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33 sf<ttZ4tO , — £•?/ * Not for publication- ™~ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM L.4.2 June 11, 1965 AFTERS l x uosum I&El!CT AUTO LOANS BY COMMERCIAL BANKS April 1965 Maroh 1965 Three months ending April 1965 1 1964 NEW CAR CONTRACTS Per cent of contracts written for: Under 36 months 36 months Over 36 months 36.7 63.1 0.2 38.7 61.0 0.3 38.4 61.1 0.5 41.0 58.8 0.2 95 95 94 94 51.7 31.2 53.9 31.2 Contracts written for 36 months: Most freqent loan/value ratio l/ Per cent of contracts with ratios above 95 per cent USED CAR CONTRACTS Per cent of contracts written for: Under 19 months 19-24 months 25-36 months 32.8 37*6 29.6 33*1 36.9 30.0 30*2 40.6 29.3 36.1 39*1 24.8 94 94 94 94 37*9 36.4 35.2 37*7 Contracts written for 24 months or less: Most frequent loan/value ratio l/ Per cent of contracts with ratios above 94 per cent 1/ Computed mode of ratios, based on dealer-cost values for new cars and wholesale prices for used cars as 100 per cent. A loan of 90-95 per cent of dealer cost generally amounts to around 70-80 per cent of list price. 333 Not for publication L.4.2 -2- DEALER AUTO LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) April 1965 March 1965 Three months ending April "1955 T 1964 NEW CAR CONTRACTS Per cent of contracts written for: . Under 36 months 36 months Over 36 months 20.4 78,9 0.7 20.3 79.1 20.3 79.1 21.0 95 95 95 95 39.2 41.6 42.9 0.6 0.6 78.0 1.0 Contracts written for 36 months: Most frequent loan/value ratio Per cent of contracts with ratios above 95 per cent 39.9 USED CAR CONTRACTS Per cent of contracts written for: Under 19 months 19-24 months 25-36 months 18.6 30.5 50.9 18.6 30.8 50.6 18.7 30.9 50.4 20.9 34.0 45.1 Contracts written for 24 months or less: Median loan/value ratio Per cent of contracts with ratios above 96 per cent 96 95 95 50.0 48.3 45.8 50.0 Not for publication -3- AUTOMOBILE INSTALMENT LOANS AT COMMERCIAL BANKS MATURITIES — APRIL 1965 A N D MARCH 1965 (Percentage distribution of contracts) Total Purchased paper April March April March 20.8 4.9 73.8 21.0 5.2 73.3 16.4 4.0 78.9 100.0 100.0 12.5 10.7 32.8 Direct loans April March New cars 24 months or less 25-30 months 31-36 months Over 36 months Total 16.3 4.0 79.1 __0£ 29.9 6.8 63.1 0.2 30.9 7-8 61.0 0.3 100.0 100.0 100.0 100.0 12.5 10.7 32.8 44.0 9.5 9.1 30.8 _50^6 19.3 13.5 37.6 29.6 19.1 14.0 36.9 44.0 9.3 9.5 30.5 50.9 100.0 100.0 100.0 100.0 100.0 100.0 Used cars l/ 12 months or less 13-18 gionths 19-24 months Over 24 months Total 1/ In this report figures are predominately for late model used cars but include data from a few banks for all used cars. NOTE: Distributions are based on tabulations of data from 111 banks for April, and March and are not intended to be estimates for all commercial banks. In April, reports covered about 51,000 contracts on new cars, 35,000 purchased and 16,000 direct and 36,000 contracts on used cars, 24,000 purchased and 12,000 direct. Data are not comparable with previous releases since composition of the group of banks changes from month to month. For distribution according to maturities and contract balances as a percentage of dealer cost see following pages. 