BOARD OF GOVERNORS" sk FEDERAL RESERVE SYSTEM WASHINGTON, D. C ! NOTICE

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1 ;4. ' of Gov/ BOARD OF GOVERNORS" sk FEDERAL RESERVE SYSTEM WASHNGTON, D. C. 2055! NOTCE February 5, 976 Attache s a new monthly Feeral Reserve statstcal release on automoble cret volume an terms whch combnes nto one release three prevously separate releases! The new release, enttle!"automoble Cret" an numbere ~ G.26, ncorporates most of the ata prevously publshethe ol releases <^^4, numbereg.26 (volume, average note, an number of loar^/^g.25 (maturty a^ n-n, > n r to-ealer-cost rat] n rl st-hhnt one nf rnmpan pvt a5h G.ll (fnance rates an average maturty an loan-to-value ratos at fnance Sempanes). " ' The consolaton of the releases was mae to prove users more convenent access to auto cret nformaton avalable from the Boar, an to reuce the expense of proucng an strbutng three separate releases. Whle the format of the new release ffers conserably from the formats of the preecessor releases, the only ata omtte are the tables formerly presente on page 5 of the G.25 release showng cross-classfcaton of auto contracts by maturty an ealer-cost-rato categores. Also, the maturty strbuton of auto loans at fnance companes has been restructure to prove more etal n the longer-maturty categores, an ata have been ae on the maturty strbuton of r new-car loans at commercal banks. Hstorcal ata are avalable upon request from the Mortgage an Consumer Fnance Secton, Dvson of Research an Statstcs, Boar of Governors of the Feeral Reserve System, Washngton, B.C f you are not alreay recevng the G.26 release an f you woul lke to have your name ae to the malng lst, please complete ar return ths notce promptly to Publcatons Servces, Dvson of Amnstratve Servces, Boar of Governors of the Feeral Reserve System, Washngton, B.C f you have receve the ol G.26 release n the past, your name wll contnue on the G.26 malng lst. Thus you o not nee to return ths form. Publcatons Servces Dvson of Amnstratve Servces Number of copes requre Name Street Aress Cty, State, an Zp Coe

2 statstcal FEDERAL release RESERVE The enclose Statstcal Release (6.26) s a new publcaton of the Boar of Governors, Feeral Reserve System. A supplement s beng prepare provng ata on the seres shown back to January 960. To obtan the supplement or copes of the release regularly, please sen your request to: Publcaton Servces, Dvson of Amnstratve Servces, Boar of Governors of the Feeral Reserve System* Washngton, D. C. 2055

3 g 0 96 BOARD OF GOVERNORS EDERAL RESERVE SYSTEM February 5, 976 NOTCE Attache s a new monthly Feeral Reserve statstcal release on automoble cret volume an terms whch combnes nto one release three prevously separate releases. The new release, enttle "Automoble Cret" an numbere G.26, ncorporates most of the ata prevously publshe n the ol releases numbere G.26 (volume, average note, an number of loans), G.25 (maturty an loanto-ealer-cost rato strbutons at fnance companes), an G.ll (fnance rates an average maturty an loan-to-value ratos at fnance companes). The consolaton of the releases was mae to prove users more convenent access to auto cret nformaton avalable from the Boar, an to reuce the expense of proucng an strbutng three separate releases. Whle the format of the new release ffers conserably from the formats of the preecessor releases, the only ata omtte are the tables formerly presente on page 3 of the G.25 release showng cross-classfcaton of auto contracts by maturty an ealer-cost-rato categores. Also, the maturty strbuton of auto loans at fnance companes has been restructure to prove more etal n the longer-maturty categores, an ata have been ae on the maturty strbuton of new-car loans at commercal banks. Hstorcal ata are avalable upon request from the Mortgage an Consumer Fnance Secton, Dvson of Research an Statstcs, Boar of Governors of the Feeral Reserve System, Washngton, D.C f you are not alreay recevng the G.26 release an f you woul lke to have your name ae to the malng lst, please complete an return ths notce promptly to Publcatons Servces, Dvson of Amnstratve Servces, Boar of Governors of the Feeral Reserve System, Washngton, D.C f you have receve the ol G.26 release n the past, your name wll contnue on the G.26 malng lst. Thus you o not nee to return ths form. Number of copes requre Name Street Aress Cty, State, an Zp Coe Publcatons Servces Dvson of Amnstratve Servces

