Full text of L.4.2 Auto Loans by Commercial Banks : Maturities and Dealer Cost Ratios : November 13, 1970

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2^ /Cftwur&A- y . /

BOARD

OF

GOVERNORS OF THE F E D E R A L R E S E R V E S Y S T E M

L.4.2

"

November

13,

1970

si*

DIRECT A U T O LOANS BY COMMERCIAL BANKS

September

August

1970

1970

NEW CAR

Per

cent

of

24 months

contracts written
or

Three months
ending
1970

September*
J

1969

CONTRACTS

for:

less

25.2

24.7

25.0

24.9

25-30 months

6.2

6.2

31-36 months

68.3

68.6

6.0
68.6

68.3

0.3

0.4

0.4

87.7

88.1

Over

36 m o n t h s

Contracts written
Median

Per

cent

for

loan/value

of

12 m o n t h s

ratio

19-24 months

All

24 months

used

Median

car

CONTRACTS

17.7
14.0

17.3

« 17.7
13.9

16.1

14.5

36.9
31.4

35.0
33.2

35.6
32.8

35.8
34.6

89.4

89.3

89.1

90.1

13.5

contracts:

loan/value

^Unweighted

USED CAR

for:

less

13-18 months
Over

0.6

36 m o n t h s :

contracts written
or

6.3

ratio

arithmetic mean of

Details may not

add

to

the

three monthly ratios.

totals because




of rounding.

L.4.2

-2DEALER AUTO LOANS BY

COMMERCIAL BANKS

September

(PURCHASED

August

1970

1970

NEW CAR

Per

cent

of

24 m o n t h s

contracts written
or

Over

less

12.3

months
36 m o n t h s

Contracts written
Median

for

loan/value

cent

of

12 m o n t h s

|

1969

CONTRACTS

12.1

12.3

11.7

3.0

3.1

2.9

2.6

83.5

83.4

84.6

1.5

1.2

1.3

1.2

92.9

92.6

92.5

92.9

36 m o n t h s :

ratio

contracts written

CONTRACTS

for:
14.6

12.1

12.7

13-18 months

11.6

11.1

11.3

9.3

19-24 months

30.5

31.0

30.6

32.2

Over

43.4

45.8

45.4

48.6

97.3

98.7

97.9

99.9

All

or

1970

months
September*

83.3

USED CAR

Per

Three
ending

for:

25-30 months
31-36

PAPER)

less

24 m o n t h s

used

Median

car

contracts:

loan/value

ratio

^Unweighted

arithmetic mean

Details

not

may

9.9

add

to

of

totals




the

three monthly

because

of

ratios.

rounding.

L.4.2

-3DEALER COST RATIOS AND
ON AUTOMOBILE
SEPTEMBER

MATURITIES

INSTALMENT LOANS

1970 A N D A U G U S T

1970

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
as

Maturities

balance
24 months

dealer

cost

25-30

31-36
O v e r 36
or l e s s
months
months
months
S e p t . 1 A u g . S e p t .i A u g . S e p t . 1 A u g . S e p t . 1 A u g .

p e r c e n t a g e of
1/

Total
Sept.

1

Aug.

PURCHASED PAPER
less

7.2

8 1 % to 9 0 %
9 1 % to 1 0 0 %

80% or

1.7
1.9
0.8

101%

to

Over

110%

110%

Total

7.4
1.8

1.0
0.7

1.2
0.9

16.6
17.2

16.5
18.6

0.2
0.2

0.2
0.2

0.7

1.7
0.7
0.5

1.2

0.7

26.2

0.4
0.2

0.3
0.2

15.1
7.5

24.1
15.6
7.8

0.6
0.3
0.3

12.2

12.4

3.4-

3.6

82.6

82.6 .

1.7

12.5

11.5

2.5

2.3

22.0

23.3

1.1
2.3

1.2

13.5

14.2

0.6

25.0
19,9
29.9

25.3
21.5
27.1

0.3
0.1

• 16.6
8.6

16.5
8.6

1.4

100.0

100.0

0.3

0.3

37.2

37.4

0.1

0.1

19.7

21.4

DIRECT LOANS
8 0 % or

less

81%

to 9 0 %

5.0

5.9

91%

to

4.4
0.9

4.0

21.6

0.1

0.1

1.3

1.4
1.0

20.8

1.0

5.8

5.1

27.6
8.0

0.9

0.8

0.3

0.3

3.2

2.7

0.1

*

4.5

27.1
7.1
3.8

24.4

24.3

7.5

6.8

67.5

68.4

0.6

0.5

100.0

100.0

less

8.4

1.4
1.0
0.9

0.2
0.2
0.5

1 0 1 % to 1 1 0 %

2.5
2.5
0.8

1.3
0.8

18.1

8 1 % to 9 0 %
9 1 % to 1 0 0 %

8.2
2.7
2.2

Over

0.7
15.2

15.2

100%

101%

to

Over

110%

110%

Total

TOTAL
8 0 % or

110%

Total

NOTE:

Distributions

55 of w h i c h

for n e w

2 1 , 0 0 0 p u r c h a s e d and
on 15,000 contracts,
to b e e s t i m a t e s
releases

since

cars

0.3

0.2

14.5

14.7

0.3

0.1

7.7

7.5

1.2

100.0

100.0

0.4

13.3

0.2.

