Full text of G.20 Sales Finance Companies : March 31, 1944
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.. ;; ·:-::- .,,-,,~ " ""·W'"'"'"OEPARTMENT OF .CO.-.MERCE- ror ~ - ,_ ... Aii<s·"'t -.· ''·-tll1·'' ''" ' 1' ''~ BU.RE•u o·F TH' E CE SUS n.leaae ~ J-J: [)F•.L,, ,. It .Jra:rch 31,1944 .... ,_~ .. '.''.' <~r.-<·rf,~ ,, __,., '··' MAR 311844 fi~.:.. LIB RAR.Y ;&r_ SALES FINANCE cOJ!PAms IIEBRUARY 1944 G 'C> ~'t -:~. Tba IIWilber of new passenger cars financed b;r ul.es filiiiAce =-PUiea dropped Z3 percant tar J.l'ebruar;r 1944 compared with the precedi-'18 month, and tba dollar wllllle of paper aoqaired lD t.hia t1])8 of financing decreased 24 percent, according to an &nllCIWlCIJMRt released toda,y. b;r J. c. c.pt., Director of the C8D.aua. A rise of 13 percent lD the number of ued puseacer cars tinmced -.. reported al0118 with a gain of 14 percent in dollar wl111111 ot paper acquirecl. Hew c-rci&l vehicl.a financed increased 59 percent in number and 26 percent in dollar volU1118 ot paper acquired,troa Jaau.ar;r 1944. TIJB nunber of used comaercial cars financed during the second JIIDilth of 1944 wu .u.,ht.l,r (3%) larger than the number recorded for the preceding month,and the dellar volume of paper· acquired waa up 8 percent. Data contained in this report are baa~ on a sample survey conductecl by the :&urea ot the Census. The volume of retail automotive outstanding• held b;r aalea finanee o011paniea 011 J.l'eb1'11&1"7 29, 1944 was virtu&llT the sliM as that . reported at the end of Januar;r 1944. Tba index tor retail automotive outstandi111s which stood at 13 tor December 1943 and JIIDuaryl944 ~ed 'IIDIIhiJII.sed 1a J'ebru&r7 this 11Jaro OOTSTAJIDIHG BALANCES RETAIL AUTOUariVE FINANCING DEC:DIBF.2i 31, 1939 • 100 INDEX 200 150 ~ ./ 100 ~"'-.... 50 0 '~ 1941 1942 '-- -. 1943 '1944 ot the wholesale automotive paper apquired b;r sales finance companies during Februar;r 1944, t!JB vol111111 tor new passenger and coiDIDBrcial cars was 35 percent lass than that reported.to.r Januar7 1944, while the wl111111 tor used passenger and commercial cars increased 27 perctmt. · The volllllll of outstanding balancea for this type of paper was slightly (2%) smaller at the end of Februar;r 1944 than at the cloae of January 1944. lor J.l'ebruary 1944 compared with Januar;r 1944, in retail diversified tinancine,l reilidentW buildi-'18 repairs and IIIOdernillatiOll registered a gain ot 6 percent in paper acquired; while decreaeea ot 31 and 45 percen.t were rav.ealed far ·turnit\.ire 1 radioe, and musical instrumente and retrigeratore, hciu.eehold appliances, respectively. The_ financing ot industrial, co.... rcial, and tazm equipMnt ahcllled a spectacular rise of 259 percent, but. paper acquired tor the wholesale diversified ll.JMia (other thu automotive) dropped back 48 percent. DiTersitied outstanding balances held b;r sales finance companies at the end ot Februar7 1944 were incre~ed 19 percent in -volWIII for industrial, co-rcial, and fazm equipment and elig}\tl7 (~) tor 'llholaa&le diveraitied financing 1 but a 4 percent decrease occurred in retail-other coniiWIII:r ou.t at.udings. Paper acquired during Februar;r 1944 was 28 percent ot the outstanding balance• &I of J.l'ebraary 29, 1944 tor wholesale-other than automotive, 25 percent for industrial~ c-rcial, ud tara eqai.