THE BANK PURCHASED PAPER AND FINANCE COMPANY
C A T E G O R I E S . FINANCE COMPANIES WERE T H E O N L Y G R O U P T O SHOW A
SEASONALLY ADJUSTED INCREASE IN N E W - C A R C R E D I T .
AT FINANCE C O M P A N I E S , THE PROPORTION OF NEW-CAR C O N T R A C T S
WITH LOW OOWNPAYHENTS (LOAN-TO-VALUE R A T I O S EXCEEDING 1 0 0 PER C E N T )
EDGED U P SOMEWHAT FROM T H E UNUSUALLY LOW R A T E PREVAILING EARLIER
IN 1975. M A T U R I T Y DISTRIBUTIONS A T FINANCE C O M P A N I E S WERE LITTLE
CHANGED FOR EITHER NEW OR U S E D C A R S , AND FINANCE R A T E S WERE
SLIGHTLY HIGHER IN BOTH M A R K E T S .
NEW CARS

I

NOT SEASONALLY ADJUSTED

CREDIT EXTENDED
1974 I
DEC. |
ALL HOLDERS
T O T A L C R E D I T (MILLION SI
N U M B E R OF CONTRACTS (THOUS.)
AVERAGE SIZE OF CONTRACT (SI

I
I
I
I

BANK DIRECT L O A N S
T O T A L C R E D I T (MILLION SI
NUMBER OF CONTRACTS (THOUS-I
AVERAGE SIZE OF CONTRACT (S)

I
I
I
I

1
2,0741
4461
4,6501
1

1975 I
NOV. I
2,5171
5221
4,8221
1

!

1975 I
DEC. I
2,4791
5181
4,7861

d

1974 I
DEC. I

"d

4,7431

!

BANK PURCHASED PAPER
I
TOTAL C R E D I T (MILLION SI
I
NUMBER OF CONTRACTS (THOUS.I I
A V E R A G E SIZE O F CONTRACT (SI I

801
171
4,684

6081
» 3251
711
1291
4,5771
4,5431
4,7131
I
11 .
1
1
6491
8321
7821
1351
1671
1761
4,8071
4,727
4,6831

FINANCE COMPANIES
T O T A L CREDIT (MILLION SI
NUMBER OF CONTRACTS (THOUS.I
AVERAGE SIZE OF CONTRACT (SI

I
I
I
|

518
109 1
4,752

660 }
602
132
116
5 , 1 0 2 1 •5,0001

OTHER LENDERS
TOTAL C R E O I T (MILLION SI
NUMBER OF CONTRACTS (THOUS.I
A V E R A G E SIZE O F CONTRACT (SI

I
|
I
I

3761
81
4,642

475
99
4,798

B A N K S , SAVINGS A N D


USED-CAR

851
4,4591

4601
5 0001

1975 I
NOV. I
2,2811
4701
4,8531
. ' "I
1
5561
1171
4,7521
1
1
7291
1541
4,7341

..51

J,

1

1975 II
DEC. II

1974 |
DEC. |

I
I

1974 I
DEC. I

II
2,35211
49211
4,78011

I
1,5981
63«L
526 ,
2,272 i 2 , 5 2 1 |

I
1,7571
7421
2,3681

I
1,0391

II
52611
11311
4,65511
II

320
145
3,765

5461
2261
4,2331

532!
2331
4,1891
I

79111
16511
4,79411

309
126
1,807

I
4031
1531
2,290J

5101
2011
3.0541

di

220
90
2,444

225!
831
2,7111

"
1 1
44611
9811
4,55111

346
165
2,097

2,3821

1

5471
1061
5V160I

d

4,8281

LOAN A S S O C I A T I O N S AND AUTOMOBILE D E A L E R S .