4 FEDERAL RESERVE statstcal release AUTOMOBLE CREDT - NOVEMBER 975 DOLLAR VOLUME OF CREDT EXTENDED FOR NEW AUTOMOBLES ROSE ALMOST 5 PER CENT N NOVEWER, ON A SEASONALLY ADJUSTED BASS. AL, CATEGORES, EXCEPT FOR BANK PURCHASED PAPER, SHARED N THE RSE. THE NCREASE N NUMBER FNANCED WAS SMALLER THAN FOR VOLUME, AS AVERAGE AMOUNTS FNANCED WERE HGHER, PARTCULARLY FOR BANK DRECT NEW-CAR LOANS. N THE USED-CAR LOAN MARKET, BOTH DOLLAR VOLUME AND UNTS FNANCED DECLNED. MATURTES ON NEW-CAR LOANS LENGTHENED FURTHER AT COMMERCAL BANKS, BUT SHOWED LTTLE CHANGE AT FNANCE COMPANES, WHERE THE PROPORTON OF CONTRACTS WRTTEN WTH TERMS EXCEEDNG 36 MONTHS APPEARS TO HAVE STABLZED AROUND 25 PER CENT. AT FNANCE COMPANES NEW-CAR FNANCE RATES EDGED UP WHLE USED-CAR RATES WERE SOMEWHAT LOWER. Over-36-Month New-Car Loans at Fnance Companes CREDT EXTENDED ALL HOLDERS TOTAL CREDT (MLLON S AVERAGE SZE OF CONTRACT S BANK DRECT LOANS TOTAL CREDT (MLLON S NUMBER OF CONTRACTS THOUS. AVERAGE SZE OF CONTRACT (S BANK PURCHASED PAPER TOTAL CREDT (MLLON S AVERAGE SZE OF CONTRACT (S) FNANCE COMPANES TOTAL CREDT (MLLON S NUMBER OF CONTRACTS (THOUS. AVERAGE SZE OF CONTRACT (S OTHER LENDERS TOTAL CREDT (MLLON S AVERAGE SZE OF CONTRACT (S SEASONALLY ADJUSTED NOV. OCT., ,300 4,703j , S4o! 23 4, ,660 5,08 *" 4,230 2, , , , le 5,02 NOT SEASON- ALLY ADJUSTED NOV. OCT. NOV., , ,7 ll , ,520 4,T98l 4,274 2, , ,446 4, ,OS3 47 SOS 4,573 4,653jf ,752 4,734j 547.! 06 5,60j 4, NOV. OCT.,653 l w l 679 2,29 2,434 jj Js 2,468j baa! 65 2, , , ,255 NUT STASON- ALLY ADJUSTED NOV. NOV. OCT. NOV., ! 220 4, ,290 s 2, ,382, ,24j 32! 50 2,40j , ,447j ,039 0A7A FOR TOTAL CREDT AND AVERAGE SZE OF CONTRACTS NCLUDE PRECOMPUTED FNANCE CHARGES AT MOST HOLDERS. BANK REFERS TO COMMERCAL BANKS ONLY* OTHER LENDERS NCLUDE PRMARLY CREDT UNONS, BUT ALSO MUTUAL SAVNGS BANKS, SAVNGS AND LOAN ASSOCATONS AND AUTOMOBLE DEALERS., , , ,588 z t! 2, ,247,* , , , ,364

