Full text of G.20 Sales Finance Companies : September 30, 1942
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Immediate
~AWJOFOOW.ANrRSr:~fJ_ARTMENT OF COMMERCE
Release
ftr.O~ft.Atl><'~:••:;:-,, -r.;BUREAU OF THE CENSUS
September jp, 1942
Current
Statistical
Service
SALES FINANCE GOMP ANIES
August 1942
The number of passenger cars financed in August 1942 by sales finance companies decreased
6 percent from July of this year, according to an announcement released today by J, C. Capt, Director
of the Census.
The dollar volume of paper acquired in new passenger car financing, however, decreased only 4 percent.
In used passenger car financing, the number of cars decreased 12 percent,
the dollar volume of paper acquired, 10 percent.
In new commercial car financing, month ago comparisons show that the number of cars decreased 13 percent, and the dollar volume of paper acquired,
7 percent; while the number and dollar volume of used comnercial cars decreased 18 percent and
16 percent, respectively.
Retail automotive outstandings held by sales finance companies were reduced an average of
13 percent during August 1942.
A year ago comparison shows a 62 percent drop in these outstanding
balances, as shown by an index of 178 for August 31, 1941 and an index of 67 for August 31, 1942.
OUTSTANDWG BALANCES
Ri!.TAIL AUTOkOTIVE l"'NANCING
DECElliiBER 31, 1939 100
=
INDEX
200
150
100
•
50
0
1940
1941
1942
Month ago comparisons show that the volumeof wholesale automotive paper acquired by sales
finance companies decreased 17 percent for new cars and 3 percent for used cars.
The outstanding
balances for this type of paper decreased 14 percent during August 1942.
In retail diversified financing, month ago comparisons show increases in the financing of
other household appliances (19%) and of radios and other musical instruments (3%); but decreases
were recorded in the financing of refrigerators (34%), industrial, commercial, and farm equipment
(33%), furniture (ll%h and residential building repair and modernization (8%). In Wholesale diversified financing, the volume of ~aper acquired was down 3 percent from July to August of this year.
During August 1942, diversified outstanding balances held by sales finance companies
declined 6 percent for the retail financing of other consumers• goods, 4 percent for industrial,
commercial{ and farm equipment, and 12 percent for wholesale diversified financing (other than
automotive),
The ratios of the paper acquired during August 1942 to the outstanding balances as of
August 3~ 1942 were 5 percent for retail automotive, 4 percent for wholesale automotive, 11 percent
for wholesale--other than automotive, 3 percent for retail--other consumers• goods, and 2 percent
for ind~t:~~'
cc:mnercial,. and
farm equipment.
·.··•
.
.
.
··, ::~"t•·'•~-: :Yl: ·
:~·'.fti"•M<data· ·oif-'th'tf'currertt: trend:i! of sales firillncing tiu:tfrtg Augil$t 1942 wei-j'-baftif''O'n 2:reporte frc 261 aalee finance companies,
Neither the dollar volumes nor the indexes should be used
to indicate the total amount of financing by all sales finance companies in the United States. The
data are published as reported without adjustment for seasonal or price fluctuations.
The figures
presented in tables 5, 6, and 7 of th~s r~lease 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 August were obtained by calculating the percent changes from July to August,
as shown by data on repo~ts for both months from the same sales finance companies, and by linking
these percentages to the indexes previously derived for July 1942.
3-JS6i3
Page 2
SALES FINANCE COMPANIES
Table 1.-- Automotive and Diversified Financing
Index of Trends in Outstanding Balances by Class of Paper
December 31, 1939 =- 100
·
!/
Date
Total
all
sales
financing
Retail
automotive
Wholesale
automotive
Wholesale
other
than
automotive
Retail
other
consumers'
goods
Industrial,
commercial,
and farm
equipment
1939 - Dec. 31 .•••.••
100
100
100
100
100
100
1940 - Dec. 31 .......
136
132
169
140
129
131
-
-
175
-
250
148
--
152
176
178
170
164
157
149
147
147
143
135
125
115
105
95
84
139
128
116
105
95
86
77
67
196
234
233
222
208
193
175
151
262
293
252
191
153
130
110
97
143
139
135
131
126
118
110
103
144
152
155
156
153
148
140
134
July
Aug.
Sep.
Oct.
Nov.
Dec.
31. ••••••
31 •••••••
30 ....•••
1942 - Jan.
- Feb.
- Mar.
- Apr.
-May
-June
-July
-Aug.
31 .......
1941 -
!/
)1 ...•.••
30 •••••••
31 •••••••
28 •••••••
31 .......
30 .......
31 •••••••
30 •••••••
31 •••••••
31 •••••.•
-
-
Indexes for July 31, 1941 through November 30, 1941 are derived from data in the "Automobile Financing" report previously published by the Bureau of the Census. 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.
Indexes for 1942 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.-- Automotive Financing
Index of Trends in Number of Cars Financed, 1942
January 1942 = 100
!/
'
May
June
July
August
64
59
61
61
54
43
40
58
52
53
50
27
45
31
23
25
22
19
100
77
83
68
60
64
63
55
100
74
69
55
45
46
42
34
Class of paper
Jan.
Feb.
March
Total retail automotive ••.•
100
70
78
New passenger cars •••••••
100
22
New commercial cars ......
100
Used passenger cars ••••••
Used commercial cars ..•••
April
\
Bureau of the Census
~
Current
Stat~st~cal
Service
Indexes are derived by calculating the percent changes in the number of cars 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 retail automotive" are based on all figures reported for this item regardless
of whether or not a breakdown could be supplied,
J ;v'.r?J
-
'
.