-nt, 22 percent tor wholesale automotive, 15 percent tor retail automotive, and 8 percent tar retail-other COD.SWI8rs 1 goode. ' Thllae data on the current trends of sales financing during Februa:rr 1944 were baaed on reports fl'OJII 200 sales finance companies, &IJ.d the dollar volumes ehould not be aseumed to represent the tot.al llllOWlt of financing by all sales finance companies in the United States. The data are p!bllahed as reparted, without adjustments for seasonal or price fluctuations. The figures presented 1n tablea 4, 5, and 6 of .this release are not comparable to those published for praviOila montha, since manthl;r reports ha~ not been received each month from identical sales finance companies. All lDclexea for Februar7 were obtained by calculating the percent ch&~~~es from January 1944 to Februar;r 1944 •• ehelll 'by data on repa:rta tor both months trom_t~ BBM aalaa finance companies, and by l.iniG1111 theae percent.lll'• to ,the indexes previously derived tor Januar;r 1944. a-:-aJ.363l .. SALES FINANCE COUPANIIS Table 1.-Automot.ive and Diversified Financine Index ot Trend• in oute t.andine Balanc11 b7 Claaa ot Paper December 31, 1939 • 100 !I Wholeaa:l.e other than automotive Retail other coneumera 1 100 100 100 lOO 132 169 140 129 131 152 149 175 250. 148 147 .3].. ••••••• 53 37 112 40 76 61 1943 - Feb. 28 ••••••• 42 37 33 27 100 91 81 70 63 59 52 47 45 42 40 30 64 55 38 37 Total all Ialii tinancine Ret.&il aut01110~i ve 1939 - Dec. )1 ••••••• 100 lOO 1940- Dec. )1 ••••••• 136 1941- Dec. 31 ••••••• Date 1942 - Dec. - Kar. )1 ••••••• - Apr. .3() •••• ·••• - )fa7 .31. ••••••• 22 20 -Oct. )1 ••••••• - Nov. 3C> ••••• •• - Dec. 31 ••••••• 2l 20 20 18 16 15 15 14 14 14 13 1944- Jan. ·31•• ~ •••• - Feb. 29 ••••••• 19 18 13 13 - June 3() ••••••• - July 31 ••••••• - Aue. 31 ••••••• - Sept.JO ••••••• !I 30 27 25 23 22 Wholeaale automo t:J. ve 26 24 JOOdl Induetri&l, c01111111rci&l, and tam equipnent 10 8 8 7 7 8 58 52 47 44 40 38 36 34 32 30 52 49 46 44 41 39 36 33 35 27 10 10 29 27 26 31 12 11 • Indexes as ot Dece.mber 31 tor the years of 1939, 1940, and 1941 are based on fieures reported b7 sales finance companiea on a llllpplem.entar,r report form which accompanied the reeular monthl.T report form for Januar.r 1942. Succeedine indexes are derived b7 calculatine the percent chqea ot t.he out.standinJ balances reported b,y sales finance companies tor each month from those reported b,y the same companies tor t.he J3'ecedine month, and b,y linkinl these percentaees to t.he indexes tor the J3'ecedine month. Table 2.--Relative Importance ot Loans Made b,y Sales Finance Companies, Februar7 1944 Volume ot Paper Acquired Durine the Month and OUtstanding Balances at the End of the Month Class of paper Paper acquired during month t'ercent; of Amount total OUtstanding balances, end of month percent. Amount ot total $67J476.232 100 $243.220.974 61 Business lo~·••••••••••••••••••••• {t0 1 26J 1 2JO 5,554,695 35,408,535 8 53 82.87J.222 38,599,137 47,274,155 H 19 Total sales financine !/•••••••••••••• 26,513,002 39 157,347,682 65 Total, all classes of paper !