Full text of G.20 Sales Finance Companies : March 31, 1943

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Immediah
Release
March )1, 1943 ,

AFR r·l 1943
UBAARV

SALES FINANCE CWPANIES

February 1943

Co"i>'/ '3:

The' n'limber of new passenger cars financed in February 1943 by sales finance companies was
12 percent more than the number in January of this year,.accordlng to an announcement released today by
J. C. Capt, Director of the Census. The dollar volume of paper acquired in this type of financing
gained 19 percent. There was an increase of 17 percent in the llUillber of used passenger cars financed,
and :=n percent in the doll;\r volu.m"'
paP"'!' acquired. c;c.mpared with t.he preceding n:onth, the number
of new commercial. cars financed H33 27 percent morf! 5.n J!ebl?uary and the d.:>llar volume of paper acquired, 37 percent. The number of used commercial cars :finam:ed increased 12 percent, while the dollar
volume of paper acquired rose 23 percent.

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"'W

As of February 28, 1943 the volume of retail IW tomotive ou tatandings held by aa.lea
companies was 15 percent less than as of January 31, 1943, lowering the index to 27.
OUTSTANDING

!in&.n~e

'

BAL;~CES

RETAIL AUTOUOTIVE FINANCING
DECEMBER 31, 1939 '* 100

INDEX

200r---------------~--------------,----------

50[

,e

0

L.LL.l

1941

I

/_j_LLJ_-L...J.....l

1942

I

1943

Of the wholesale automotive paper acquired by sales finance companies during February 1943,
the volume for new passenger and new co~mercial cars remained at approximately the same level as in
January, while the volume for used passenger and used cont'llercia.l cars increased 37 percent. The volume
of outstanding balances for this type of paper dropped 7 percent from January 31, 1943 to February 28,
1943.

For February 191.3, month ago comparisons in retail diversified financing indicate a gain of
34 percent in the financing of radios and other r:ausical 1.nstruments, but losses in all the other types
of financing for which data are shown: Other household appliances (10%), residential. building repair
and modernization (19%), re.frigerato:rs (21%), furniture (22%), and industrial, camnercia.l, and farm
equipment (35%). In wholesale diversified financing, the volume of. paper acquired increased 62 percent
from January to February.
·
As of February 28, 1943 compared with January 31, 1943,the volume of diversified outstanding
balances held by sales finance companies decreased 8 pe~cent each for the retail financing of other
consumers' goods and of industrial, commercial. and farm equipment, and 10 percent for wholesale diversified financing (other than automotive).
The ratios of the paper acquired during February 1943 to t.he outstanding ba.lances as of
February 28, 1943 were 5 percent for retail automotive, 4 percent for wholesale automotive, 10 percent
for lllholesale-qther than automotive, 2 percent for retail-other consumers 1 goods, and 4 percent for
industrial, cormne1•cial, and farm equipment.
These data on the current trends of sa.les financing during February 1943 were based on reports from 226 sales finance companies, and the dollar volumes should not b~ assumed to repll'esent the
, total amount of financing by all sa.les finance companies in the United States. The data are published
as reported, without adjustment for seasonal or price fluctuations. The figures presented in tables
51 6, and 7 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
February were obtained by ca.lculating the percent ch&n8es from January to February, as sho11n by data
on reports for both months from the same sales finance companies, and by linking these percentages to
the indexes previously derived for January 1943.

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SALiS FINANCE C()).IPANI!S

Table 1.--Autamotive and Diversified Financing
Index of Tren<ia in Outstanding Balances by Class of Paper
December 31, 1939 • 100
Wholesale
other
than
automotive

Retail
other
consumers'
goods

100

100

lOO

100

132

169

140

129

1.31

152

149

175

250

148

147

14.3
1.35
125
115
105
95
84
75
67

128
116
105
95
86
77
67
59
51
44
.37

2.34
233
222
19.3
175
151
137
124
118
112

29.3
252
191
15.3
130
110
97
85
74
52
40

139
1.35
1.31
126
118
110
10.3

1.52
1.5.5
156
15.3
148
140
134
124

89
8.3
76

uo

.31
27

107
100

34
30

70

60

Total
ail
sales
financing

Retail
automotive

19.39- Dec. 31 •••••••

100

100

1940 - Dec. 31 •••••••

136

1941 - Dec. 31 •••••••
1942- Feb. 28 •••••••
- Mar. 31 •••••••
-Apr. ,30 •••••••
-May- 31 •••••••

Date

-June 30 •••••..