5 NEW-CAR NSTALMENT LOAN MATURTES AT COMMERCAL BANKS (PUBLSHED MD-MONTH OF EACH QUARTER) PERCENT OF CONTRACTS MADE DURNG MONTH WTH MATURTES OF* 30 MONTHS OR LESS 3-36 MONTHS OVER 36 MONTHS PURCHASED PAPER AUG. NOV. 974 NOV DRECT LOANS 975 AUG NOV NOV* TOTAL LOANS AUG. NOV FNANCE COMPANY AUTOMOBLE CREDT - NOVEMBER 975 CREDT EXTENDED TOTAL CREDT (MLLON S AVERAGE SZE OF CONTRACT (S) AVERAGE AMOUNT FNANCED (S AVERAGE FNANCE RATE (*) AVERAGE MATURTY (MONTHS) PERCENTAGE WTH MATURTES! OVER 42 MONTHS MONTHS OVER 36 MONTHS MONTHS 30 MONTHS OR LESS MONTHS 24 MONTHS OR LESS AVERAGE LOAN-TO-VALUE RATO(S) PERCENTAGE WTH L/V RATOS: OVER HOt 0-0* 9-00* 90% OR LESS SEASONALLY ADJUSTED 974 NOV. 975 OCT. 975 NOV ,660 3, ::: Ull 5,08 4, ee ,02 4, ! NOT SEASON- ALLY ADJUSTED NOV. OCT. NOV. "H 4,730 3, :::! *7 32 5,083 4, ,60 4, M 37.7M 0.0H M M USED CARS SEASONALLY ADJUSTED NOV. OCT. NOV ,468 2, * * * " 2,677 2, ,7 2, NOT SEASON- ALLY ADJUSTED NOV. OCT. NOV ,447 2, ,69 2, ,67 2, # 46, * NOTE* LOAN RATE AND LOAN TERMS DATA APPLY MANLY TO CONTRACTS PURCHASED FROM DEALERS. THE AVERAGE SZE OF CONTRACT STATSTCS ARE ESTMATED BY DVDNG TOTAL CREDT EXTENSONS FOR ALL FNANCE COMPANES BY THE ESTMATED NUMBER OF CONTRACTS* THEY NCLUDE PRECOMPLED FNANCE CHARGES NCORPORATED N THE CREDT EXTENSON STATSTCS. THE AVERAGE AMOUNT FNANCED STATSTCS ARE BASED ON DATA OBTANED FROM A LMTED SAMPLE OF FNANCE COMPANES* THEY DO NOT NCLUDE- ANY(PRECOMPUTED FNANCE CHARGES. FNANCE RATES ARE ANNUAL PERCENTAGE RATES AS SPECFED BY REGULATON Z (TRUTH-N LENDNG). AVERAGE LOAN RATE, MATURTY AND LOAN-TO-VALUE RATO DATA ARE OBTANED FROM A DFFERENT SAMPLE THAN THE LOAN TERMS PERCENTAGE DSTRBUTONS. THE USED-CAR LOAN MATURTY AND LOAN-TO-VALUE DATA APPLY ONLY TO CARS LESS THAN THREE DATA NOT AVALABLE BEFORE NOVEM,R,..V.'X