/••••••••• Total loans ••••••••••••••••••••••••••• S.ll (perscnal) loans •••••••••••••• Bureau ot the Census !I 100 Current Statistical Service Included in this classification are onl7 those firma which, in addition to their aalee tinaocill£ operations, reported loan activities. 3-31353 ' ~· 3 SALES FINANCE COMPANIES Table 3.--Automotive and Diversified Financing Index of Trends, 1943-1944 !/ January 1942 • 100 1943 . ~ Item ""' ~p.. ~ "" :t .... ~ ~ (I) i 1944 . ~ 8..; {I] i II!; . () (I) ~ ~ . ~ ""' RETAil. AUTOl4Gl'IVE Total number of cars financed •••••••••••••••••• ~······ Total volume ot paper acquired ••••••••••••••••••••••• • Hew passenger cars ••••••••••••••• Number ••••••••••••• Paper acquired, , • , New commercial cars •••••••••••••• N~Q'~············ Paper acquired.,,,, 21 33 36 35 21 35 40 39 ll 13 34 33 34 33 29 38 36 39 37 33 28 28 23 32 32 28 8 33 30 23 19 18 ll l l 30 39 36 28 23 22 l4 13 lO 24 5 10 l4 l l 13 6 13 15 12 15 Used passenger cars •••••••••••••• Number •••••••••••• Paper acquired ••••• 22 23 Used comDercial cars •••••.••.•.•• Number •••••••••••• Paper acquired ••••• 15 15 24 24 9 25 20 17 9 9 l l 18 13 12 6 8 8 lO 5 8 26 3l 6 8 8 12 9 12 35 37 36 37 35 38 36 3l 31 32 26 37 41 40 42 41 44 44 38 38 38 33 29 38 22 2l 10 13 13 6 l4 9 10 8 35 33 18 20 22 12 27 19 27 16 l8 8 WHOLESALE AUTOMGl'IVE (Paper acquired) Total volume ot paper acquired ••••••••••••••••••••••• 6 9 9 7 9 10 9 9 lO 9 9 ll New cars (passenger and commercial) •••••••••••••••• 3 5 6 4 4 4 3 3 2 2 4 3 Used cars (passenger and commercial), ••••••••••••••• 20 31 37 39 50 50 46 50 64 30 32 22 3 33 47 12 DIVERSIFIED FINANCING (Paper acquired) Total diversified financing ••••••••••••••••••••••••••• 20 23 24 29 31 30 41 32 30 34 Total retail, other consumers' goods •••••••••••••••• 26 28 30 38 42 39 42 47 41 49 42 37 36 FUrniture, radios, pianos, etc., Total •••••••••••• F\lrni ture . •.•.•.....•.......•••...•.•........... Radios, pianos, other musical instruments ....... 34 48 22 35 27 31 33 28 28 23 27 2l 35 27 31 28 Refrigerators & other household appliances, Total. Refrigerators (gas and electric) •••••••••••••••• Other household appliances, •••••••••••••••••••.• 8 12 18 6 13 12 18 22 26 1'5 Residential building repair and modernization ••••• 35 40 48 54 77 Miscellaneous retail••••••••••••••••••••··~······· 51 65 • Total wholesale, except automotive •••••••••••••••••••• ., Industrial, commercial, and farm equipment •••• ,, •••••• Bureau of the Census !/ 3 3 27 64 22 33 28 28 2) 2'!{ 24 26 30 24 26 30 21 12 12 15 9 16 9 26 15 14 12 12 15 9 16 9 94 92 115 100 69 73 67 101 87 14 81 89 78 86 125 5 3 2 41 38 37 22 5 33 2 2 28 27 75 2 94 75 80 2 2 7 88 4 38 157 54 54 194 Current Statistical Service Indexes are derived by caJ.culati.!l8 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 financed orb volwu of paper acquired by the same companies during the preceding month, and by linking these percentage8to the indexes for the preceing month. The indexes for 11Total retail automotive," "Total wholesale automotive," and ."Total retail, other consumers 1 goods" are based on all figures reported for these it.ems resardl.ess of whether or not breakdowns could .be supplied, 3-31353 i' Page 4 SALES FINANCE COIIPANIES Table 4.