0.2

6.5

6.6

4.4

4.3

79.0

79.3

1.4

cost

17.7
23.6

insurance charges.

are derived

from reports of

r a t i o s as w e l l a s m a t u r i t i e s .
1 and

2 is b a s e d

c o m m e r c i a l b a n k s and are not
the g r o u p o f b a n k s




to t o t a l s b e c a u s e

is b a s e d
intended

comparable with previous

changes

of rounding.

100 b a n k s ,

The September maturity

on 30,000 contracts,

9,000
direct.
T h e c r o s s - c l a s s i f i c a t i o n o n this p a g e
11,000 purchased and 4 , 0 0 0
direct.
The data are not

for all

add

27.9
21.6
27.2

0.8

shown on pages

c o m p o s i t i o n of

Details may not

27.9
19.8
29 .3

0.6

for S e p t e m b e r and A u g u s t

reported dealer

0.2
0.2
0.5

1.4
0.6

^ / C o n t r a c t b a l a n c e e x c l u d e s f i n a n c e and
* Less than o n e - t e n t h of one per c e n t .

distribution

-

17.9
16.3
24.9
12.9

from month

to m o n t h .

L.4.2

-4DEALER

COST RATIOS AND

ON AUTOMOBILE

MATURITIES

INSTALMENT LOANS

SEPTEMBER

(continued)

1970 A N D A U G U S T

1970

USED CARS
(Percentage distribution
Contract
as

Maturities

balance

percentage

of c o n t r a c t s )

12 m o n t h s

of

w h o l e s a l e v a l u e JL/2/

or

less

13-18

19-24

months

months

Over

24

months
Sept. 1 Aug. Sept. 1 Aug. Sept. 1 Aug. Sept. 1 Aug.

Total
Sept.

1

Aug.

PURCHASED PAPER
8 0 % o r less
8 1 % to 9 0 %

4.1
2.0

3.6

2.2

2.2

5.6

1.6

9 1 % to

7.2

4.2

1.9
2.5

1.7
1.7

4.1
6.9

1.3

0.9
2.0

1.8

1.7

4.8

5.4

8.4

2.4

3.3

2.9

8.4

8.3

17.0

12.8

11.7

10.8

29.8

30.1

8.5

8.8

5.7

5.7

11.4

9.4

4.2
3.7

3.3

1.8

3.1

8.0

4.0

4.3

4.0

11.5

7.7
13.0

7.4

2.1

1.2

1.0

4.2

3.4

2.8

100%

101%

to

Over

110%

110%

Total

4.4
5.4

5.2
5.4

6 .6

10.3

4.7
6 .4
10.6

26.9

17.1
13.4

12.2

9.7
15.0

26.3

17.7
28.2

41.5

46.4

100.0

100.0

7.2

7.7

32.8

31.6

4.4

5.7
7.6

18.4
26.9

28.7

3.7

9.6

10.2

16.3

14.9
15.1
23.1

DIRECT LOANS
8 0 % or

less

81%

to 9 0 %

91%

to

100%

101%

to

110%

Over

110%

19.8

1.4
3.0

2.5

3.0

1.9

3.8

2.8

2.6

2.5

12.4

9.7

20.8

20.7

16.0

15.7

38.8

36.3

24.4

27.4

100.0

100.0

8 0 % or less
8 1 % to 9 0 %

5 .5
2.7

5 .2
2.3

3.3
1.8

3.3
2.1

7 .4
5 .3

5.9
6.0

5 .8
5.1

5.7
6.2

22.1
15.0

20.1
16.6

9 1 % to 1 0 0 %
1 0 1 % to 1 1 0 %

6.1
1.3
2.6

4.2
1.2

3.1
1.6

8.4

8.6

9.6

26.9

24.8

4.8
6.7

9.2

7.9
11.2

14.1

3.2

4 .6
6.9

9.4
6 .6

2.3

2.4
1.6
2.8

21.9

15.5
23.0

15.2

13.0

12.2

32.7

32.0

36.1

40.6

100.0

100.0

Total

TOTAL

Over

110%

18.2

Total
l/Contract balance

excludes

finance and

insurance

2/Wholesale value represents "average wholesale,11
as i n d i c a t e d b y u s e d c a r g u i d e s .
NOTE:

Distributions

51 of w h i c h

reported

for S e p t e m b e r a n d A u g u s t

dealer

cost

r a t i o s as w e l l

charges.
"as

i s , " or

are derived

"buying value"

from reports

as m a t u r i t i e s .

The

of

100 b a n k s ,

September maturity

d i s t r i b u t i o n for u s e d c a r s s h o w n o n p a g e s 1 and 2 is b a s e d o n 2 2 , 0 0 0 c o n t r a c t s ,
1 4 , 0 0 0 p u r c h a s e d and 8 , 0 0 0 d i r e c t .
T h e c r o s s - c l a s s i f i c a t i o n o n this p a g e is b a s e d
on

10,000 contracts,

to b e

estimates

releases

since

7,000 purchased

for a l l

Details may not

add

and

commercial banks

c o m p o s i t i o n of
to

the

totals because




3,000 direct.
and

are not

group of banks

The data are not

comparable with

changes

of r o u n d i n g .

from month

intended

previous
to m o n t h .