5,078| I
I
1

1975 I
NOV. I

d

1975
DEC.

1975 I
NOV. I

1975
DEC.

•id

1,574
668
2,356
479
211
2,270

I
2601
1061
2,4531

4761
1921
2,4791
I
I
3871
1461
2,6511

2,649J

d

I
1861
761
2,447|

I
1951
731
2,6711

458 }
2111
2,1711

2,0861

I
I
278|
1271
2,1891

d

2,5111
1
I

4161
1761
2,3641

177
2,537

423
196
2,158

'»

I
/

,

3#Y

FINANCE COMPANY AUTOMOBILE CREDIT - DECEMBER 1975

CREDIT EXTENDED

TOTAL CREDIT (MILLION S)
NUMBER OF CONTRACTS (THOUS.l
AVERAGE SIZE OF CONTRACT I SI
AVERACE AMOUNT FINANCED <*)
AVERAGE FINANCE RATE <«>

ADJUSTED
I
1_
1974 | 1975 I 1975 | 1974 I
DEC. I NOV. I DEC. I DEC. I
51BI
1091
4,7521
3,9531

6021
1181

5,1021
4,2231
13.101

6601
1321 " ~ r
5,000| 4,8261
4,2981 3,9761
13.061 13.101

AVERAGE MATURITY (MONTHS 1
PERCENTAGE WITH MATURITIES!
-OVER 42 MONTHS
37-42 MONTHS
OVER 36 MONTHS
31-36 MONTHS
30 MONTHS OR LESS
25-30 MONTHS
24 MONTHS OR LESS

36.5j

37.91

38.01

I

10.31
15.11

9.t|
15.31

63.01
12.01

63.21

AVERAGE LOAN-TQ-VALUE RATIO**)
PERCENTAGE WITH LTV RATIOS:
OVER H O t
lOX-llOS
91—lOOt
90t Q* LESS

•6.0!

72.11
13.31

12.01

I

15.91
34.51
47.21

86.0!
13.61
32.81
50.61

3.31
14.11
33.41
49.S|

_1975
! L||
DEC. II

1975 | 1974 | 1975 | 1975
DEC. I DEC. I NOV. I DEC.

2201
195|
5891 I
1861
2251
901
1061
76|
11611
731
*SI
631
5,1601 5,07811 2,4441 2,7111 2,6491 2,4471 2,6711 2,655
4,2531 4,324|| 2,1331 2,3291 2,3271 2,1121 2,3081 2,304
13.171 13.1911 17.561 17.521 17.601 17.891 17.821 17.86
II
I
36.41
37-71
37.811
29.11
28.11 28.9|
29.8 j 29.71
II
I
10.01
9.311
I
I
14.61
15.ZII
1
I
I
2.9|
2.61
... |
60.91
69.11
51.31
46.11
:::
16.41
14.51
!
28.7!
31.91
32.11
32.31
35.01
17,51
13.51
14.01
22.11 16.31
I
86.0I
96.01
86.01
95.01
96.01
96.01
95.01
86.0jj
I
3.4|
12.81
3.11
10.91
12.31
10.31
10.8
11.31
14.01
16.41
14l5j! 23.61
22.51
23.31
22.21 21.71 21.9
34.01
32.9M
28.81 30.11 30.91 28.51 30.61 30.5
32.51
46.71
50.11
49.011
34.71
35.81
*4.61
37.01
37.31
36.9
5471

tdi
II

I

NOTEI LOAN RATE AND LOAN TERMS DATA APPLY MAINLY TO CONTRACTS PURCHASED FROM DEALERS. THE AVERAGE SIZE 0# CONTRACT
STATISTICS ARE ESTIMATED BY DIVIDING TOTAL CREDIT EXTENSIONS FOR ALL FINANCE COMPANIES BY THE ESTIMATED NUMBER OF
CONTRACTS* THEY INCLUDE PRECOMPILED FINANCE CHARGES INCORPORATED IN THE CREDIT EXTENSION STATISTICS. THE AVERAGE
AMOUNT FINANCED STATISTICS ARE BASEO ON DATA OBTAINED FROM A LIMITED SAMPLE OF FINANCE COMPANIES* THEY DO NOT INCLUDE
ANY PRECOMPILED FINANCE CHARGES. FINANCE RATES ARE ANNUAL PERCENTAGE RATES AS SPECIFIED BY REGULATION Z ITRUTH-IN
LENDING!.. AVERAGE LOAN RATE. MATURITY AND LOAN-TO-VALUE RATIO DATA ARE OBTAINED FROM A DIFFERENT SAMPLE THAN THE LOAN
TERMS PERCENTAGE DISTRIBUTIONS. THE USED-CAR LOAN MATURITY AND LOAN-TO-VALUE DATA APPLY ONLY TO CARS LESS THAN THREE
YEARS OLD.
...

DATA NOT AVAILABLE BEFORE NOVEMBER, 1975