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9 # < Not fojr p u b l i c a t i o n BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM L.4.2 I DECONTROLLED AFTER SIX March 15, 1966. rnmCT AUTO LOANS BY COMMERCIAL BANKS January 1966 December 1965 - Three months ending January 1966 1 1965 NEW CAR CONTRACTS Per cent of c o n t r a c t s w r i t t e n f o r : Under 36 months 36 months Over 36 months 37.1 62.7 0.2 37.9 61.8 37.1 62.7 0.2 40.4 59.2 0.4 94 94 94 94 34.1 34.9 34.6 6.3 C o n t r a c t s w r i t t e n f o r 36 months: Most f r e q u e n t l o a n / v a l u e r a t i o 1/ Per cent of c o n t r a c t s with r a t i o s above 94 per cent 37.0 USED CAR CONTRACTS Per cent of c o n t r a c t s w r i t t e n f o r : Under 19 months 19-24 months 25-36 months 30.0 34.7 35.3 30.7 35.5 33.8 30.6 36.0 33.4 35.5 37.5 27.0 95 94 94 93 32.4 30.8 33.3 32.5 Contracts w r i t t e n f o r 24 months or l e s s : Most f r e q u e n t l o a n / v a l u e r a t i o 1/ Per cent of c o n t r a c t s with r a t i o s above 95 per cent 1/ Computed mode of r a t i o s , based on d e a l e r - c o s t v a l u e s f o r new c a r s and wholes a l e p r i c e s f o r used c a r s as 100 per c e n t . A loan of 90-95 per cent of d e a l e r c o s t g e n e r a l l y amounts t o around 70-80 per cent of l i s t p r i c e . Not f o r p u b l i c a t i o n L.4.2 -2- DEALER AUTO LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) January 1966 December 1965 Three months ending January 1966 1 1965 NEW CAR CONTRACTS Per cent of c o n t r a c t s w r i t t e n f o r : Under-36 months 36 months Over 36 months 21.0 78.1 0.9 22.0 76.9 1.1 21.2 77.9 0.9 22.5 76.5 1.0 95 94 95 95 46.0 45.4 46.9 46.0 Contracts w r i t t e n f o r 36 months: Most f r e q u e n t l o a n / v a l u e r a t i o 1/ Per cent of c o n t r a c t s with r a t i o s above 95 per cent USED CAR CONTRACTS Per cent of c o n t r a c t s w r i t t e n f o r : Under 19 months 19-24 months 25-36 months 17.0 27.7 55.3 17.2 29.5 53.3 17.8 29.3 52.9 20.8 32.9 46.3 94 95 96 95 Contracts w r i t t e n f o r 24 months or l e s s : Median l o a n / v a l u e r a t i o If Computed mode of r a t i o s , based on d e a l e r - c o s t v a l u e s f o r new c a r s and wholes a l e p r i c e s f o r used c a r s as 100 per c e n t . A loan of 90-95 per cent of d e a l e r c o s t g e n e r a l l y amounts t o around 70-80 per cent of l i s t p r i c e . L.4.2 AUTOMOBILE INSTALMENT LOANS AT COMMERCIAL BANKS MATURITIES — JANUARY 1966 and DECEMBER 1965 (Percentage d i s t r i b u t i o n of c o n t r a c t s ) Total Maturities Purchased paper Dec. Jan. Direct loans Dec. Jan. Jan. Dec. 21.1 5.2 73.0 0.7 21.9 5.3 72.0 0.8 16.7 4.3 78.1 0.9 17.5 4.5 76.9 1.1 30.0 7.1 62.7 _0z2 31.0 6.9 61.8 100.0 