Page 3
SALES FINANCE COMPANIES
Table 3.-- Automotive Financing
Index of Trends in Volume of Paper Acquired, 1942
January 1942 = 100
Class of paper
!I
Jan.
Feb.
March
April
May
June
July
August
Total retail automotive •••••••
100
62
73
57
55
57
58
52
New passenger cars ••••••••••
100
22
46
42
60
55
57
54
New commercial cars ••....•..
100
28
48
34
25
29
25
23
Used passenger cars.,, .....•
100
73
81
62
55
60
60
54
Used commercial cars ••••••••
100
76
69
58
47
51
47
39
100
93
39
19
16
12
12
10
comm.) ••••
100
100
37
17
14
10
8
7
comm.) •••
100
67
66
40
37
29
29
28
Total wholesale
~utomotive ••••
New cars (pass.
Use.d cars (pass.
&
&
!I Indexes are derived by calculating the percent changes in the volume of automotive paper acquired
by sales finance companies during each month from the volume 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" 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
January 1942 = 100
!I
Jan.
Feb.
March
April
May
June
July
August
Total retail, other consumers' goods ••
100
103
137
123
108
80
59
54
F\J:rniture •••••.....••...•.... ~ ••..••
100
88
122
110
97
73
66
59
Radios, pianos, and other
musical instruments •••.•••••••••••
100
108
141
72
37
33
30
31
Refrigerators, (gas and electrical),
100
147
250
132
105
63
34
22
·other household appliances ••••••••••
100
115
169
116
80
46
31
37
Residential builQing repair and
modernizatien •••••••••••••••••.•••
100
92
119
127
128
98
84
77
Miscellaneous retail ••••••••••••••••
100
144
155
131
131
142
124
117
Total wholesale, except automotive ••••
100
128
106
52
24
18
12
11
equi}:Glent •••••••••••••••••••••••••••
100
124
158
162
85
49
46
31
'l'otal diversified financing ......
100
ill
130
107
86
62
47
42
Class of paper
Industrial, commercial, and farm
Bureau of the Census
!/
Current Statistical Service
Indexes are derived by calculating the percent changes in the volume of diversified paper acquired
by sales finance companies during each month from the volume 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 other consumers' goods" are based on all figures reported for this item
regardless of whether or not a breakdown could be supplied.
~-J$"61'J
Page 4
SALES FINANCE COMPANIES
Table 5.-- Automotive and Diversified Financing
Volume of Paper Acquired During August 1942 and Balances Outstanding August 31, 1942
Volume of paper acqui~ed
durinR Au ust 1942
By companies
By all
reporting
companies
outstandi,!7
balances a
Class of paper
Outstanding
balance:.
August 31,
1942 !I
P..& t:!.o paper
acqu.ired to
outstanding
balances pJ
$26,428,684
$25,782,102
$553,728,339
5
9,108,411
9·,279,079
242,876,949
4
Total wholesale - other than automotive ••••• ,
483,107
4,257,984
11
525,934
Total retail - other consumers' goods ••••••••
6,096,798
201,429,716
6,341,674
3
Industrial, commercial, and farm equipment •••
35_1 ,901
387883
15 851 897
2
Total sales financings •••••••••••••
$42,963,254
$41,822,319 ~l,Ol8, l44, 945
4
!f Data are based on figures from sales finance companies able to report both their pap~r acquirGd and t.htlir·
outstanding balances.
pJ Ratios obtained by dividing paper acquired (column 2) by outstanding balances (column 3).
Total retail automotlve .. •.•••..••.•.•••••••.•
Total Wholesale automotive •••••••••••••••••••
Table 6.-- Automotive Financing
Number of Cars Financed and Volume of Paper Acquired During August 1942
Number of cars
Percent
Number
of
total
Class of paper
Paper acquired
Perc ant
Dollar
ot
volume
total
Total retail automotive ••••••• , ••• , ••• , •••••.•
2L!1i
!QQ
i2~ ,60J ,12J
New passenger cars .••••.•••••••••••••••••••
5,715
428
52,843
2,189
9
1
86
4
4,592,895
540,368
19,502,015
967,845
Total wholesale automotive •••••••.•••••••••••
-
New cars (passenger and commercial) ••••••••
Used cars (passenger and commercial) •••••••
--·
--
New commercial cars ••••••••••••••••••••••••
Used passenger cars ••••••••••••••••••••••••
Used commercial cars ..................... , ••
l7.Zl2,222
!I
M?Q
18
2
76
4
.!I I
M&
---
69
5,329,404
2,382,825
Jl
!( Data are based on reports from sales finance companies providing a breakdown of their retail and wholesale
These amounts are less than those reported in table 5 due to the exclusion of so~
automotive financing.
data for which breakdowns were not available.
Table 7.-- Diversified Financing
Volume of Paper Acquired During August 1942
Class of paper
Dollar· volume
Percent
of
total
Retail - other consumers' goods:
Furniture •••••••••.••••••••••••••••••••••••
Radios, pianos, & other musical instruments.
Refrigerators, (gas and ~lectric) ••••••••••
Other household appliances •••••••••••••••••
Residential bldg. repair & modernization •••
-Miscellaneous retail •••••••••••••••••••••••
$159,203
73,784
182,960
l27,ll0
2,120,540
588,814
Total retail- other consumers' goods ••••••••
Total wholesale- other than automotive ••••••
Industrial, commercial, and farm. equipnent •••
Total diversified .financing ••••••••
$3,252,411
525,934
387.88J
$4,166,228
Bureau of the Census
!/ Data
4
2
4
3
51
J.!t
!I
78
13
....2
lOO
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 5 due te the exclusion of some
data for which breakdowns were not available.
j.Jst,SJ
@FedFRASER