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MfV Not for publication BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM L.4.2 December 13, 1966. B6ELED.. iTTER? IX MONTHS ric , „„ DIRECT AUTO (lQA (LOANS BY COMMERCIAL BANKS October 1966 Three months ending October* 1966 11965" September 1966 NEW CAR CONTRACTS Per cent of contracts written for: 24 months or less 25-30 months 31-36 months Over 36 months 29.9 7.0 62.9 0.2 27.5 6.7 65.4 0.4 85.1 87.7 28.0 6.6 65.1 0.3 27.7 6.4 65.6 0.3 Contracts written for 36 months: Median loan/value ratio 'USED CAR CONTRACTS Per cent of contracts written for: 12 months or less 13-18 months 19-24 months Over 24 months 20.4 14.4 37.8 27.4 18.7 13.9 36.4 31.0 19.1 14.1 37.1 29.7 18.7 13.8 38.5 29.0 87.2 89.5 88.8 90.2 All used car contracts: Median loan/value ratio *Unweighted arithmetic mean of the three monthly ratios. Not for publication L.4.2 -2- DEALER AUTO LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) Three months ending October* 1966 I 1965 October 1966 NEW CAR CONTRACTS Per cent of contracts written for: 24 months or less 25-30 months 31-36 months Over 36 months 15.2 3.6 80.3 0.9 12.9 3.8 82.0 1.3 13.6 3.6 81.8 1.0 14.5 3.8 81.0 0.7 93.1 93v9 93.5 93.3 Contracts written for 36 months: Median loan/value ratio USED CAR CONTRACTS Per cent of contracts written for: 12 months or less 13-18 months 19-24 months Over 24 months 9.9 9.4 29.4 51.3 10.2 10.1 30.8 48.9 9.9 9.8 30.5 49.8 10.0 10.0 32.1 47.9 97.9 99.5 99.0 97.6 All used car contracts: Median loan/value ratio •Unweighted arithmetic mean of the three monthly ratios. Not for publication L.4.2 DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS OCTOBER 1966 AND SEPTEMBER 1966 NEW CARS (Percentage distribution of contracts) Contract balance as percentage of dealer cost 1/ Maturities 25 -30 31-36 Over 36 months months months Oct. 1 Sept. Oct. 1 Sept. Oct. 1 Sept. 24 months or less Oct. 1 Sept. Oct. Total 1 Sept. 25.5 19.1 30.7 16.0 8-7 23.0 17.6 33.5 17.4 8.5 PURCHASED PAPER 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 8.3 1.9 2.5 1.1 0.4 6.6 1.6 2.4 0.9 0.4 1.3 0.6 1.1 0.4 0.2 Total 14.2 11.9 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 17.0 4.8 6.0 1.4 0.3 15.9 3.3 5.0 1.2 29.5 25.8 1.0 0.9 1.2 0.5 0.2 0.2 0.2 0.5 0.3 M 15.6 16.6 26.7 14.4 7.9 15.2 14.9 29.3 15.8 7.6 0.1 OA 3.6 3.7 81.3 82.8 0.8 1.5 100.0 100.0 3.3 1.2 2.5 0.4 0.2 2.9 1.6 2.2 0.3 0.2 26.2 10.3 16.2 7.3 2.9 25.6 9.8 19.5 7.9 3.4 0.1 0.1 0.5 0.1 0.2 * * 46.5 16.3 24.7 9.1 3.4 44.9 14.8 26.9 9.4 4.0 7.5 7.2 62.8 66.2 0.2 0.8 100.0 100.0 0.2 0.4 0.2 0.1 0.5 0.2 30.0 18.6 29.4 14.5 7.5 27.2 17.0 32.3 15.9 7.6 100.0 100.0 0.4 DIRECT LOANS Total • TOTAL 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total * 10.2 2.5 3.2 1.2 0.4 17.5 8.4 1.9 2.9 1.0 _0A 1.7 0.7 1.4 0.4 0.2 1.4 1.0 1.4 0.4 0.2 17.9 15.3 24.4 12.9 6.9 17.2 14.0 27.5 14.3 6.8 0.1 M 14.6 4.5 4.4 77.3 79.6 0.6 1.4 Less than one-tenth of one per cent. NOTE: Distributions for October and September are derived from reports of 112 banks, 69 of which reported dealer cost ratios as well as maturities. The October maturity distribution for new cars shown on pages 1 and 2 is based on 41,000 contracts, 30,000 purchased and 11,000 direct. The cross-classification on this page is based on 22,000 contracts, 17,000 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. DigitizedDetails for FRASER may not add to totals because of rounding. Not for publication L.4.2 DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS (continued) OCTOBER 1966 AND SEPTEMBER 1966 USED CARS (Percentage distribution of contracts) Contract balance as percentage of .wholesale value 1/2/ Maturities Over 24 12 months 13-18 19-24 months months months or less Oct. 1 Sept. Oct. 1 Sept Oct. 1 Sept. Oct.1 Sept. 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 3.3 1.2 1.5 1.0 2.1 2.9 1.3 2.0 1.3 2.3 2.0 1.5 1.9 1.2 2.4 9.0 9.8 11.6 1.8 4.5 0.8 1.1 19.7 Oct. Total |Sept. PURCHASED : PAPER Total 1.8 1.9 2.1 1.5 2.6 4.2 4.4 7.6 4.5 7.9 4.0 4.4 7.3 5.0 9.1 5.3 5.2 10.5 7.4 11.2 10.6 10.7 10.4 15.6 16.7 14.8 17.4 22.2 17.4 28.0 13.9 15.1 22.0 18.3 30.7 9.0 10.0 28.6 29.7 53.4 50.4 100.0 100.0 10.5 2.2 3.8 1.4 2.1 5.7 2.0 4.1 1.3 1.6 5.5 13.0 1.4 5.7 5.1 9.6 1.0 2.7 1.6 3.8 12.6 5.0 10.2 3.0 4.5 10.5 3.2 6.3 6.4 4.4 9.3 4.2 7.6 5.2 3.8 40.8 12.7 24.6 11.1 10.8 37.8 12.9 26.7 10.6 12.0 20.0 14.6 14 v6 34.9 35.2 30.7 30.1 100.0 100.0 6.7 4.8 8.1 4.0 6.7 6.3 4.6 8.0 4.4 7.9 6.8 6.3 8.5 6.6 9.8 9.8 9.5 9.1 12.4 13.3 22.2 16.2 22.8 15.6 23.2 20.3 14.5 23.2 16.2 25.8 11.2 30.3 31.2 47.0 45.0 100.0 100.0 DIRECT LOANS 80% or less 81% to 90% 91% to 100%. 101% to 110% Over 110% Total TOTAL 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total 5.6 1.4 2.4 0.9 1.8 4.9 1.6 2.5 1.3 2.2 3.1 1.6 2.5 1.2 2.2 12.1 12.5 10.6 2.8 1.8 2.9 1.4 2.4 1/ Contract 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 October and September are derived from reports of 112 banks, 65 of which reported dealer cost ratios as well as maturities. The October maturity distribution for used cars shown on pages 1 and 2 is based on 25,000 contracts, 17,000 purchased and 8,000 direct. The cross-classification on this page is based on 14,000 contracts, 10,000 purchased and 4,000 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. may not add to totals Digitized Details for FRASER because of rounding. : 1
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