Full text of G.20 Sales Finance Companies : March 13, 1947
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BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
llaroh 13, lMT
G.20
JAIIUAliY 19t.T
Retail f'iDanoiug.-salea tianoe oeapald.ea report.d a decline in the "fflu.e ot retail
f'izaanoiug In January. IUtt~~~otiw paper acquired ahcn~~~d an 8 per oent deoreaae aDd diwrdtied
f'iDaDoiug dropped 13 per cent below reapeotiw Daonaber lewla. bd-of'-•ollth balanoea on both
olaaaea ot paper continued to riae • but at a alower rate than in other recent month8.
The decline in pueeuger oar paper • • oD17 partiall7 ottaet bJ tht gain in the f'inanoiug
Janu&l')' trend• in autc.obile produation ware ailllilar though leaa pronounced,
111th paaaencer oar output llhowi.ng a a-.ll drop. and truck production regiateriug a 111.oderate riee.
ot omaneroial whiolea.
All olaaaea ot d1 wraif'ied financing ware below lewla ot a month earlier. The aharpeat
percentage deolinea were reported in f'urlliture paper and in residential repair and aoderld.sation
credit.
Retail Fianoilltj 'by Salea Finance Cc.paniea
Cla88 of' retail inatalaent paper
AutCIIOti w
1
Total retail
PaaaeiJ&8r oaraa
Ca.meroial oaraa
other oonau.ra' goodas
- 8
- 8
-16
- 6
JieW
-19
Uaed
- 4o
New
+19
Uaed
·~
Total retail
Furniture, radios, .aaioal iDatru.nta
ief'rigeratora and other household appliance•
R.eaidential buildiug repair and aoderni&ation
lliaoall&~~eoua retail
r
+14.
+ 6
--13
-25
- 6
-18
- 2
-+
1
...
...
.........
...
Whole aale fl.D&Doiug .-Wholesale aut0111.0ti w paper acquired in Janu&l')' waa below the
Deoeaber "fflu.e iargel7 aa a reault of' a 11 per oent drop in new oar paper. Whole•le f'i:aancinc
other than autCIIlotiw waa about t per oent below the lewl of' a aonth ago. Outatandiug balanoea.
on both olaaaea ot paper oontin11ed to inoreaae.
·
Ratio of' paFr acquired to balanoea outatandiug.-The volume ot paper acquired in
Januai'J UlOUDted to S per oent of outataDdlug b&ianoea at the •Dd of' the month, or a deoreaae ot
8 percentage pointe oompared with Deoe~~~.ber. Ratioa were aomewhat lcn~~~r f'or all olaaaea ot paper.
llote.-JaDU&rJ data, baeed OD returna from 152 aalea f{D&noe ooapalliea, are ocap1led in
the .... manner aa thoee ah01111 in earlier reports. Aggregate a repreeent onl7 the totals for the
reportiug· ocmpaniea and, ainoe the reportiug aaaple 1a not identical f'rca aonth to aonth, the7 are
not oc.parable wf.th totala of' preoediDg mon~a •
I
Page 2
SALES FIIWICB COJIPA:NIIS
Table 1.--Automotive and Diversified Financing by Sales Finance com;anies
Indexes of Outstanding Balancesa December 31, 1939 • 100 !f
End of month
and year
Total
all
sales
financing
Retail
automotive
Wholesale
automotive
Wholesale
other
than
autcmotiw
Retail
other
consumers'
goods
Industrial,
c01111118rcial,
and farm
equipment
1939 ••••••••••••••••••
100
100
100
100
100
100
1940 ••••• ••.••.•••••••
136
132
169
140
129
131
1941 ••••••••••••••••••
152
149
175
250
148
147
1942 •••••••.••••••••••
53
37
112
40
76
30
2T
1943 ••• .••••••••••••••
20
13
40
8'
-
61
1944 ••••••••••••••••••
18
15
24
11
26
26
1945 ••••••••••••••••••
22
18
27
38
39
23
1948 ••••••••••••••••••
59
42
90
224
106
59
44
41 '
49
56
44
25
27
32
35
1946- JaDW&ry ••••••••
23
25
26
29
February •••••••
llaroh ••••••••••
April •••••••• ,,
Ma.y ••••••••••••
31
18
19
20
22
24
26
28
July ••• , •••••••
August ••.••••••
33
37
41
September ••••••
44
October ••••••••
li0'9811lber • ••••••
Deoember •••• •••
49
53
59
38
42
19U- January ••••••••
62
45
J\1118 ••••• ••••••
28
36
36
35
37
40
68
Tl
90
97
105
46
49
57
59
95
252
110
60
56
57
66
78
36
36
81
91
106
125
146
177
224
.a
30
33
46
51
57
62
69
75
82
90
38
38
44
Indexes as of December 31 for the years of 1939, 1940, and 1941 are baaed on figures reported by
sales finance companies on·a supplemBntary report form which accompanied the regular monthly report form for January 1942. Succeeding indexes are derived by calculating the percentage
changes of the outstanding balances reported by sales finance companies for each month from
those reported by the ssme companies for the preceding month, and by linking these percentages
to the indexes for the preceding month.