--Automotive and Diversified F.lnancing Vol11111e of Paper Acquired During Februar.r 1944 and Balances Outstanding Febl'\\&1'7 29, 1944 Vol111110 of paper acquired durin~r February· 1944 B.r compani.. reporting B.r all companies outstandi~ · balances a, Class of paper Total retail aut,c:moti ve • •••••••••••••••••••• Total wholesale automotive ••••••••••••••••••• Total wholesale - other than automotive,,, •• TOtal retail - other consumers' goods •••••••• Inclustrial, commercial, and farm equipnent ••• Total sales !I 'W tin~cing ••••••••••••• $16,465,074 13,566,835 257,889 4,432,718 l.gJ.6~2 $36,266,168 $16,112,346 13,495,037 214,967 4,329,385 Olltstaodinc bl.l.uoes Pobru&1'7 29, 1944 !I bal&ACel nos, 928, s16 'il 15 22 60,154,072 754,740 54,407,824 28 8 6.~.602 ~ .227,369,754 16 1,~2~.828 $35,677,633 Batio papv acquired to outst1Ad1111 I Data are based on figures from sales finance companies able to report both toheir paper acquired an4 tbell' Olitetanding balllliCes. Ratios obtained b,r dividing paper acquired (column 2) b.r outstanding balances (column 3). Table 5.--Automotive Financing Number of Cars Financed and VolWII!I of Paper Acq,uired During Februar7 1944 Paper acquired Number of cars I Class of paper Percent Number ot volume total Total retail automotive •••••••••••••••••••••• J!....iQ2 !QQ. 116.2~2.1!!2 Hew passenger cars ••••••••••••••••••••••••• Used passenger cars •••••••••••••••••••••••• Used commercial cars •••••••••••••••••••••.• 727 284 29,949 545 2 1 95 2 690,144 590,899 14,567,383 40.3,763 Total wholesale automotive ••••••••••••••••••• ~ !QQ. tn.~2 1 !!le New cars (passenger and commercial) ........ Used cars (passenger and commercial) ••••••• 3,377 11,450 23 77 2,562,556 8,770,290 lew commercial cars • •••••••••••••••••••.••• Percent Dollar ot total !I !QQ. 4 4 90 2 !I ~ 23 77 !I Data are based on reports from sales finance companies prOYiding a brealcdollll ot their .-•taU llld wholel&le .automotive financing. These amounts a;re less than those repo;rted in table 4 due to the exclusion of ICIM data tor which breakdowns •re not available. Table 6.--Diversitied Financing VolWIIB ot Paper Acquired During Februar.r 1944 Percut. Class ot paper ot • total ~&11 - other consWIIBrs• goods: Parniture, radios, pianos, and otoher musical instruments.,,. Refrigerators ancJ. other houaehold appliances, ••.•••••• ,,,,,,. 118sidential building repair and modernization, ••••• , • , , , • , • , 111:scellaneoua retail ••••... ~ ................................ . !ot.al ret&il - other conau.mers• goods •.••••.•••.••••...••••.•.• !ot.al wholesale- other than automotive~ •••••••••••••••••••••• Industrial, commercial, and farm equipnent •••••••••••••••••••• Total diversified tinancing •• ,,,,,,,,,,, Bureau of t.he Census !/ Data are based oo reports 10 2 36 $627,496 124,668 2,188,386 1 14J6.012 $4,.376,569 257,889 1 1 543 1 652 al y .6,178,UO. on 4 ~ 100 Current Statilitic&l Sonic• from sales finance companies providing a bl'eakdo11l ot their retail t11l11AC1.nc ot other conswun• goOde. This amount is less than that reported in table 4 due to the uclusion ot . . . data tor which breakdowns were not avaUable • . 3-31363 l '