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B O A R D OF G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M August decohtboueo a r m LIBRARY AuC ^ C o n six m o u t h s e T |A IRECT AUTO LOANS BY COMMERCIAL BANKS idbd r.:=ii:!OND 14, 1968 b u m e f e - - r ~ > . Three months May 1968 ending June* 1968 1968 1967 26.6 26.4 27.2 5.6 67.6 5.4 67.8 0.4 65.5 NEW CAR CONTRACTS P e r cent of c o n t r a c t s w r i t t e n 24 m o n t h s or 25-30 months for: less 31-36 months O v e r 36 m o n t h s Contracts written Median 25.7 5.0 69.1 0.2 0.2 6.0 1.3 for 36 m o n t h s : loan/value ratio 81.4 84.3 84.1 USED CAR CONTRACTS Per cent of c o n t r a c t s w r i t t e n for; 12 m o n t h s or less 13-18 months 19-24 months O v e r 24 m o n t h s 16.4 15.1 15.8 19.0 12.5 39.0 32.1 12.4 39.4 33.1 12.6 38.4 33.2 12.5 37.0 31.5 85.7 88.1 87.9 88.3 A l l used c a r c o n t r a c t s : Median loan/value ratio ^Unweighted a r i t h m e t i c m e a n of the t h r e e m o n t h l y r a t i o s . L.4.2 DEALER A U T O LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) May 1968 1968 Three months ending June* 1968 1 1967 NEW CAR CONTRACTS Per cent of contracts written for: 24 months or less 25-30 months 31-36 months Over 36 months 13.2 3.6 82.1 1.1 14.3 3.3 81.4 1.0 13.9 3.4 81.1 1.6 14.1 3.6 81.1 1.2 92.0 92.2 92.9 Contracts written for 36 months: Median loan/value ratio 92.0 USED CAR CONTRACTS Per cent of contracts written for: 12 months or less 13-18 months 19-24 months Over 24 months 9.1 9.1 30.3 51.5 8.5 8.1 31.7 51.7 8.7 8.6 30.4 52.3 9.1 9.2 31.1 50.6 98.2 97.1 98.3 99.4 All used car contracts: Median loan/value ratio *Unweighted arithmetic mean of the three monthly ratios. w L.4.2 -3- DEALER C O S T RATIOS A N D MATURITIES ON AUTOMOBILE INSTALMENT LOANS JUNE 1968 A N D MAY 1968 NEW CARS (Percentage distribution of contracts) Contract balance as percentage of dealer cost 1/ 24 months or less 1 May 25-30 months" I May Maturities 31-36 months June I May Over 36 months 1 May Total June 1 May PURCHASED PAPER 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 7.5 1.5 2.5 1.1 0.4 8.4 1.6 2.2 1.2 0.9 1.3 0.6 0.9 0.4 0.1 1.4 0.4 0.8 0.3 0.3 20.3 15.9 26.9 12.2 7.8 io.5 15.2 26.6 12.2 7.3 0.1 0.1 0.3 0.1 0.1 0.1 0.1 0.4 0.1 29.2 18.0 30.6 13.7 8.5 Total 12.9 14.2 3.4 3.3 83.1 81.8 0.6 0.7 100.0 100.0 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 15.3 4.5 4.0 1.0 0.4 14.0 6.8 4.2 1.0 0.6 2.6 0.8 1.4 0.2 0.1 2.6 33.3 1.4 11.0 1.7 17.5 0.2 4.9 0.3 2.7 26.0 17.1 16.5 4.3 2.9 0.1 0.1 0.1 0.1 0.1 51.4 16.3 23.0 6.1 3.2 42.7 25.3 22.5 5.6 3.9 Total 25.2 26.7 5.0 6.2 69.6 66,8 0.2 0.3 - 100.0 100.0 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 9.7 2.4 2.9 1.0 0.4 10.0 3.1 2.8 1.1 0.8 1.7 0.6 1.1 0.3 0.1 1.8 0.7 1.1 0.3 0.3 24.1 14.4 24.2 10.1 6.3 22.1 15.7 23.7 9.9 6.1 0.1 0.2 0.1 0.1 0.1 0.1 0.3 * * 35.7 17.5 28.4 11.5 6.9 34.0 19.6 27.8 11.4 7.2 16.5 17.8 3.9 4.1 79.1 