G.20 FINANCE COMPANIES 1 For immediate release November 2003 January 2004 OWNED AND MANAGED RECEIVABLES 2 --------------------------------------------------------------------------------------------------------------------------------------- 2002 2003 _______________ _______________________________________________ 1998 1999 2000 2001 2002 Q3 Q4 Q1 Q2 Q3 r Sep r Oct r Nov p --------------------------------------------------------------------------------------------------------------------------------------- Seasonally Adjusted Growth Rates (percent at an annual rate) Total 10.2 13.6 15.8 4.6 2.2 2.9 2.4 2.1 0.5 9.0 7.0 14.6 -0.5 Consumer 3 7.2 10.7 15.2 9.2 0.8 -1.6 -5.0 2.2 -4.2 14.9 20.5 10.0 -15.3 Real estate 4 15.9 15.8 14.3 4.4 4.2 9.5 16.5 -4.2 17.6 18.6 1.6 25.3 6.5 Business 11.1 15.5 17.0 0.6 2.9 4.8 4.3 4.4 -1.7 -0.6 -3.8 14.5 10.5 Outstandings (billions of dollars) Total 907.0 1030.4 1193.3 1248.7 1276.6 1268.9 1276.6 1283.2 1284.8 1313.7 1313.7 1371.0 1370.4 Consumer 3 370.0 409.7 472.0 515.2 519.1 525.7 519.1 522.0 516.5 535.7 535.7 540.2 533.3 Real estate 4 150.3 174.0 198.9 207.7 216.5 207.9 216.5 214.2 223.6 234.0 234.0 280.3 281.8 Business 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 CREDIT 5 --------------------------------------------------------------------------------------------------------------------------------------- Percent except as noted; not seasonally adjusted New car loans Interest rates 6.30 6.66 6.61 5.65 4.29 2.68 3.18 3.65 2.61 3.55 3.81 3.92 3.93 Maturity (months) 52.1 52.7 54.9 55.1 56.8 58.9 57.4 59.1 61.1 63.0 63.2 63.5 62.9 Loan-to-value ratio 92 92 92 91 94 96 96 96 97 94 94 94 94 Amount financed (dollars) 19,083 19,880 20,923 22,822 24,747 25,959 26,283 25,486 27,468 25,733 25,663 26,067 26,306 Used car loans Interest rates 12.64 12.60 13.55 12.18 10.74 10.50 10.59 10.32 9.85 9.57 9.36 9.17 9.08 Maturity (months) 53.5 55.9 57.0 57.5 57.5 57.6 57.0 57.7 57.7 57.8 57.8 57.5 57.1 Loan-to-value ratio 99 99 99 100 100 100 100 99 99 100 101 101 100 Amount financed (dollars) 12,691 13,643 14,058 14,416 14,532 14,727 14,650 14,328 14,537 14,654 14,708 14,904 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 RECEIVABLES 2 ---------------------------------------------------------------------------------------------------------------------------------------------- 2002 2003 _______________ _______________________________________________ 1998 1999 2000 2001 2002 Q3 Q4 Q1 Q2 Q3 r Sep r Oct r Nov p ---------------------------------------------------------------------------------------------------------------------------------------------- Not Seasonally Adjusted Outstandings (billions of