Full text of G.20 Sales Finance Companies : January 3, 1944

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January 3,1'

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D E P A R T M E N T OF C O M M E R C E

Uj R G E S SP

Current
Statistical
Service

BUREAU OF TH E CENSUS

M“3«W
LtHRA
SALES FINANCE COMPANIES
NOVEMBER 1943

C2 o
~X
The number of new passenger cars financed by sales finance companies in November 1943 was
off 23 percent from that of October of this year, and the dollar volume of paper acquired in this
type of financing decreased 22 percent, according to an announcement released today by J. C. Capt,
Director of the Census. The number of used passenger cars financed in November this year was vir­
tually unchanged from that of the previous month, with the volume of paper acquired also remaining
substantially the same. New commercial vehicles financed declined 16 percent in number and 9 per­
cent in dollar volume of paper acquired, from October of this year.
The number of used commercial
cars financed this November was 34 percent less than the number recorded for the preceding month,
and the dollar volume of paper acquired was down 31 percent.
Data contained in this report are
based on a sample survey conducted by the Bureau of the Census.
The volume of retail automotive outstandings held by sales finance companies on November
30, 1943 was slightly [2%) less than that reported at the end of October 1943.
The index remained
at 14 for November this year.

INDEX

OUTSTANDING BALANCES
RETAIL AUTOMOTIVE FINANCING
DECEMBER 31, 1939 - 100

Of the wholesale automotive paper acquired by sales finance companies during November
1943, the volume of new passenger and commercial cars decreased 25 percent from that reported for
the preceding month, while the volume for used passenger and commercial cars was approximately the
same as in October 1943. Volume of outstanding balances for this type of paper was 6 percent less
on November 30 than on October 31, 1943*
In retail diversified financing, for November this year compared with the preceding month,
furniture, radios, and musical instruments registered a decline of 11 percent, while respective
gains of 24 and 25 percent were noted for refrigerators, household appliances and residential build­
ing repairs and modernization.
The financing of wholesale diversified paper increased 19 percent
from October 1943, while paper acquired for industrial, commercial, and farm equipment rose 310 per­
cent .
.
Diversified outstanding balances held by sales finance companies during November were re­
duced 6 percent in volume for retail financing of other consumers1 goods, but rose slightly (2%)
for wholesale diversified financing (other than automotive) and 4 percent for industrial,commercial,
and farm equipment.
Paper acquired during November 1943 was 14 percent of the outstanding balances as of No­
vember 30, 1943 for retail automotive, 14 percent for wholesale automotive, 26 percent for whole­
sale—other than automotive, 9 percent retail—other consumers* goods,and 21 percent for industrial,
commercial, and farm equipment.
These data on the current trends of sales financing during November 1943 were based on
reports from 188 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 pre­
sented in tables 4, 5, 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 com­
panies. All indexes for November were obtained by calculating the percent changes from October to
November as shown by data on reports for both months from the same sales finance companies, and by
linking these percentages to the indexes previously derived for October 1943*

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Table 1.—Automotive and Diversified Financing
Index of Trends in Outstanding Balances by Class of Paper a/
December 31, 1939 = 100
Total
all
sales
financing

Retail
automotive

Wholesale
automotive

Wholesale
other
than
automotive

1939 - Dec. 31......

100

100

100

100

100

100

1940 - Dec. 31......

136

132

169

140

129

131

1941 - Dec. 31......

152

H9

175

250

148

147

1942 - Nov. 30......
- Dec. 31.......

60
53

44
37

118
112

52
40

S3
76

64
61

1943 -

48
42
37
33
30
27
25
23
22
21
20

31
27
22
20
18
16
15
15
14
14
14

107
100
91
81
70
63
59
52
47
45
42

34
30
26
24
12
11
10
8
8
7
7

70
64
58
52
47
44
40
38
36
34
52

60
55
52
49
46
44
41
39
36
33
35

Date

Jan.
Feb.
Mar.
Apr.

31......
28......
31......
30......

- June 30......
- July 31......
- Aug. 31 ......
- Sept.30......
- Oct. 31..... .'
- Nov. 30......

Retail
other
consumers1
goods

Industrial,
commercial,
and farm
equipment

sales finance companies on a supplementary report form which accompanied the regular monthly re­
port 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, November 1943
Volume of Paper Acquired During the Month and Outstanding Balances at the End of the Month

Class of paper

Paper acquired
during month
Amount

Outstanding balances,
end of month

Percent
of
total

Total, all classes of paper a/ ........

$59,622,871

Total loans.... .....................
Small (personal) loans.... ........
Business loans.....................

35.455.543
5,009,031
30,446,312

59
8 '
51

Total sales financing a/ ............

24,167,528

41

Bureau of the Census

100

Amount

Percent
of
total

$238,087,683

100

77.325.419
57,229,807
40,095,612

53
16
17

160,764,264

67

Current Statistical Service

a/ Included in this classification are only those firms which, in addition to their sales financing
operations, reported loan activities.
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Table 3•—Automotive and Diversified Financing
Index of Trends, 1942-1943 a/
January 1942 - 100
1942

CD

-p
a
a>
co

-p

28
32

•“3

27
25

20
19

18
17

21
21

33
35

36
40

35
39

34
38

33
36

34
39

33
37

29
33

New passenger cars...............Number.........
Paper acquired.