·
Table 2.--Relative Importance of Loaus llade by Sales Finance Companies
During January 1947 and Outstanding Balances e.t End <:€ Month
Paper acquired
during month
Class of paper
Outstanding balances,
end of month
Amount
Pet-centage
of total
Amount
Percentage
of total
Total, all c1asses of paper!(••••••••
i28T 607 312
100
t8T6 436 329
100
Total loans •.. ....•••......••...•.••
Small (personal) loans ••••••••••••
Business loans ••••••••••••••••••••
49,909,096
13,864,804
36,054,292
iT
5
18
9
12
159,632,634
76,334,414
83,298,220
!/• ...........
237,698,216
83
716,803,695
82
Total sales finlll!cing
9
Included in this classification are only those firms which, in addition to their sales financing
operations, reported loan activities.
r
r
I
Page 3
SAIU FIIWICB CCIIPAIIBS
Table 3.--.Autcaothe and D1wre1tied FiD&Dciq by Sales Fiaanoe Ccapaniea
Paper Acquired Dul'iq JaJJUry 196'1 and Balanoaa Outstanding at End ot Month
Vol\11118 ot paper acquired
duriq January 19'7
Claaa of paper
t 70• 90'1.1198
reportiq
outatancli:j
balanoae a
Outstanding
balanoas
January 31.
19'7
:Ratio paper
acqui'red to
outatancli,;,
balanoaa b
19
94.
!I
14:2.M6.4.88
6.'106.'120
24..119.799
114.68.286
• '10.062.4.18
14.2.202.81.14.
6.698.333
23.186.792
11306 1382
t362.839.3ll
160.6'13.9811
18.690.4.96
198.94.0.961
9166'1.604.
Total aalee financing ••••••••• ,, t24.6.839.289
t24.3.4.66. 729
t74.0.602!26T
Total retail automotive •••••••••••••••••••
Total wholesale automotive ••••••••••••••••
Total wholesale - other than automotive •••
Total retail - other consumers' goods •••••
Industrial, commercial. and tara equi~nt
y
2/
By all
c0111panies
reportiq
By ccapaniea
36
12
14.
33
Data are baaed on .figures fr0111 sales finanoa companies able to report both their paper acquired and
their outstanding balanoee,
Ratios obtl;.ined by dividing paper acquired (column 2) by oute~tanding balances (column 3).
Table 4.--Number of Care Financed and Volume of Paper Acquired
by Salea Finance C0111paniee During January 194.'1
!lumber of oars
Claaa of paper
Paper acquired
Dollar
volume
!lumber
Percentage
of total
77.604.
100
I 61.34:6.664.
commercial cera ••••••••••••••••••
Uaed pasaenger care ••••••••••••••••••
Used commercial oars •••••••••••••••••
23.674.
s.l62
46,097
3,7'11
30
7
68
5
24:.638.173
?.oos.936
26.983,328
2.816,118
Total wholesale automotive •••••••••••••
ll7.136
100
tl28 1 817 1 676
New oars (passenger and commercial) ••
Used oars (passenger and commercial).
96.616
20,62!
82
18
ll0.868.09'1
17.969.6'19
Total retail autamoti.e ••••••••••••••••
J
lew
paaaen~r
oar••••••••••••••••••••
New
y
Percentage
ot total
!I
100
4:0
ll
"6
!I
100
86
14
Data are baaed 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 3 due to the
exclusion o.f some data .for which breakdowns were not available,
Table 5,--Volume o.f Diversified Sales Fipanoing During January 19l7
ClSBe of paper
Retail - other oonaumere' goode&
Furniture. radios. pianos. and other musical inatrumanta ..
Refrigerators and other household appliance a.,,,,.-.,,.,,,,
Residential building repairs ·and moderni&ation,, ••••••••••
Jftiacellaneoua retail,, •••••••••••• , ••• , ••••••••.•••• , ••• ,.
Total retail- other consumers' goods ••••••••••••••••••••• ,,,,
Total-wholesale- other than automoti~•••••••••••••••••••••••
Dollar volume
ot paper acquired
•
• 1.361.14.6
1.921.308
12 •• 116.14.'1
"•4.69.470
Industrial. commercial. and farm equipment ••••••••••••••••••••
t23.238.070
6. 706.720
1.468.286
Total diversified finanoing •••••••••••••••••••
.31.4.03.0'16
Percentage
or total
6
4.0
24.
!I
74.
21
6
100
Data ere based on report• from aelea .finance companies providing a breakdown of their retail
financing or other consumers' goods, This amount is less than that reported in table 3 due to the
exclusion of same data for which breakdowns were not available,
@FedFRASER