Full text of G.20 Sales Finance Companies : December 1, 1943
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DEPARTMENT OF COMMERCE _,._........... te d·: r· ,Jts~se · _ \),\.~b"Jiiber 1, 19~ rS-'V ~ --~ ..( ~ \ '\;.. _, \._,\t ~ . ;;~/ \ . Current Statistical Service BUREAU OF THE CENSUS SALES FINANCE COMPANIES OCTOBER I943 ·-\; C:) ~: _ ~1r~ number of new passenger cars financed by sales finance companies in October 1943 was of! a'·pfireent from that of September of this year, and the dollar volume of paper acquired in this type of financing decreased 9 percent, according .to an announcement released today by J, c. Capt, Director of the Census. The number of used passenger cars financed dropped back 13 percent, and tha volume of paper acquired was down 12 percent., New commerical vehicles financed declined 21 percent in number an~ 27 percent in dollar volume of paper acquired, from September of this year. The number of used commerical cars financed· this October was 124 percent more than the number recorded for the preceding month, and the dollar volume of paper acquired was up 123 percent. Data contained in this report are based on a sample survey conducted by the BUreau of the Census. r• · The volume of retail automotive outstandings held .by sales finance companies on October 31, 1943 was slightly (~) less than that reported at the end of September 1943. The index remained at 14 for October this year. OUTSTANDING BALANCES RETAIL AUTOMOTIVE FINANCING DECEMBER 31, 1939 • 100 INDEX 200 ~--------~----~--------------T-------------~ 0 1941 1942 1943 Of the wholesale automotive paper acquired by sales finance companies during October 1943, the volume of new passenger and commerical cars decreased 18 percent from that reported for the preceding month, while the volume of used passenger and commerical cars showed a 29 percent gain. The volume of outstanqing balances for this type of paper was 6 percent less on October 31 than on September 30, 1943. In retail diversified financing, for October this year compared with the preceding month, furniture, radios, and musical instruments registered a gain of 16 percent, while slight decreasea21> and 3%, respectively--were noted for refrigerators, household appliances and residential building repairs and modernization. The financing of wholes_ale diversified paper fell back 20 percent from September 1843, but paper acquired for industrial, commerical, and farm equipment gained 43 percent. Diversified outstanding balances held by sqles finance companies during October were reduced 5 percent in volume for retail financing of other consumers' goods, 7 percent for industrial, commerical, and farm equipment, and 9 percent for wholesale diversified financing (other than automotive), Paper acquired during October 1943 was 15 percent of the outstanding balances as of October 31, 1943 for retail automotive, 14 percent for wholesale automotive, 19 percent for wholesale--other than automotive, 7 percent f,br retail--other consumers 1 goods, and 6 percent for industrial, commerical, and farm equipment. ' These data on the current trends of sales financing during October 1943 were based on reports from 203 sales finance companies,and the dollar volumes should not be assumed to represent the total amount of financing by all sales finance companies in the United States. The data are pUblished as reported, without adjustments for seasonal or price fluctuations. The figures presented in tables 4, 6, and 6 of this release are not comparable to those published for previous months, since monthly reports have not been received each month from identical sales finance companies.All indexes for October were obtained by calculating the percent changes from September to October as shown by data on reports for both months 1'rom the same sales finance companies,and by linking these percentage to the indexes previously derived for September 1943. 3-36665 _... ,Page 2 ( Table 1.