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FEDERAL RESERVE statistical release

August 8, 1997

Finance Companies
G.20
The series in this release have been revised to incorporate several changes
resulting from the benchmarking of finance company receivables to the June 1996 Survey of
Finance Companies. In that benchmark survey, and in the monthly surveys that have
followed, more detailed breakdowns have been obtained for some components. In addition,
previously unavailable data on securitized real estate loans are now included in this release.
The new information has resulted in some reclassification o f receivables among the three
major categories (consumer, real estate and business) and in discontinuities in some
component series between May and June 1996. Major changes are:
Motor vehicle leasing. New detail on motor vehicle lease receivables breaks that item
into consumer and business components. The bulk of motor vehicle leasing is now classified
as consumer receivables. Previously, with no detail available, all leases were carried as
business receivables. The separation between business and consumer leases has been
estimated back to June 1980.




-2-

Revolving credit. Revolving credit (primarily credit card receivables) is now shown as
a separate item under the consumer category. Previously revolving credit was part of the
"other" component. The separation of revolving from "other" has been carried back to
December 1984. (It should be noted that credit card receivables held by bank subsidiaries of
finance companies are not included in the statistics reported here; they are included elsewhere
in data series for banks.)
Real estate loans. Real estate loans held by finance companies are now disaggregated
into loans on one-to-four family properties and "other" types. This more detailed reporting
has not been estimated for months prior to June 1996.
Securitized real estate loans. The reporting of real estate loans originated by finance
companies that are held in securitized asset pools begins with June 1996, resulting in a
discontinuity in total real estate receivables between May and June 1996.
Other discontinuities. Smaller discontinuities exist in all series on securitized
receivables. More complete information exists for June 1996 and subsequent months than
was previously available.
A diskette containing complete historical data for all series shown in this release is
available from the Federal Reserve Board’s Publications Section, Mail Stop 127, Board o f
Governors o f the Federal Reserve System, Washington, DC, 20551; (202) 452-3245.




FEDERAL RESERVE statistical release
For immediate release

FINANCE COMPANIES'*

G.20

August 1997

June 1997
OWNED AND MANAGED RECEIVABLES2
1996_______________________
Jun

Jul

Aug

Sep

Oct

Nov

Dec

___________________ 1997
Jan

Feb

Mar

Apr

May

Jun

Seasonally Adjusted
Growth Rates (percent at annual rate)
Total
Consumer
Real estate
Business

n.a.
n.a.
n.a.
n.a.

6.5
14.9
4.0
-0.3

10.1
2.5
33.4
9.8

-0.9
0.3
13.0
-6.4

4.7
-2.2
3.7
11.2

4.8
-0.6
2.5
10.3

5.8
4.7
34.5
-2.3

6.6
9.7
8.8
3.2

1.7
8.6
1.3
-4.4

9.7
4.5
28.8
8.0

2.7
21.7
14.3
-18.3

0.4
1.3
11.3
-4.1

11.3
7.5
27.1
9.3

743.1
301.7
103.8
337.5

747.1
305.5
104.2
337.4

753.4
306.1
107.1
340.2

752.8
306.2
108.2
338.4

755.7
305.6
108.5
341.6

758.7
305.4
108.8
344.5

762.4
306.6
111.9
343.8

766.6
309.1
112.7
344.7

767.7
311.3
112.8
343.5

773.8
312.5
115.5
345.8

775.6
318.2
116.9
340.5

775.9
318.5
118.0
339.3

783.1
320.5
120.7
342.0

Percent except as noted; not seasonally adjusted
New car loans
9.53
9.81
Interest rate
50.4
50.5
Maturity (months)
91
91
Loan-to-value ratio
16,854 16,926
Amount financed (dollars)

10.49
51.4
92
16,927

10.52
51.9
91
17,182

10.40
52.5
89
17,435

10.31
52.3
90
17,719

8.60
52.3
90
17,670

7.17
55.1
92
17,090

7.44
54.6
92
16,837

8.08
53.5
90
17,198

8.56
52.8
91
17,620

7.80
53.2
93
18,060

7.64
53.3
93
18,171

13.92
51.3
100
12,132

13.87
51.0
100
12,108

13.75
51.1
101
12,326

13.56
50.3
102
12,393

13.42
49.9
99
12,492

12.93
51.5
99
12,362

13.08
51.1
99
12,202

13.18
51.1
99
12,194

13.29
51.2
99
12,195

13.48
51.3
99
12,261

13.55
51.3
99
12,239

Outstandings (billions of dollars)
Total
Consumer
Real estate
Business
AUTO LOANS: TERMS OF CREDIT3

Used car loans
Interest rate
Maturity (months)
Loan-to-value ratio
Amount financed (dollars)

13.62
51.6
100
12,249

13.77
51.7
100
12,242

n .a.-n o t applicable
1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks.
2. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator. Data are shown before deductions for unearned income and losses. Components may not add to totals because of rounding.
3. Data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month.