14
16

10
11

9
11

11
13

24
30

33 ■ 30
39 36

23
28

19
23

18
22

ii

11
8
13 10

New commercial cars............. Number.........
Paper acquired.

6
8

3
4

4
5

5
6

10
13

14
15

11
12

13
15

Used passenger cars............. Number.........
paper acquired.

28
28

21
22

19
19

22
23

35
37

37
41

36
40

37
42

35
41

38
44

36
44

31 31
38 38

Used commercial cars............ Number.........
Paper acquired.

16
22

12
17

13
20

15
24

15
24

22
35

21
33

10
18

13
20

13
22

6
12

14
9
27 19

6

5

5

6

9

9

7

9

10

9

9

10

9

New cars (passenger and commercial)..

5

4

3

3

5

6

4

4

3

4

3

3

2

Used cars (passenger and coninercial),

14

13

U

20

31

32

22

33

47

37

39

50

50

Total diversified financing.......... :

39

45

23

20

23

24

29

31

28

30

33

30 41

Total retail, other consumers1 goods.

52

60

30

26

28

30

38

42

39

42

47

41 49

Furniture, radios, pianos, etc., Total.....
Furniture.................................
Radios, pianos, other musical instruments.

40
55
29

53
71
40

39
62
16

34
48
22

35

27

31

33

28

28

23

27 24

28

23

27 24

Refrigerators & other household appliances, Total.
Refrigerators (gas and electric)............
Other household appliances.................

17
15
23

13
11
21

9

Residential building repair and modernization.

64 142

Miscellaneous retail..........................

87

Total wholesale, except automotive.... ...........
Industrial, commercial, and farm equipment.......

Q)

Mar

o
Q>
Q

May

i—i
•H
U
Q*

Nov

a

Nov

1943

Item
rO

§

3

RETAIL AUTOMOTIVE
Total number of cars financed..
Total volume of paper acquired.

14

9
9 25
9 11 18

20
13

17
12

WHOLESALE AUTOMOTIVE
(Paper acquired)
Total volume of paper acquired........

DIVERSIFIED FINANCING
(Paper acquired)

31

33

8
6
13

12

18

22

26

1?

14

12

12 15

-4-

»

27

•—1

Bureau of the Census

35

28

12

18

22

26

15

14

12

12 15

43

35

40

48

54

77

81

89

94

92 115

88

63

51

65

67 101

87

78

86 125

75 94

6

3

2

3

3

5

5

3

2

2

2

30

59

42

27

64

41

38

37

22

28

27

Current Statistical

2

2

38 157
Service

a/ Indexes are derived by calculating the 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 financedar the volume
of paper acquired by the same companies during the preceding month, and by linking these percentages to
the indexes for the preceding month.
The indexes for ’
’
Total retail automotive,” "Total wholesale auto­
motive,”and "Total retail, other consumers1 goods”are based on all figures reported for these items re­
gardless of whether or not breakdowns could be supplied.
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fee* 4

Table 4.—Automotive and Diversified Financing
Volume of Paper Acquired During November 1943 and Balances Outstanding November 30, 1943

Volume of paper acquired
during November 1943
By companies
reporting
By all
outstanding
companies
balances a/

Outstanding
balances
November 30,
1943 a/

Ratio paper
acquired to
outstanding
balances b/

Total wholesale — other than automotive*•••••
Total retail - other consumers* goods..*•••••
Industrial, commercial, and farm equipment...

$15,949,100
9,631,220
136,388
5,583,242
1.318.921

$15,684,628
9,518,576
128,642
5,532,612
1.318.921

$108,456,753
66,687,277
.499,933
60,463,980
6.418.940

14
14
26
9
21

Total sales financings.••••••••••••

$32,618,871

$32,183,379

$242,526,883

13

Class of paper

outstanding balances,
b/ Ratios obtained bjr dividing paper acquired (column 2) by outstanding balances (column 3).

Table 5,—Automotive Financing
Number of Cars Financed and Volume of Paper Acquired During November 1943
Paper acquired

Number of cars
Percent
of
Number
total

Class of paper

31.813

100

973
385
29,867
588

3
1
94
2

11.911

100

2,633
9,278

22
78

Dollar
volume
S15.679.487 a/
889,279
599,723
13,781,818
408,667
*8.300.137 a/
1,845,776
6,454,361

Percent
of
.......total____
100
6
4
88
2
100
22
78

a/ Data are based on reports from sales finance companies providing a breakdown of their retail and wholesale
automotive financing. These amounts are less than those reported in table 4 due to the exclusion of some
data for liiich breakdowns were not available.

Table 6.—Diversified Financing
Volume of Paper Acquired During November 1943
Class of paper
Retail - other consumers' goods:
Furniture, radios, pianos, and other musical instruments....

p j m b .■

%J Data

Dollar volume

Percent
of
total

$636,282
210,191
3,429,114
1.295.906

9
3
49
18

$5,571,493 V
136,388
1.318.921

79
2
19

$7,026,802

100
Current Statistical Service

are based on reports from sales finance companies providing a breakdown of their retail financing of
other consumers' goods. This amount is less than that reported in table 4 due to the exclusion of some
data for which breakdowns were not available.