3%r Not for publication -4DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS APRIL 1965 AND MARCH 1965 NEW CARS (Percentage distribution of contracts) Contract balance as percentage of dealer cost l/ 24 months or less Apr. iKar. 25-30 months Apr.|Mar. Maturities 31-36 months Apr. J Mar. Over 36 months Apr. iMar. Total Apr. 1 Mar. PURCHASED PAPER 80# or less 81# to 90# 91# to 100# 101# to 110# Over 110# Total 9.1 2.0 3.2 1.0 0.4 8.7 1.9 2.9 1.1 0.4 1.5 0.8 1.0 0.4 0.2 1-5 0.8 1.1 0.3 16.6 14.8 27.7 14.0 - M 15.8 15.0 3.9 3.8 17.0 | 2.9 1 5.2 1.6 0.6 17.7 3.8 1.5 0.7 2.4 0.5 0.3 3.8 1.1 4.2 Total 27.3 27.2 80# or less 81# to 90# 91# to 100# 101# to 110# Over 110# 10.7 2.2 80.0 16.8 14.8 28.4 14.4 0.1 0.1 0.1 0.1 0.1 80.9 0.3 0.2 100.0 100.0 6.6 27.1 17.5 32.5 15.8 27.3 17.6 32.1 15.4 DIRECT LOANS 80# or less 81# to 90# 91# to 100# 101# to 110# Over 110# 18.8 9.6 20.8 8.6 4.4 0.1 0.1 0.? 19.8 9.4 20.9 9.9 4.4 8.1 10.1 64.3 62.2 0.2 0.4 100.0 100.0 10.5 2.1 3-3 1.2 0.4 2.0 0.8 1.2 0.4 0.2 17.2 13.7 26.8 13.2 6.2 0.1 0.1 0.1 0.1 0.1 30.1 16.8 31.3 14.7 7.2 29.7 0.2 17.3 13.7 26.4 13.1 6.4 16.7 31.9 14.8 6.8 17.4 4.7 5.1 76.8 77.2 0.3 0.3 100.0 100.0 U 1.1 0.7 0.1 0.1 0.1 0.1 40.7 13.5 28.5 12.0 5-3, 40.3 13.4 29.9 10.8 5.6 TOTAL Total 18.1 1.9 0.8 1/ Contract balance excludes finance and insurance charges. Less than one-tenth of one per.cent. NOTE: Distributions are based on tabulations of data from 56 banks for April and March and are not intended to be estimates for all commercial banks. In April reports covered about 24,000 contracts on new cars, 19,000 ^purchased and 5,000 direct. Data 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. 33G -5- Net for publication DEALER COST RATIOS AND MATURITIES N" AUTOMOBILE HSTAL>f]NT LOANS (continued) APRIL 1965 AND MARCH 19&5 USED CARS (Percentage distribution of contracts) Contract balance as percentage of wholesale value 1/2J 12 months or less Apr.I Mar. Over 24 19-24 13-18 months months months Apr.i Mar.i Apr.I Mar.I Apr.jMar. Total Apr.I Mar. PURCHASED PAPER 80# or less 81 # to 90# 91# to 100# 101$ to 110# Over 110# Total 17.1 16.3 23.4 15.7 27.4 3.3 1.2 1.6 0.8 1.7 3.4 1-3 1.7 1.0 1.9 2.1 1.2 1.8 1.0 2.4 2.1 1-5 1.8 1.0 2.3 5-2 5.2 6.8 4.5 8.8 5-1 5.4 7.4 4.7 8.5 6.7 8.7 12.4 8.9 15.6 6.4 8.2 12.5 9-1 14.7 8.7 9.3 8.6 8.7 30.5 31.2 52.3 50.8 100.0 100.0 17.3 16.3 22.5 15.2 28.7 DIRECT LOANS 80# or less 81# to 90# 91# to 100# 101# to 110# Over 110# Total 11.0 2.0 3.4 1.9 1.5 12.8 2.4 3-2 1.5 2.0 19.8 21.8 5.4 1.4 2.0 1.1 1.7 5.9 1.6 2.1 1.1 1.9 11.6 12.6 11.5 5.7 10.2 4.2 6.2 11.0 6.2 9.6 4.4 _V7 7.1 5.3 6.5 3.3 4.8 15.5, 16.4 37.7 36.9 26.9 24.8 100.0 100.0 6.7 7-0 10.8 7-7 12.0 44.0 100.0 100.0 7.1 3.7 6.0 3-7 4.4 35.6 15.2 23.7 10.6 14.9 37.5 6.5 2.3 3.6 1.6 2.5 5.9 2.3 3.7 1.3 2.3 14.5 22.4 11.1 14.5 TOTAL 80# or less 81# to 90# 91# to 100# 101# to 110# Over 110# Total 6.8 3.3 1.7 2.2 1.2 2.3 5.3 7.7 4.4 8.1 8.0 4.6 7.8 6.8 7.8 10.9 7.4 12.8 10.4 10.7 32.4 32.7 45.6 3.1 1.5 2.3 1.1 2.4 5.6 6.6 22.2 16.0 22.9 14.0 25.0 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 are based on tabulation of data from 54 banks for April and March and are not intended to be estimates for all commercial banks. April reports covered about 17,000 contracts on used cars, 13,000 purchased and 4,000 direct. Data 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. 22.5 15.8 23.2 14.5 24.0
@FedFRASER