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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, A I THE AGGREGATE LEVEL.
T

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
1975 I
JAN. I
„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
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
CREDIT AND
OF CONTRACTS
 TOTAL COMMERCIAL AVERAGE SIZE OTHER LENDERS
BANK REFERS TO
BANKS ONLY*
BANKS, SAVINGS
http://fraser.stlouisfed.org/ AND LOAN ASSOCIATIONS AND AUTOMOBILE
Federal Reserve Bank of St. Louis

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

501II
96||
5,2191 I
4,33711
13.1811

USED CARS
SEASONALLY
ADJUSTED
1975
JAN.

I
1

2281
891
2,5621
2,1661
17.661

37.911
II
10.411
17.1M
II
60.1M
12.411
II

29.11
1
1
1

86.0|I
II
3.3| I
14.411
33.211
49.111

||

1975
DEC.

NUT SEASONALLY ADJUSTED

1
1
|
|

2571
97|
2,649 I
2,3281
17.511
29.81
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