FINANCE COMPANIES1

G.20

For immediate release

November 2003

January 2004

OWNED AND MANAGED RECEIVABLES2
2002
1998

1999

2000

2001

2002

Q3

Q4

Q1

Q2

2003
r
r
Q3
Sep

r

p

Oct

Nov

14.6
10.0
25.3
14.5

-0.5
-15.3
6.5
10.5

Seasonally Adjusted
Growth Rates (percent at annual rate)
Total
Consumer3
Real estate4
Business
Outstandings (billions of dollars)
Total
Consumer3
Real estate4
Business

10.2
7.2
15.9
11.1

13.6
10.7
15.8
15.5

15.8
15.2
14.3
17.0

4.6
9.2
4.4
0.6

2.2
0.8
4.2
2.9

2.9
-1.6
9.5
4.8

2.4
-5.0
16.5
4.3

2.1
2.2
-4.2
4.4

0.5
-4.2
17.6
-1.7

9.0
14.9
18.6
-0.6

7.0
20.5
1.6
-3.8

907.0 1,030.4 1,193.3 1,248.7 1,276.6 1,268.9 1,276.6 1,283.2 1,284.8 1,313.7 1,313.7 1,371.0 1,370.4
370.0
409.7
472.0
515.2
519.1
525.7
519.1
522.0
516.5
535.7
535.7
540.2
533.3
150.3
174.0
198.9
207.7
216.5
207.9
216.5
214.2
223.6
234.0
234.0
280.3
281.8
386.7
446.6
522.5
525.8
541.0
535.2
541.0
547.1
544.7
543.9
543.9
550.5
555.3

AUTO LOANS: TERMS OF CREDIT5
Percent except as noted; not seasonally adjusted
New car loans
Interest rates
6.30
6.66
Maturity (months)
52.1
52.7
Loan-to-value ratio
92
92
Amount financed (dollars)
19,083 19,880
Used car loans
Interest rates
Maturity (months)
Loan-to-value ratio
Amount financed (dollars)

12.64
53.5
99
12,691

12.60
55.9
99
13,643

6.61
54.9
92
20,923

5.65
55.1
91
22,822

4.29
56.8
94
24,747

2.68
58.9
96
25,959

3.18
57.4
96
26,283

3.65
59.1
96
25,486

2.61
61.1
97
27,468

3.55
63.0
94
25,733

3.81
63.2
94
25,663

3.92
63.5
94
26,067

3.93
62.9
94
26,306

13.55
57.0
99
14,058

12.18
57.5
100
14,416

10.74
57.5
100
14,532

10.50
57.6
100
14,727

10.59
57.0
100
14,650

10.32
57.7
99
14,328

9.85
57.7
99
14,537

9.57
57.8
100
14,654

9.36
57.8
101
14,708

9.17
57.5
101
14,904

9.08
57.1
100
15,143

1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks.
2. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator. Data are shown before deductions for unearned income and losses. Components may not add to totals because of rounding.
3. The level of consumer credit outstanding in 2000:Q4 includes previously unreported assets, and thus represents a break in this series. The 2000:Q4 growth rate is adjusted to exclude
these previously unreported assets.
4. The series may contain breaks that result from discontinuities in source data. Growth rates are adjusted to exclude the effect of such breaks.
5. Data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month.

OWNED AND MANAGED RECEIVABLES3
2002
1998

1999

2000

2001

2002

Q3

Q4

Q1

Q2

2003
r
r
Q3
Sep

r

Oct

p

Nov

Not Seasonally Adjusted
Outstandings (billions of dollars)
Total

912.7 1,036.4 1,199.8 1,255.3 1,283.4 1,264.3 1,283.4 1,285.2 1,292.7 1,309.3 1,309.3 1,368.0 1,370.4

Consumer3
Motor vehicle loans
Motor vehicle leases
Revolving6
Other7
Securitized Assets8
Motor vehicle loans
Motor vehicle leases
Revolving
Other