dollars) Total 912.7 1036.4 1199.8 1255.3 1283.4 1264.3 1283.4 1285.2 1292.7 1309.3 1309.3 1368.0 1370.4 Consumer 3 372.5 412.8 475.9 519.7 523.9 526.5 523.9 518.2 516.2 536.3 536.3 540.5 538.2 Motor vehicle loans 113.5 129.2 141.6 173.9 160.2 176.5 160.2 156.2 166.6 196.7 196.7 200.3 200.5 Motor vehicle leases 96.6 102.9 108.2 103.5 83.3 88.5 83.3 81.8 76.7 75.4 75.4 73.2 71.6 Revolving 6 31.9 32.5 37.6 31.5 38.9 37.3 38.9 36.3 34.6 37.3 37.3 37.3 37.6 Other 7 37.9 39.9 41.3 32.7 38.7 35.9 38.7 40.9 43.1 50.1 50.1 50.3 50.3 Securitized Assets 8 Motor vehicle loans 54.8 73.1 97.1 131.9 151.9 138.9 151.9 152.1 146.5 129.6 129.6 132.6 130.7 Motor vehicle leases 12.7 9.7 6.6 6.8 5.7 6.0 5.7 6.2 6.0 5.7 5.7 5.7 5.6 Revolving 5.5 6.7 27.5 25.0 31.1 29.1 31.1 30.7 29.5 28.9 28.9 28.7 29.4 Other 19.6 18.8 16.0 14.3 14.0 14.4 14.0 13.9 13.3 12.7 12.7 12.4 12.4 Real estate 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 One- to four-family 90.0 108.2 130.6 120.1 135.0 126.5 135.0 133.9 142.5 151.8 151.8 195.4 196.8 Other 31.2 37.6 41.7 41.2 39.5 39.0 39.5 40.1 40.9 42.8 42.8 45.7 46.2 Securitized real estate assets 8 One- to four-family 29.0 28.0 24.7 40.7 39.7 40.1 39.7 39.2 38.4 37.6 37.6 37.4 37.1 Other 0.1 0.2 1.9 5.7 2.2 2.2 2.2 1.1 1.8 1.8 1.8 1.8 1.8 Business 389.9 449.6 525.0 527.9 543.0 530.0 543.0 552.8 552.9 539.0 539.0 547.2 550.4 Motor vehicles 64.8 69.4 75.5 54.0 60.7 56.9 60.7 65.3 69.9 62.2 62.2 62.1 69.1 Retail loans 19.5 21.1 18.3 16.1 15.4 17.6 15.4 16.3 17.2 18.1 18.1 16.1 17.6 Wholesale loans 9 32.8 34.8 39.7 20.3 29.3 23.3 29.3 34.0 38.4 30.5 30.5 32.8 38.4 Leases 12.5 13.6 17.6 17.6 16.0 15.9 16.0 15.0 14.2 13.6 13.6 13.2 13.2 Equipment 212.2 238.7 283.5 289.4 292.1 289.2 292.1 287.5 283.4 278.2 278.2 279.5 277.0 Loans 59.2 64.5 70.2 77.8 83.3 82.8 83.3 78.0 77.5 73.1 73.1 73.8 73.4 Leases 153.0 174.2 213.3 211.6 208.8 206.4 208.8 209.5 205.9 205.1 205.1 205.7 203.6 Other business receivables 10 63.9 87.0 99.4 103.5 102.5 99.4 102.5 101.1 102.6 105.1 105.1 112.5 111.6 Securitized Assets 8 Motor vehicles 29.2 31.5 37.8 50.1 50.2 43.8 50.2 53.1 50.0 47.2 47.2 47.2 47.2 Retail loans 2.6 2.9 3.2 5.1 2.4 2.2 2.4 2.2 2.2 2.2 2.2 2.2 2.2 Wholesale loans 24.7 26.4 32.5 42.5 45.9 39.3 45.9 48.6 45.6 42.8 42.8 42.8 42.8 Leases 1.9 2.1 2.2 2.5 1.9 2.3 1.9 2.2 2.1 2.1 2.1 2.1 2.1 Equipment 13.0 14.6 23.1 23.2 20.2 21.6 20.2 21.9 23.5 22.3 22.3 22.5 22.0 Loans 6.6 7.9 15.5 16.4 13.0 14.8 13.0 12.2 12.9 13.2 13.2 13.1 12.6 Leases 6.4 6.7 7.6 6.8 7.2 6.7 7.2 9.7 10.6 9.1 9.1 9.5 9.4 Other business receivables 10 6.8 8.4 5.6 7.7 17.4 19.1 17.4 23.9 23.6 23.9 23.9 23.4 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.