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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM July 19, 1971 OLLED MONTIJ&rect AUTO LOANS BY COMMERCIAL BANKS May 1971 Three months ending May* 1971 1 1970 April 1971 NEW CAR CONTRACTS « Per cent of contracts written for: 24 months or less 25-30 months 31-36 months Over 36 months 27.1 5.3 67.0 0.6 25.4 5.5 68.7 0.5 26 .4 5.6 67.4 0.6 26.2 6.2 67.3 0.3 17.6 13.1 34.9 34.4 15.4 12.6 35.3 36.6 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 17.5 12.6 34.4 35.4 17.5 13.8 35 .9 32.7 All used car contracts: Median loan/value ratio 86.0 *Unweighted arithmetic mean of the three monthly ratios. Details may not add to totals because of rounding. 88.1 DEALER AUTO LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) May 1971 April 1971 Three months ending May* NEW CAR CONTRACTS Per cent of contracts written for: 24 months or less 25-30 months 31-36 months Over 36 months 12.2 2.9 83.3 1.6 12.4 2.8 83.0 1.7 12.5 2.9 82.9 1.8 12.7 3.2 83.0 1.1 92.4 92.4 92.8 92.1 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 13.9 11.9 28.6 45.6 14.0 11.6 28.6 45.8 13.8 11.7 28.6 45.9 10.3 9.8 29.7 50.2 97.5 97.1 97.3 99.2 All used car contracts: Median loan/value ratio -'Unweighted arithmetic mean of the three monthly ratios. Details may not add to totals because of rounding. t -3- L.4.2 , DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS mY > 1971 AND APRIL 1971 NEW CARS -* % (Percentage distribution of contracts) Contract balance as percentage of dealer cost 1/ 24 months May 1 Apr. 25-30 months May 1 Apr. Maturities 31-36 Over 36 1 months months . May | Apr. May | Apr.1 Total May 1 Apr. PURCHASED PAPER 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total 6.7 1.7 1.3 1.1 0.9 7.3 1.9 1.8 1.1 0.8 1.0 0.5 0.7 0.3 0.2 0.9 0.7 0.8 0.4 0.2 17.9 18.2 25.1 15.7 7.0 17.7 17 .4 25.4 14.1 7.7 0.1 0.2 0.7 0.4 0.1 0.1 0.2 0.7 0.6 0.2 25.7 20.7 27.8 17.6 8.3 26.1 20.2 28.7 16.2 8.9 11.8 12.9 2.7 3.0 83.9 82.4 1.5 1.8 100.0 100.0 0.2 0.1 0.2 0.2 0.2 0.1 31.7 23.8 22.7 5.9 4.8 34.3 23.3 22.7 5.4 4.2 DIRECT LOANS 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total 11.0 5.7 3.2 1.2 1.4 11.7 5.1 4.2 0.5 1.0 1.8 1.1 1.5 0.5 0.1 2.2 1.2 1.1 0.3 0.4 18.6 16.9 17.8 4.3 3.0 20.1 16.8 17.4 4.6 2.8 0.3 24.6 25.3 5.5 5.6 69.0 68.2 0.9 0.9 100.0 100.0 7 .9 2.7 1.8 1.2 1-rl 8.4 2.7 2.4 0.9 0.9 1.2 0.7 0.9 0.4 0.2 1.2 0.8 0.9 0.4 0.2 18.1 17.9 23.2 18.3 17.3 23.5 0.1 0.2 0.6 0.1 0.2 0.5 27.3 21.5 26.4 28.1 21.0 27.2 12.7 6.0 11.8 6.5 0.3 0.2 0.5 0.2 14.5 7 .4 13.5 7.7 15.9 3.5 3,6 80.0 78.9 1.4 1.6 TOTAL 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total 15.1 100.0 100.0 1/Contract balance excludes finance and insurance charges. * Less than one-tenth of one per cent. NOTE: Distributions for <May and April are derived from reports of 104 banks, 57 of which reported dealer cost ratios as well as maturities. The May maturity distribution for new cars shown on pages 1 and 2 is based on 37,000 contracts, 24,000 purchased and 13,000 direct. The cross-classification on this page is based on 21,000 contracts, 15,000 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. C37 L.4.2 DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS (continued) MAY 1971 AND APRIL 1971 USED CARS (Percentage distribution of contracts) Contract balance as percentage of wholesale value 1/2/ Maturities 12 months 13-18 19-24 Over 24 months months or less months May | Apr. May | Apr. May | Apr. May | Apr. Total May | Apr. PURCHASED PAPER 3.7 1.3 1.6 1.1 1.8 3.3 1.1 1.5 1.2 1.6 2.1 1.3 1.9 1.6 2.1 2.3 1.3 1.6 1.3 2.0 4.9 4.9 7.1 5.3 7.0 5.3 4.8 8.2 5.3 6.6 6.3 8.1 12.5 11.7 13.5 6.8 8.0 12.5 11.6 13.5 17.1 15.6 23.1 19.8 24.5 17.8 15.2 23.8 19.4 23.8 Total 9.5 8.8 9.1 8.5 29.2 30.3 52.2 52.4 100.0 100.0 80% or less 81% to 90% 917= to 100% 101% to 110% Over 110% 8.6 2.3 2.7 0.5 0.8 7.4 1.7 3.0 1.0 0.7 5.9 2.0 3.1 0.7 0.8 5.6 2.5 3.1 1.2 0.6 13.2 7.6 11.7 2.4 3.4 11.7 7.7 11.5 3.2 3.9 11.1 6.8 9.4 4.1 2.9 8.2 5.6 9.4 3.0 4.3 38.8 18.7 26.9 7.6 8.0 32.8 17.4 27.0 8.4 9.5 14.9 14.2 12.5 13.5 38.3 39.6 34.3 32.7 100.0 100.0 7.4 5-.7 9.2 4.7 5.8 7.8 7.7 11.5 9.3 10.2 7.2 7.3 11.5 8.9 10.6 24.0 16 .6 24.3 15.9 19.2 22.5 15.9 24.8 15.9 19.3 33.2 46 .5 46.2 100.0 80% or less 817= to 90% 917o to 100% 101% to 110% Over 110% DIRECT LOANS Total TOTAL 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total 5.2 1.6 1.9 0.9 1.5 4.6 1.3 2.0 1.1 1.3 3.3 1.5 2.3 1.3 1.7 3.3 1.7 2.1 1.3 1.6 11.2 10.5 10.2 10.1 7.5 5.7 8.6 4.4 5 .8 32.1 100.0 1/Contract balance excludes finance and insurance charges. I/Wholesale value represents "average wholesale," "as is," or "buying value" as indicated by used car guides. NOTE: Distributions for May and April are derived from reports of 104 banks, 53 of which reported dealer cost ratios as well as maturities. The May maturity distribution for used cars shown on pages 1 and 2 is based on 27,000 contracts, 17,000 purchased and 10,030 direct. The cross-classification on this page is based on 12,000 contracts, 8,000 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. Details may not add to totals because of rounding.
@FedFRASER