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FEDERAL RESERVE For immediate release February 9, 1972 , .AUTOMOBILE LOANS BY MAJOR FINANCE COMPANIES , "THE PROPORTION OF NEW CAR LOANS WITH LOW DOWNPAYMENTS (DEALER COST RATIO OVER 100 PER CENT) ROSE MODERATELY IN DECEMBER. 1968 Seasonally adjusted 1969 1970 . 1971 MATURITY DISTRIBUTION - NEW CAR CONTRACTS Balloon 24 months 25-30 31-36 Over 36 months months months P % % % % % 12.8 12.9 14.3 13.6 2.8 2.8 2.8 2.5 84.4 84.5 82.4 83.2 15.2 15 .3 13.6 December 1971 November 1971 October 1971 September 1971 3.2 3.0 2.7 81.0 . 81.2 82.7 Total 0.3 0.2 0.2 0.2 0.2 0.2 0.4 0.3. 100.0 100.0 100.0 100.0 0.3 0.2 ' 0.2 0.3 0.3 0.8 100.0 100.0 100.0 Unadjusted December 1971 November 1971 December 1970 Seasonally adjusted MATURITY DISTRIBUTION - USED CAR CONTRACTS 18 months 19-24 25-30 Over 30 Balloon months months months P 7a % % % % Total 5 .8 5.0 5 .4 4.9 December 1971 November 1971 October 1971 September 1971 17 .7 15 .2 14.1 14.0 37.8 34.3 32.8 33.3 39 .6 46.1 47.9 49.4 0.1 0.1 0.1 0.1 100.0 100.0 100.0 100.0 6.3 5.5 6.3 18.5 15.7 16.3 34.1 30.1 27.5 41.0 48.8 49.8 0.1 0.1 0.2 100.0 100.0 100.0 Unadjusted December 1971 November 1971 December 1970 " Note: Details may by not add to totals seasonal factors sector. because of rounding and construction of G .25 -2- AUTOMOBILE LOANS BY MAJOR FINANCE COMPANIES DOWNPAYMENT TERMS TIGHTENED IN THE USED CAR MARKET AS THE PROPORTION OF CONTRACTS WITH DEALER COST RATIOS UNDER 100 PER CENT INCREASED SHARPLY. 1968 1963 1970 1971 DISTRIBUTION OF DEALER COST RATIOS - NEW CAR CONTRACTS (loan as per cent of dealer cost) 90 or 91-100 101-105 106-110 Over 110 Total % 31.1 31.8 31.1 30.5 48.1 48.8 46.0 December 1971 November 1971 October 1971 September 1971 % 48.6 48.3 49.4 49.3 Seasonally adjusted 30.8 30.8 31.7 Z 12.0 12.1 12.5 . 12.1 % 70 5.1 4.8 4.5 5.1 3.5 3.2 2.9 3.1 100.0 100.0 100.0 100.0 5.1 4.8 5.7 3.6 3.2 4.1 100.0 100.0 100.0 Unadjusted December 1971 November 1971 December 1970 12.5 12.5 12.6 DISTRIBUTION OF DEALER COST RATIOS - USED CAR CONTRACTS (loan as per cent of wholesale value) Over 120 101-110 111-120 91-100 90 or Seasonally adjusted December 1971 November 1971 October 1971 September 1971 Total 7 = 7 = 21.8 22.5 23.5 24.4 10.1 10.1 10.2 10.3 5.6 5.1 5.1 5.2 100.0 100.0 100.0 100.0 21.4 22.3 22.6 9.5 9.3 9.5 5.3 4.3 4.5 100.0 100.0 100.0 % 7 = 7 = 34.4 32.5 32.3 32.7 27.3 27 .6 27 .8 27.7 36.2 35.2 35.1 27.6 29 .0 28.4 Unadjusted December 1971 November 1971 December 1970 Note: Details may not add to totals because of rounding and construction of seasonal factors by sector. - AUTOMOBILE LOANS BY MAJOR FINANCE COMPANIES DEALER COST RATIOS AND MATURITIES ON AUTOMDBILE INSTALMENT LOANS DECEMBER 1971 NEW CARS (Percentage distribution of contracts) Not seasonally adjusted Loan as per cent of dealer cost 90% or less 91% to 1007o 101% to 105% 106% to 110% Over 110% Total Maturities 31-36 months 24 months 25-30 months 9.8 3.0 2.0 0.3 0.2 1.3 0.9 0.9 0.1 0.1 36 .8 26.5 9.6 4.7 3.3 0.1 0.1 0.1 * * 15.2 3.2 81.0 0.3 0.3 Over 36 months Balloon Total * 48.1 30.8 12.5 5.1 3.6 0.3 100.0 USED CARS (Percentage distribution of contracts) Not seasonally adjusted Loan as per cent of wholesale value 90% or less 91% to 100% 101% to 110% 111% to 120% Over 120% Total 18 months 19-24 months Maturities 25-30 months Over 30 months 4.8 0.8 0.4 0.2 0.1 10.0 4.5 2.3 1.1 0.6 ' 10.7 10.2 8.0 3.4 1.9 10.8 12.0 10.7 4.9 2.7 6.3 18.5 34.1 41.0 Note: Details may not add to totals because of rounding. * Less than one-tenth of one per cent. ; Balloon Total * 36.2 27 .6 21.4 9.5 5.3 0.1 * , 0.1 100.0 1