6 .vovoo^f**. Mm;-, FEDERAL RESERVE AUTOMOBLE CREDT - DECEMBER 975 STRENGTH N USEO-CAR CREOT EXTENSONS MORE THAN OFFSET A New an Use-Car Cret Extene (S.A.) SMALL DECLNE N NEW-CAR LOAN VOLUME. AFTER SEASONAL ADJUSTMENT. USED-CAR EXTENSONS WERE UP ALMOST 0 PER CENT FROM NOVEMBER, WTH LARGEST NCREASES N THE BANK PURCHASED PAPER AND FNANCE COMPANY CATEGORES. FNANCE COMPANES WERE THE ONLY GROUP TO SHOW A SEASONALLY ADJUSTED NCREASE N NEW-CAR CREDT. AT FNANCE COMPANES, THE PROPORTON OF NEW-CAR CONTRACTS WTH LOW OOWNPAYHENTS (LOAN-TO-VALUE RATOS EXCEEDNG 00 PER CENT) EDGED UP SOMEWHAT FROM THE UNUSUALLY LOW RATE PREVALNG EARLER N 975. MATURTY DSTRBUTONS AT FNANCE COMPANES WERE LTTLE CHANGED FOR ETHER NEW OR USED CARS, AND FNANCE RATES WERE SLGHTLY HGHER N BOTH MARKETS. USED-CAR CREDT EXTENDED ALL HOLDERS TOTAL CREDT (MLLON S AVERAGE SZE OF CONTRACT (S BANK DRECT LOANS TOTAL CREDT (MLLON S NUMBER OF CONTRACTS (THOUS- AVERAGE SZE OF CONTRACT (S) BANK PURCHASED PAPER TOTAL CREDT (MLLON S NUMBER OF CONTRACTS (THOUS. AVERAGE SZE OF CONTRACT (S FNANCE COMPANES TOTAL CREDT (MLLON S NUMBER OF CONTRACTS (THOUS. AVERAGE SZE OF CONTRACT (S OTHER LENDERS TOTAL CREOT (MLLON S NUMBER OF CONTRACTS (THOUS. AVERAGE SZE OF CONTRACT (S DEC. NOV. NEW CARS 975 DEC. NOT SEASON- ALLY ADJUSTED DEC. NOV. DEC. 2,074 2,57 2,479 2,28 2, " ,650 4,822 4,786 4,743 4,853 4,780. ' "!! 608» ,459 4,73 4,543 4,577 4,752 4, ,684 4,727 4,683 4,807 4,734 4, } ,752 5,02 5, V60 5, , , J, BANKS, SAVNGS AND LOAN ASSOCATONS AND AUTOMOBLE DEALERS. 4,828 " , DEC. 526, 2, , , , , NOV. DEC. DEC. NOV. DEC.,598 63«L 2, , ,290J 225! 83 2,7 2,382, , ! 233 4, ,649J 458 } 2 2,7, , , ,447 2,086 2, , , , ,364, , , , ,58

7 '» /, 3#Y FNANCE COMPANY AUTOMOBLE CREDT - DECEMBER 975 CREDT EXTENDED TOTAL CREDT (MLLON S) NUMBER OF CONTRACTS (THOUS.l AVERAGE SZE OF CONTRACT S AVERACE AMOUNT FNANCED <*) AVERAGE FNANCE RATE <«> AVERAGE MATURTY (MONTHS PERCENTAGE WTH MATURTES! -OVER 42 MONTHS MONTHS OVER 36 MONTHS 3-36 MONTHS 30 MONTHS OR LESS MONTHS 24 MONTHS OR LESS AVERAGE LOAN-TQ-VALUE RATO**) PERCENTAGE WTH LTV RATOS: OVER HOt lox-llos 9 loot 90t Q* LESS ADJUSTED _ DEC. NOV. DEC. 5B 09 4,752 3, j ! ,02 4, ,000 4, t ! S 974 DEC. " ~ r 4,826 3, ,60 4, _! L 975 DEC ,078 4, Z t 86.0jj 4l5j! 32.9M ,444 2, ! 7, ,7 2, j DEC. DEC. *S 2,649 2, * ,447 2, :::! NOV. DEC ,67 2, NOTE LOAN RATE AND LOAN TERMS DATA APPLY MANLY TO CONTRACTS PURCHASED FROM DEALERS. THE AVERAGE SZE 0# CONTRACT STATSTCS ARE ESTMATED BY DVDNG TOTAL CREDT EXTENSONS FOR ALL FNANCE COMPANES BY THE ESTMATED NUMBER OF CONTRACTS* THEY NCLUDE PRECOMPLED FNANCE CHARGES NCORPORATED N THE CREDT EXTENSON STATSTCS. THE AVERAGE AMOUNT FNANCED STATSTCS ARE BASEO ON DATA OBTANED FROM A LMTED SAMPLE OF FNANCE COMPANES* THEY DO NOT NCLUDE ANY PRECOMPLED FNANCE CHARGES. FNANCE RATES ARE ANNUAL PERCENTAGE RATES AS SPECFED BY REGULATON Z TRUTH-N LENDNG!.. AVERAGE LOAN RATE. MATURTY AND LOAN-TO-VALUE RATO DATA ARE OBTANED FROM A DFFERENT SAMPLE THAN THE LOAN TERMS PERCENTAGE DSTRBUTONS. THE USED-CAR LOAN MATURTY AND LOAN-TO-VALUE DATA APPLY ONLY TO CARS LESS THAN THREE YEARS OLD.... DATA NOT AVALABLE BEFORE NOVEMBER, ,655 2,