-Autamotive and Dive:rsi!ied Fine.ncing ~\ Index of Trends in Outstanding Balances by Class of Pa~e} December 31, 1939 = 100 Total Date all sales financing i939 ~ Dec. 31 ••••••• 100 • ·Retail automotive Wholesale automotive 100 100 !/ - , Wholesale Retail other other than consumers' automotive. goods 100 ·"'· 100 .• ,' In9-ustrial., commercial, and farm equipment ' .. •' - 100 1940- Dec. 31 .••.... 1)6 132 169 140 129 Dec. 31 •.•••.. 152 149 175 250 148 147 Oct. Jl ... ..... - Nov. 3() ••• ~ ••• -Dec, 31 •.... .• 67 51 44 37 124 118 112 74 52 40 89 83 76 110 64 61 31 •.•••.. 48 42 37 33 30 27 25 23 22 31 27 22 107 100 91 ·81 70 63 59 52 47 45 34 30 26 24 70 60 55 52 49 46 44 41 39 36 33 1941 ~ 1942 ~ . .r' .·,.;_ _ ....,_,,, .l 1943 - Jan. - Feb. - Mar. - Apr. -May - June 28 •••••.. 31 ••••••• 30 ••••••• Jl .•••••• JO •••••• , - July 31 ••••••• -Aug. 31 •••••• - Sept.JO ••••••• -Oct. Jl ••••••• 60 53 21 20 18 16 15 15 14 14 64 58 52 47. 44 . 40 38 36 34 12 11 10 8 8 7 131 • !( Indexes as of December 31 for the 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. Succeeding indexes are derived by calculating the percent changes of the outstanding balances 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. Table 2.--Relative Importance of Loans Made by Sales Finance Companies, October 1943 Volume of Paper Acquired During the Month and Outstanding Balances at the End of the Month ... .· Outstanding balances, end of month Percent Amount of total Paper acquired during month Percent Amount of total Class of paper !f......... . $60,171,074 100 $245,511,451 100 Total loans ••. .•••..••......•..••...... Small (personal) 'loans ••••••••••••• 2! Business loans ••• .-~·.•••..........•... ~ ~~!1~.;1.22 ,157,307 31,663,892 8 53 z8 .u~ .668 38,375,615 39,740,053 16 !f............. 23,349,875 39 167,395,783 68 Total, all classes of pape~ _ Total sales financing ~ Current Statistical Service !/ Included in this classi!i~ation are only those firms which, in addition operations, reported loan activities. · 3-351565 t~ their sales financing 1 j :1 -~ "1 ' Page) SALES FINANCE CQ4PANIES • Table ).--Automotive and Diver~ied Fiqaocing · Index of. Trends 1 1942-1943 y January 1942 • 100 Item 1943 1942 ' ..; 8 ~ ~ . () G) t=l ~ '":> i r-. ~ roi "[. < G) i' :>. ~ ~ . tiD ~ . 'It ..., G) Cl) 8 RETAIL AUTOliD'l'IVE Total number ot cars financed •• ••••••••••_•••·••••••••• 1 Total ~olume of paper acquired •••••••••••••••••••••••• 32 27 20 18 21 33 36 35 34 33 34 33 29 32 25 19 17 21 35 40 39 38 36 39 37 33 New passenger cars ••.• : ••• , ••.•••• Number ••••••••••••• 23 14 10 9 11 ~ '33 30 23 19 18 11 11 26 16 11 11 13 30 39 36 28 23 22 14 13 Paper acquired ••••• Nn commercial cars ••.••••••....• Number ••••.•••••.• -. Paper acqUired ••••• 8 9 6 8 3 4 4 5 5 10 14 11 13 6 13' 15 12 15 9 25 20 9 11 18 13 9 Used passenger cars •••••••••••••• Number ••••••••••••• Paper acquired ••••• 34 28 21 19 "22 35 37 36 37 35 38 36 31 34 28 22 l9 23 ·37 41 40 42 41 44 44 38 Used commercial cars •••••••••• : •• Number ••••••••••••• Paper acqui~ed ••••• 21' 28 16 12 13 15 15 22 21 10 13 13 6 14 22 17 20 24 24 35 33 18 20 22 12 27 WHOLESALE·AUTOMOTIVE (Paper· acquired) ./ Tobal volume ot paper acquired •••••••••••••••••••••••• 9 6 5 5 6 9 9 7 9 10 9 9 10 Hew cars (passenger and commercial) ••••••••••••••••• 6 5 4 3 3 5 6 4 4 4 3 r- Used oars (passenger and commercial) •••••••••••••••• 3 3 29 14 13 14 20 31 32 22 33 47 37 39 50 DIVERSIFIED FINANCING (Paper acquired) 1. Total diversified financ in.g ••••••••••••••••••••••••• ·•• 46 39 45 Total retatl, other consumers' goo~s •••••••••••••••• 23 20 23 ~ 29 31 28 30 33 30 60 52 6o 30 26 28 30 38 42 39 42 47 41 Furniture,radios, pianos, etc., Total ••••••••••••• 47 40 1)1 19 11.. 11) 27 11 11 28 28 23 27 F'u.rni tuN . ....•.•.•............................. 