OWNED AND MANAGED RECEIVABLES2

____________________1936______________________
Jun

Jul

Aug

Sep

Oct

Nov

Dec

__________________ 1297__________________
Jan

Feb

Mar

Apr

May

Jun

Not Seasonally Adjusted
Outstandings (billions of dollars)

746.7

741.3

747.9

749.4

754.2

759.8

769.7

767.7

766.2

775.0

776.6

777.8

787.2

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving4
Other®
Securitized Assets®
Motor vehicle loans
Motor vehicle leases
Revolving
Other

301.6
86.3
86.7
29.8
37.8

304.2
88.0
88.1
30.0
37.9

305.7
87.2
88.9
29.2
38.3

306.8
88.7
89.9
29.4
36.5

305.7
88.0
91.4
29.6
33.8

307.1
87.6
91.8
29.9
33.6

310.6
86.7
92.5
32.5
33.2

310.6
86.8
93.6
32.3
34.4

309.9
87.1
94.3
32.2
34.0

311.0
85.8
95.6
33.2
34.0

315.6
83.2
96.7
34.3
34.3

317.5
85.1
97.3
34.4
34.7

320.6
87.0
98.5
34.1
35.3

36.7
7.6

35.8
7.5

37.2
7.5

36.2
7.4

35.8
8.1

35.3
8.8

36.8
8.7

35.0
8.6

34.2
8.5

34.5
8.4

38.3
9.4

36.8
9.3

36.8
9.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16.7

17.0

17.5

18.7

19.0

20.2

20.1

19.8

19.7

19.6

19.3

19.9

19.7

Real estate
One- to four-family
Other
Securitized real estate assets6
One- to four-family
Other

103.8
47.3
33.1

104.2
48.7
32.4

107.1
50.7
32.4

108.2
50.4
31.8

108.5
51.6
31.4

108.8
51.5
31.1

111.9
52.1
30.5

112.7
53.2
30.3

112.8
53.8
30.2

115.5
53.3
30.1

116.9
55.0
30.3

118.0
54.9
30.3

120.7
55.1
30.3

23.4

0.0

23.1
0.0

23.5
0.4

25.6
0.4

25.1
0.4

25.8
0.4

28.9
0.4

28.9
0.3

28.5
0.3

31.8
0.4

31.3
0.3

32.5
0.3

35.0
0.3

Business
Motor vehicles
Retail loans
Wholesale loans7
Leases
Equipment
Loans
Leases
Other business receivables6
Securitized assets6
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6

341.3
65.1
25.0
32.3
7.8
196.0
58.2
137.9
44.6

332.9
60.0
24.9
27.1
8.0
193.9
55.6
138.3
44.8

335.1
62.3
25.1
28.7
8.5
193.0
53.3
139.7
46.6

334.4
64.7
25.3
30.9
8.5
190.8
53.9
136.8
45.9

339.9
65.3
25.5
31.2
8.6
189.7
56.7
133.0
49.6

344.0
66.6
24.9
32.9
8.7
192.1
58.3
133.8
49.0

347.2
67.1
25.1
33.0
9.0
194.8
59.9
134.9
47.6

344.4
68.4
24.9
34.5
9.1
191.9
56.1
135.8
47.7

343.4
71.0
25.0
36.9
9.1
190.8
54.5
136.3
48.3

348.5
73.8
25.1
39.6
9.1
192.1
55.0
137.1
49.3

344.1
71.7
24.6
37.9
9.2
189.9
53.8
136.1
49.6

342.2
70.4
24.4
36.6
9.3
188.0
52.3
135.6
50.3

345.9
70.7
25.2
36.3
9.3
188.8
52.6
136.2
52.2

24.2
1.9
22.2
0.1
8.9
4.9
4.1
2.5

23.2
1.8
21.4
.0.0
'8.6
4.6
4.0
2.5

22.1
1.7
20.3

22.0
1.6
20.3

21.9
1.5
20.4

22.9
2.8
20.0

24.0
2.7
21.3

23.3
2.6
20.7

20.7
2.4
18.3
0.0
10.3
4.2
6.0
2.4

20.5
2.2
18.2

20.3
2.1
18.2

21.1
2.6
18.5

21.3
2.5
18.7

0.0

0.0

0.0

0.0

10.3
4.0
6.3
2.5

9.9
3.8
6.2
2.6

9.9
4.0
5.9
2.5

10.4
3.9
6.5
2.5

Total

4.
5.
6.
7.
8.

0.0

0.0

0.0

0.0

0.0

0.0

8.6
4.6
4.1
2.5

8.5
4.5
4.1
2.5

11.0
4.2
6.7
2.4

11.1
4.6
6.4
2.4

11.3
4.7
6.6
2.4

10.7
4.5
6.2
2.4

Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
Includes personal cash loans, mobile home loans, and loans to purchase other types of consum er goods such as appliances, apparel, boats, and recreation vehicles.
Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator.
Credit arising from transactions between manufacturers and dealers, that is, floor plan financing.
Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; sraaillloans used primarily for business or farm purposes; and wholesale and
lease paper for mobile homes, recreation vehicles, and travel trailers.