- Ju.l7 31 ••.••.•
-Aug. 31 •.•.•••
.- Sept.)O •••••••

-Oct • .31 •••••••

•

!/

-Nov. 30 •••••••
- Dec. 31 ••• .•.•

60

1943- Jan.; 31 ••••..•
- Feb. 28 ••••.••

4s

5.3
42

Wholesale
automotive

208

Industrial,
COIIIID8rcial,
and faJ'III
equi~nt

96

64

61

64

55

y Indexes as of December .31 tor the years of 1939, 1940, and 1941 are based on figures reported bT
sales finance companies on a supplementary report form which accompanied the regular monthly r..,;
port form for January 1942. Succeeding indexes are derived by calculating the percent changes of
the outstanding balances reported by sales finance companies tor 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.--Automotive Financing
Index of Trends in Number of Cars Financed, 1942.-194.3
January 1942 • 100
Class of paper

lqJ.2
Feb. Mar. Apr. Kay- June July Aug. Sept.

!/
1~ ~

Oct.

Nov. Dec. Jan.

Feb.

Total retail automotive.

70

78

64

59

61

61

54

42

.32

27

20

18

2l

New passenger cars ••••

22

4.3

40

58

52

5.3

50

40

2.3

14

10

9

11

New commercial cars •••

27

45

31

2.3

25

22

19

10

8

6

3

4

5

Used passenger cars •••

77

83

68

60

64

63

55

4.3

34

28

2l

19

22

cars.~

74

69

55

45

46

42

34

28

21

16

12

13

15

Used commercial

Bureau of the Census

!/ Indexes

Current Statistical. Service

are deriv:ed by calculating the percent changes in the DUIIIber of ears financed by sales
finance companies during each month from those financed by the same companies during the preceding month, and by linking these percentages to· the indexes for the preceding month. · The indexes for "Total. retall automotivett are based on all figures reported tor this item regardless
ot whether or not a breakdown could be supplied.

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Table 3.-Autombtive Financing
Index of Trends in Volume ot Paper Acquired, 1942-1943
January 1942 "' 100

!/

lqL.2
Class ot paper

Feb.

Y.ar. Apr. .Ma,y June July Aug. Sept. Oct. Nov.

Dec.

19 >3
Jan. Feb.

Total retail automotive •••••

62

73

57

55

57

58

52

41

32

25

19

17

21

New passenger cars ••••••••

22

46

42

60

55

57

54

45

26

16

11

'11

13

New commercial cars •••••••

28

48

34

25

29

25

23

11

9

8

4

5

Q

Used passenger cars •••••••

73

81

62

55

60

60

54

42

34

28

22

19

23

Used commercial cars ••••• ~

76

69

58

47

51

47

39

34

28

22

17

20·

24

Total wholesale automotive,,

93

39

19

16

12

12

10

10

9

6

5

5

6

New cars (pass. & comm.) •• 100

37

17

14

10

8

7

7

6

5

4

3

3

Used cars (pass. & comm.).

66

40

37

29

29

28

27

29

14

13

14

20

67

!I Indexes are derived by calculating the percent changes in the volume ot automotive paper acquired
by sales finance companies during each month trom the volume acquired by the same companies during
the preceding month, and by linking these percentages to the indexes tor the preceding month. The
indexes for "Total retail automotive" and for "Total wholesale automotive" are based on all figures
reported for these items regardless of whether or not breakdowns could be supplied.

Table 4.-Diversified Financing
Index of Trends in Volume of Paper Acquired, 1942-1943
January 1942 = 100

!/

1942
Class of paper

Feb. Mar. Apr. lla,y June July Aug. Sept. Oct. Nov. Dec. Jan, Feb.

Total retail,other consumers' goods, 103 137 123 108

..