100.0 100.0 100.0 100.0 100.0 12.2 9.4 30.1 48.3 12.0 9.7 31.6 46.7 9.0 8.0 27.7 55.3 8.8 8.4 29.5 53.3 18.1 11.9 34.7 -31,3 18.3 12.4 35.5 33.8 100.0 100.0 100.0 j 100.0 100.0 100.0 New c a r s 24 months or l e s s 25-30 months 31-36 months Over 36 months Total Used c a r s 1/ 12 months or l e s s 13-18 months 19-24 months Over 24 months Total 1/ In t h i s r e p o r t f i g u r e s a r e predominately f o r l a t e model used c a r s but i n clude d a t a from a few banks f o r a l l used c a r s . NOTE: D i s t r i b u t i o n s a r e based on t a b u l a t i o n s of d a t a from 111 banks f o r January and December and a r e not intended to be e s t i m a t e s f o r a l l commercial banks. In January, r e p o r t s covered about 32,000 c o n t r a c t s on new c a r s , 21,000 purchased and 11,000 d i r e c t and 24,000 c o n t r a c t s on used c a r s , 16,000 purchased and 8,000 d i r e c t . Data a r e not comparable with previous r e l e a s e s s i n c e comp o s i t i o n of the group of banks changes from month t o month, For d i s t r i b u t i o n according t o m a t u r i t i e s and c o n t r a c t balances as a percentage of d e a l e r c o s t see following pages. Not f o r p u b l i c a t i o n .4. L.4.2 DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS JANUARY 1966 AND DECEMBER 1965 NEW CARS (Percentage d i s t r i b u t i o n of c o n t r a c t s ) Contract balance as percentage of d e a l e r c o s t If Maturities 31-36 months J a n . 1 Dec. 24 months or l e s s J a n . 1 Dec. 25-30 months J a n . I Dec. 7.7 2.2 3.8 1.8 M 8.1 2.3 4.0 1.6 0.7 1.5 0.6 1.8 0.7 M 1.2 0.9 1.8 1.0 M 14.2 16.6 26.9 14.5 6.4 13.8 16.5 26.6 13.8 6.9 * * 0.3 0.1 0.1 0.1 0.4 0.1 oa 23.5 19.5 32.8 17.1 7.2 23.1 19.8 32.8 16.5 7.8 16.1 16.6 4.8 5.0 78.6 77.6 0.5 0.7 100.0 100.0 0.3 37.7 17.0 30.7 10.0 4.7 38.9 18.3 29.4 8.8 JLA Over 36 months J a n . 1 Dec. Total J a n . 1 Dec. PURCHASED PAPE!R 80% or l e s s 81% to 90% 91% to 100% 101% t o 110% Over 110% Total DIRECT LOANS 80% or l e s s 81% t o 90% 91% t o 100% 101% to 110% Over 110% 15.9 4.7 6.6 1.8 0^5 18.0 5.1 7.1 1.2 3.3 1.8 3.9 0.9 0*3 2.5 1.2 3.4 1.0 0*3 18.2 10.4 20.1 7.2 3.7 18.1 12.0 18.9 6.6 3.8 0.1 * 0JL 0.2 * ' 0.1 * * Total 29.6 31.9 10.2 8.4 59.6 59.3 0.5 0.4 100.0 100.0 80% or l e s s 81% t o 90% 91% to 100% 101% to 110% Over 110% 9.7 2.8 4.5 1.8 0,6 10.6 3.0 4.8 1.5 0*6 2.0 0.9 2.3 0.7 0^2 1.5 0.9 2.2 1.0 0^2 15.2 15.1 25.2 12.7 5.7 0.1 0.1 0.1 0.3 0.1 JL.L 27.0 18.8 32.3 15.3 6.5 27.1 19.4 32.0 14.6 JUL 19.4 20.5 6.1 0.6 100.0 100.0 OA TOTAL Total 14.9 15.4 24.7 12.0 6.1 0.3 5.9 73.9 73.0 0.5 i 1 1/ Contract balance excludes f i n a n c e and insurance c h a r g e s . * Less than o n e - t e n t h of one per c e n t . NOTE: D i s t r i b u t i o n s