64 55 71 62 48 28 28 23 27 Radios, pianos, other musical instruments ••••••• 33 29 40 16 22 35 27 31 33 • Refrigera~ors & other household appliances, Total. Refrigerators (gas and electric) •••••••••••• : ••• Other household appliances •••••••••••••••••••••• 8 12 18 22 26 11) lL. 12 12 6 28 23 21 14 13 12 18 22 26 15 14 12 12 Residential building repair and modernization ••••• 82 64 142 43 35 40 48 54 7l 81 89 94 92 liiscellaneous retail ..................... •-•--. .•...•. 97 87 88 63 51 65 67 101 87 78 86 125 75 - 24 17 11 23 15 11 Total wholesale,. except automotive •••••••••••••••••••• 10 9 7 2 2 Industrial, cammercial, and farm equipment •••••••••••• 40 30 59 42 27 64 41 38 37 22 28 27 3S 6 3 2 3 3 5 5 3 2 2 ~ Bureau o the Census il y Current·!tatistical Service Indexes are derived by calculating t!UI percent changes in the number of cars financed or the volume of paper acquired by sales finance companies during each month from the number of .cars financed or the volume of paper acquired by the same companies during the preceding month, and by linking these percentages to the indexes tor the preceding month.· The indexes tor "Total retail automotive 1 " ''Total wholesale automotive," and "Total retail, other consumers' goods" are based on ail figures reported for these items regardless ot whether or not breakdOwns could be supplied. 3-3~65 ·>.'.",·- I . • Ou.tatandins balances October 31, 1943 !I Clus _of paper Ratio papw BCCluired to outstancU.nc._ bal.ancee 'gf 'total tetail ·atoaloliift • .•..•..•...•• ~ • -• ....•. Total whol•ale ataioli1ve •• ~ ••....••••••..• Total 'ifbDl...ale - other than automot!.-••••• Total retail- other COJIIWIIG"s'· pods ....... Indll~rial, 00-cial, aDd tum equlpaent. ·r---=-:.t:==-+--.t.::::t.j~'--11"---"'......""'""""'-t-----"'---.-· fOtit.l 8ale8 tl.DIDC~S. -. • • • • • • • • • • Data are ·OR filure• trOIIA lales e campuies able to report both their paper acquired aad their outetaad!Da balances. _ · - -g/ Ratios obta!niJd b,r 41~~ ~ acquired (colWII!l 2) b,y ~tetan~ -b~es (colUIIIIl :J), Nwlber of Cere Table 5.-Autollotive Fitlancins and Volume ot Paper Acquired Durins October 1943 ~ed Number ot. care Percent Number ot tot.:!. Clals ot paper 'iItot.J,. Ntall autaaoti:ve •••••• ~ ••••••••~ •••••• 34,045 Paper acquired Pwcent 'Doll,.Z. ot volume lOO tl6,937,572 total !I ~ lin ])&ls-..r car• ............ ~ ........... 1,300 460 31~388 897 4 1 92 3 1,169,461 659,733 ·14,498,252 6lo,126 automotive .................... 12,759 ~ t9 1 279 1373 r~ care <P..senser and cammercial) ....... Used cars .{paseanser arid commercial) •••••• 3,-149 9,610 25 75 2,473,401 6,805,972 lfn cCIIllllerClal cars • •••••••••••••••••.•·• • •• Uaed.paaMnler cara •••••.. ·~ •. ~ ...••.••...•• Used. c~·cars •••••• •••••• ••••••• •Jf • • Tot&l.'llho~ale ·• - 100 7 4 85 4 !/ ~ 27 73 !I Data are based on reports from sales f'inance companies providins a breakdown ot _~eir retail arid •holeeale aut-"-w financing. Th- a.unte are lese than those reported in table 4 due to the exclusion ot 8CIIIIe data tor •hich bre&lcdowns were -not available. _I·, Table 6.-Diversitied Finlincing _ Volume ot Paper Acquired lluring October 1943 Clue of paper Retail .;. other consuiaers• aoOclst _ _ Pumit.uM racl1os, pianos, and other 111118-ica;l. inst1'121118nte,., lefl'18el'do1'8 and other household appliances ......... , ... ·• , Residential buildins repair and mqclllrnisat.t.on•••••••••••••• Dollar volume K1ectel.l.arte'Cnl8 ret&U •••••••••••••••••••••• -:• ••••• _•• ~-! •••••• t717,010 170,096 2,818,404 1.086.2168 Total .retaU.- other COI18111Der•' sooda .... ~ •• ·-· .............. .. Total whol81ale- other than au~iY••••••••••••••••••••••• Industrial, 0011111ercial, and ~ eqliipaent. ~ •••••• , , • : • •••••• t4,79l,778 90,199 389.101 Total diversified tinancina ...... ; • , • .. Bureau ot the Clln8U8 14 3 53 A !I 9l 2 ..:1 lOO CUrrent· statistical Service !/Dat.a ere based on reports from sales finance companies providins a breakdown ot their._ retail ·tinencina Ot othlr co118111118re 1 .aood~. This amount is lese thiln that reported in. table 4 due to the exclusion ot some . elate tor -which breakdoWns were .not available. J-IHa ·- '