1943

80

59

54

52

60

52

60

30

26

97

73

66

59

59

64

55

71

62

48

37

33

30

31

28

33

29

40

16

22

Refrigerators (gas and electric) •• 147 250 132 105

63

34

22

19

23

15

11

7

6

Other household appliances •••••••• 115 169 116

80

46

31

37

36

28

23

21

14

13

92 119 127 128

98

84

77

76

82

64 142

43

35

•••••••••••••• 144 155 131 131 142 124 117 135

97

87

88

63

51

FUrniture • •••••..•..•....••....•••

88 122 110

Radios, pianos, and other
musical instruments ••••••••••••• 108 141

72

Residential building repair and
modernization •••••••••••••••••••

Miscellaneous

~etail

Total wholesale, except automotive •• 128 106

52

24

18

12

11

9

10

6

3

2

3

158 162

85

49

46

31

27

40

30

59

42

27

Total diversified financing •••• 111 130 107

86

62

47

42

40

46

39

45

23

20

Industrial, commercial, and farm

....
' '-..,

.,

equi pnent, •••.••.••.....••••....••• 124

Bureau of the Census

!/ Indexes

Current Stat1stical Service

are derived by calculating the percent changes in the volume ot diversified paper acquired
by sales finance companies during each month tr.om the volume acquired by the same companies during
the preceding month, and by linking these percentages to the indexes !or the preceding month. The
indexes for 11Total retail other consumers' goods" are based on all figures reported for this item
regardless of whether or pot a breakdown could be supplied.

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Table 5 .-Automotive and Divereitied Financins
Volume of Paper Acquired clurins Februar.r 1943 and Balances Outstan!ll.ns Februar.r 28, 1943
:'i

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Voluine of paper acquired
durirur FebruarY i943
B.r companies
reportiil&
B.r all
companies
outstan~
balances a

·:Class of paper
:i,
~.

-.

Total ret&il ~tamotive ••••••••••••••••••••••
Total ::"!!hole sale· automotive,, •••••••• , ••••••.••
Total wholesale - other than automotive ••••••
Total retail- other consumers• goods ••••••••
Industrial, c0111111ercial, and farm equipment •••
Total sales tinancings •••••••••••••

$10,886,570
6, 772,029
179,787
3,210,549
238,561
$21,287,496

$10,421,344
6,663,660
135,696
3,085,049
229~651

$20,535,400

Outstanclins
balances
Februar.r 28,
1943 !I

Ratio paper
acquired to
outstandins
balances 'if

$218 ,371,'600
160,441,259
1,325,348
128,006,158
_5,2Q9.._861
$513,354,226

5
4
10
'2
_4_

4

!I

Data are·based on figures from sales finance companies able to report both their paper acquired and their
outstandiil& balances,
~Ratios obtained b.r dividing paper acquired (column 2) b.r outstanding balances (column 3).

Table 6,--Automotive Financing
Number of Cars Financed and Volume of Paper Acquired during Februar.r 1943
..

·- ..

Number of cars
Percent
NUIIIber
or
total

Class of.paper

.

!'a.Eer acquired
Percent
'Dollar
or
volume
total

Total retail automotive ••••••••••••••••••••••

~

J:QQ

flO 1 7l,~ 1 22tt

New passenger cars •••••••••••••••••••••••••

1,317
100
22,314
960

5
1
90
4

1,226,558
130,702
8,772,886
585,088

-

-

New commercial cars ••••••••••••••••••••••••
Used paasenger cars ••••••••••••••••••••••••
Used Qommercia;L cars •••••••• •••.••••••••••••

Total wholesale automotive •••••••••••••••••••
New cars (passenger and commerciai),,,,,,,,
Used cars .(passenger and commercial),,,,,,,

!f

;bQQ

ll
1
82
6

J5 l54 91415. !{

~

3,011,918
2,537,497

54
46

!I Data are ·based on repol'ts f'rom sales finance companies providing a breakdown of their retail and wholesale
automotive financing, These amoun!-s are les11 than those reported in table 5 due to the exclusion of some
data f'or which breakdowns were not available.

Table 7.--Diversif'ied Financing
Volume of Paper Acquired during Februar.r 1943
Class of' paper
Retail - other consumers• goods:
PUrniture ••••••••••••••••••••••••••••••••••
Radios,pianos, & other musical instruments.
Refrigerators (gas and electric) ••• ,,,,,,,,
Other household appliances,,,,,,,,,,,,,,,,,
Residential bldg, repair & 1110dernization •• ,
Kiacellan.eoua retail • •••••••••••••.••.• ••.••
Total retail- other consumers• goods ••••••••
Tot~ wholesale- other than automotive,,,,,,
Industrial, c01111118rcial, and farm equipment •••
·
· Total diversified financing .... ,,,,
Bureau ot the Census

!I

Dollar volume

$283,539

4

48,432
42,008
. 826,260
368.427

$1,649,081
179,787
2g8,56l
$2,0 7,429

Percent
of
total
-14

~,415-

2
2

40
18

!I

80
9

ll

roo
Current Statistical Service,

Data are be,sed· on reports from sales· finance companies providing a breakdown of' their retail f'inanciil& ot
other c!onsumers• goods, This emount is less than that reported in table 5 due to the exclusion of some
data r.r which 'bl'eakdowns were not available.
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