77.5 0.5 0.6 100.0 100.0 30.5 17.2 29.9 13.8 t 8.6 DIRECT LOANS TOTAL Total 1/Contract balance excludes finance and insurance charges. * Less than one-tenth of one per cent. NOTE: Distributions for June and May are derived from reports of 107 banks, 70 of which reported dealer cost ratios as well as maturities. The June maturity distribution for new cars shown on pages 1 and 2 is based on 42,000 contracts, 28,000 purchased and 14,000 direct. The cross-classification on this page is based on 22,000 contracts, 16,000 purchased and 6,000 direct. The data are not intended to be estimates for all commercial banks and are not comparable with previous releases since composition of the group of banks changes from month to month* Details may not add to totals because of rounding. DEALER COST RATIOS A N D MATURITIES ON AUTOMOBILE INSTALMENT LOANS (continued) JUNE 1968 A N D MAY 1968 USED CARS (Percentage distribution of contracts) Contract balance as percentage of wholesale value 1/2/ 12 months or less June | May 13-18 months June|May Maturities 19-24 Over 24 months months June | May June|May Total June | May PURCHASED PAPER 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 2.9 1.1 1.4 1.2 2.8 3.6 1.2 1.2 1.0 1.9 2.1 1.3 1.8 1.4 2.6 2.2 1.2 1.6 1.0 2.0 5.2 5.6 6.4 4.3 8.7 6.0 6.4 7.6 5.5 7.7 7.2 7.2 11.9 11.8 4.2 8.7 8.4 9.6 16.4 15.3 16.7 15.7 21.6 15.5 30.5 19.5 15.1 21.8 14.7 28.9 Total 9.3 9.0 9.3 8.1 30.1 32.5 51.2 50.3 100.0 100.0 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 9.6 1.8 3.9 1.5 1.4 9.5 2.2 3.7 0.8 1.1 5.4 1.3 4.6 0.9 1.5 5.5 1.8 4.1 1.0 1.4 15.7 5.1 10.7 4.0 4.0 14.8 13.1 10.7 2.6 5.1 2.6 6.6 11.2 8.3 2.5 3.3 3.7 4.9 3.7 4 . 4 43.8 10.8 25.9 8.9 10.6 40.6 11.6 27.3 8.8 11.7 Total 18.3 17.3 13.8 13.7 39.5 39.7 28.4 29.3 100.0 100.0 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 4.8 1.3 2.2 1.3 2.4 5.3 1.5 1.9 1.0 1.7 3.1 1.3 2.6 1.2 2.3 3.2 1.4 2.3 1.0 1.8 8.3 5.4 7.7 4.2 7.3 8.6 8.4 8.5 5.3 6.2 5.9 8.3 10.4 10.8 6.9 6.9 4.1 8.2 12.7 12.2 24.6 14.3 22.9 13.6 24.6 12.0 11.4 10.6 9.7 32.9 34.6 44.5 44.3 100.0 DIRECT LOANS Total 25.6 f 14.1 V. 23.4 12.9 & 24.0 % 100.0 V C o n t r a c t balance excludes finance and insurance charges. 2/Wholesale value represents "average wholesale," "as is," or "buying value" as indicated by used car guides. NOTE: Distributions for June and May are derived from reports of 107 banks, 66 of which reported dealer cost ratios as well as maturities. The June maturity distribution for used cars shown on pages 1 and 2 is based on 30,000 contracts, 20,000 purchased and 10,000 direct. The cross-classification on this page is based on 16,000 contracts, 11,000 purchased and 5,000 direct. The data are not intended to be estimates for all commercial banks and are not comparable with previous releases since composition of the group of banks changes from month to month. Details may not add to totals because of rounding. £
@FedFRASER