372.5
113.5
96.6
31.9
37.9

412.8
129.2
102.9
32.5
39.9

475.9
141.6
108.2
37.6
41.3

519.7
173.9
103.5
31.5
32.7

523.9
160.2
83.3
38.9
38.7

526.5
176.5
88.5
37.3
35.9

523.9
160.2
83.3
38.9
38.7

518.2
156.2
81.8
36.3
40.9

516.2
166.6
76.7
34.6
43.1

536.3
196.7
75.4
37.3
50.1

536.3
196.7
75.4
37.3
50.1

540.5
200.3
73.2
37.3
50.3

538.2
200.5
71.6
37.6
50.3

54.8
12.7
5.5
19.6

73.1
9.7
6.7
18.8

97.1
6.6
27.5
16.0

131.9
6.8
25.0
14.3

151.9
5.7
31.1
14.0

138.9
6.0
29.1
14.4

151.9
5.7
31.1
14.0

152.1
6.2
30.7
13.9

146.5
6.0
29.5
13.3

129.6
5.7
28.9
12.7

129.6
5.7
28.9
12.7

132.6
5.7
28.7
12.4

130.7
5.6
29.4
12.4

Real estate
One- to four-family
Other
Securitized real estate assets8
One- to four-family
Other

150.3
90.0
31.2

174.0
108.2
37.6

198.9
130.6
41.7

207.7
120.1
41.2

216.5
135.0
39.5

207.9
126.5
39.0

216.5
135.0
39.5

214.2
133.9
40.1

223.6
142.5
40.9

234.0
151.8
42.8

234.0
151.8
42.8

280.3
195.4
45.7

281.8
196.8
46.2

29.0
0.1

28.0
0.2

24.7
1.9

40.7
5.7

39.7
2.2

40.1
2.2

39.7
2.2

39.2
1.1

38.4
1.8

37.6
1.8

37.6
1.8

37.4
1.8

37.1
1.8

Business
Motor vehicles
Retail loans
Wholesale loans9
Leases
Equipment
Loans
Leases
Other business receivables10
Securitized Assets8
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables10

389.9
64.8
19.5
32.8
12.5
212.2
59.2
153.0
63.9

449.6
69.4
21.1
34.8
13.6
238.7
64.5
174.2
87.0

525.0
75.5
18.3
39.7
17.6
283.5
70.2
213.3
99.4

527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5

530.0
56.9
17.6
23.3
15.9
289.2
82.8
206.4
99.4

543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5

552.8
65.3
16.3
34.0
15.0
287.5
78.0
209.5
101.1

552.9
69.9
17.2
38.4
14.2
283.4
77.5
205.9
102.6

539.0
62.2
18.1
30.5
13.6
278.2
73.1
205.1
105.1

539.0
62.2
18.1
30.5
13.6
278.2
73.1
205.1
105.1

547.2
62.1
16.1
32.8
13.2
279.5
73.8
205.7
112.5

550.4
69.1
17.6
38.4
13.2
277.0
73.4
203.6
111.6

29.2
2.6
24.7
1.9
13.0
6.6
6.4
6.8

31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4

37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4

43.8
2.2
39.3
2.3
21.6
14.8
6.7
19.1

50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4

53.1
2.2
48.6
2.2
21.9
12.2
9.7
23.9

50.0
2.2
45.6
2.1
23.5
12.9
10.6
23.6

47.2
2.2
42.8
2.1
22.3
13.2
9.1
23.9

47.2
2.2
42.8
2.1
22.3
13.2
9.1
23.9

47.2
2.2
42.8
2.1
22.5
13.1
9.5
23.4

47.2
2.2
42.8
2.1
22.0
12.6
9.4
23.5

6. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
7. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods such as appliances, apparel, boats, and recreation vehicles.
8. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator.
9. Credit arising from transactions between manufacturers and dealers, that is, floor plan financing.
10. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and
lease paper for mobile homes, recreation vehicles, and travel trailers.