a r e based on t a b u l a t i o n s of d a t a from 64 banks f o r January and December and a t e not intended t o be e s t i m a t e s f o r a l l commercial banks. In January r e p o r t s covered about 15,000 c o n t r a c t s on new c a r s , 11,000 purchased and 4,000 d i r e c t . Data a r e not comparable with previous r e l e a s e s s i n c e composition of the group of banks changes from month t o month. e t a i l s may not add t o t o t a l s because of rounding. Digitized forDFRASER 5V Not f o r p u b l i c a t i o n L.4.2 -5DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE INSTALMENT LOANS (continued) JANUARY 1966 AND DECEMBER 1965 USED CARS (Percentage d i s t r i b u t i o n of c o n t r a c t s ) Contract balance as percentage of wholesale value 1/2/ 12 months or l e s s J a n . 1 Dec. 13 -18_ months J a n . iDec. Maturities Over 24 19-24 months J a n . I Dec. J a n . IDec. Total J a n . ! Dec. PURCHASED PAPER 80% or l e s s 81% t o 90% 91% to 100% 101% to 110% Over 110% 2.6 1.3 1.4 0.9 1^5 2.4 1.1 2.0 0.7 1.6 1.3 1.6 0.6 hi h± hi Total 7.6 7.5 6.4 7 . 3 26.0 80% or l e s s 81% to 90% 91% t o 100% 101% t o 110% Over 110% 13.4 1.8 5.0 1.5 1.4 14.3 1.8 4.1 1.3 1.3 5.8 1.3 3.2 0.5 1.1 6 . 5 11.1 1.6 4 . 2 3 . 3 9.9 1 . 1 3.6 1.5 3 . 8 12.7 5.4 8.5 3.7 8.2 4.8 7.9 6.5 4.9 23.0 22.8 , 12.0 14.1 32.7 34.1 32.3 28.9 100.0 100.0 1.4 1.3 1.8 1.2 4.1 4.8 7.0 3.6 6^4 4.2 4.9 7.8 4.1 hi 6.0 10.6 13.8 12.4 17.1 5.9 11.4 14.2 10.9 14.5 14.2 18.0 23.9 17.5 26.4 13.9 18.7 25.8 16.8 24.7 28.3 59.9 56.8 100.0 100.0 DIRECT LOANS Total 7.2 4.5 6.1 5.9 5.3 38.4 12.1 26.1 12.2 11.3 40.7 13.3 22.0 12.0 12.0 TOTAL 21.3 16.3 24.5 15.9 22.0 21.7 17.2 24.7 15.4 21.0 80% or l e s s 81% to 90% 91% t o 100% 101% t o 110% Over 110% 5.7 1.5 2.4 1.0 L I 5.9 1.3 2.6 0.9 1.3 2.8 1.3 2.1 0.6 1.3 2.9 1.4 2.2 1.2 1.6 5t7 6.7 5.0 8.0 4.0 6.3 6.7 8.9 12.1 10.7 13.5 6.2 9.4 11.8 9.4 11.8 Total 12.1 12.0 8.0 9.3 28.0 30.0 51.9 48.7 100.0 100.0 6.1 4.7 7.9 3.6 1/ Contract balance excludes f i n a n c e and insurance c h a r g e s . 2,/ Wholesale v a l u e r e p r e s e n t s "average w h o l e s a l e , " "as i s , " or "buying v a l u e " as i n d i c a t e d by used car g u i d e s . NOTE : D i s t r i b u t i o n s a r e based on t a b u l a t i o n s of d a t a from 60 banks f o r January and December and a r e not intended to be e s t i m a t e s f o r a l l commercial banks. January r e p o r t s covered about 11,000 c o n t r a c t s on used c a r s , 8,000 purchased and 3,000 d i r e c t . Data a r e n o t comparable with previous r e l e a s e s s i n c e composition of the group of banks changes from month t o month. D e t a i l s may not add t o t o t a l s because of rounding.
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