G.20 FINANCE COMPANIES 1 For immediate release March 2004 May 2004 OWNED AND MANAGED RECEIVABLES 2 --------------------------------------------------------------------------------------------------------------------------------------- 2003 2004 _______________________________ _______________________________ 1999 2000 2001 2002 2003 r Q1 Q2 Q3 Q4 r Q1 p Jan r Feb r Mar p --------------------------------------------------------------------------------------------------------------------------------------- Seasonally Adjusted Growth Rates (percent at an annual rate) 3 Total 13.6 15.8 4.6 2.3 4.4 1.7 0.6 9.0 6.0 6.9 3.9 8.7 8.0 Consumer 10.7 15.2 9.2 0.8 4.5 2.0 -4.0 14.9 5.1 4.8 13.5 -5.8 6.7 Real estate 15.8 14.3 4.4 4.7 10.2 -5.9 17.6 18.6 9.5 7.0 20.6 11.2 -10.9 Business 15.5 17.0 0.6 2.9 1.9 4.4 -1.7 -0.6 5.4 9.0 -12.8 22.3 17.6 Outstandings (billions of dollars) Total 1030.4 1193.3 1248.7 1277.5 1333.3 1282.9 1284.8 1313.7 1333.3 1356.4 1337.7 1347.4 1356.4 Consumer 409.7 472.0 515.2 519.1 542.5 521.7 516.5 535.7 542.5 549.0 548.6 546.0 549.0 Real estate 174.0 198.9 207.7 217.4 239.6 214.2 223.6 234.0 239.6 243.8 243.7 246.0 243.8 Business 446.6 522.5 525.8 541.0 551.2 547.1 544.7 543.9 551.2 563.6 545.3 555.5 563.6 --------------------------------------------------------------------------------------------------------------------------------------- AUTO LOANS: TERMS OF CREDIT 4 --------------------------------------------------------------------------------------------------------------------------------------- Percent except as noted; not seasonally adjusted New car loans Interest rates 6.66 6.61 5.65 4.29 3.40 3.65 2.61 3.55 3.80 3.24 3.20 3.00 3.51 Maturity (months) 52.7 54.9 55.1 56.8 61.4 59.1 61.1 63.0 62.5 59.7 59.9 59.6 59.5 Loan-to-value ratio 92 92 91 94 95 96 97 94 94 94 94 94 93 Amount financed (dollars) 19,880 20,923 22,822 24,747 26,295 25,486 27,468 25,733 26,493 26,470 27,240 26,296 25,873 Used car loans Interest rates 12.60 13.55 12.18 10.74 9.72 10.32 9.85 9.57 9.14 9.21 9.22 9.29 9.14 Maturity (months) 55.9 57.0 57.5 57.5 57.5 57.7 57.7 57.8 57.0 56.5 56.4 56.6 56.7 Loan-to-value ratio 99 99 100 100 100 99 99 100 100 99 99 99 100 Amount financed (dollars) 13,643 14,058 14,416 14,532 14,613 14,328 14,537 14,654 14,935 15,857 14,535 14,434 18,603 --------------------------------------------------------------------------------------------------------------------------------------- 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 series may contain breaks that result from discontinuities in source data. Growth rates are adjusted to exclude the effect of such breaks. 4. 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 --------------------------------------------------------------------------------------------------------------------------------------------- 2003 2004 _______________________________ _______________________________ 1999 2000 2001 2002 2003 r Q1 Q2 Q3 Q4 r Q1 p Jan r Feb r Mar p --------------------------------------------------------------------------------------------------------------------------------------------- Not Seasonally Adjusted Outstandings (billions of dollars) Total 1036.4 1199.8 1255.3 1284.3 1340.4 1284.9 1292.7 1309.3 1340.4 1358.3 1338.7 1345.8 1358.3 Consumer 412.8 475.9 519.7 523.9 547.7 518.0 516.2 536.3 547.7 545.1 549.4 545.3 545.1 Motor vehicle loans 129.2 141.6 173.9 160.2 197.0 155.9 166.6 196.7 197.0 202.4 199.0 201.2 202.4 Motor vehicle leases 102.9 108.2 103.5 83.3 70.0 81.8 76.7 75.4 70.0 66.6 68.9 67.6 66.6 Revolving 5 32.5 37.6 31.5 38.9 37.6 36.3 34.6 37.3 37.6 37.6 39.3 38.3 37.6 Other 6 39.9 41.3 32.7 38.7 60.9 40.9 43.1 50.1 60.9 67.2 63.9 64.2 67.2 Securitized Assets 7 Motor vehicle loans 73.1 97.1 131.9 151.9 132.8 152.1 146.5 129.6 132.8 122.8 129.8 126.2 122.8 Motor vehicle leases 9.7 6.6 6.8 5.7 5.5 6.2 6.0 5.7 5.5 5.3 5.5 5.4 5.3 Revolving 6.7 27.5 25.0 31.1 31.6 30.7 29.5 28.9 31.6 31.5 31.1 30.6 31.5 Other 18.8 16.0 14.3 14.0 12.2 13.9 13.3 12.7 12.2 11.6 12.0 11.7 11.6 Real estate 174.0 198.9 207.7 217.4 239.6 214.2 223.6 234.0 239.6 243.8 243.7 246.0 243.8 One- to four-family 108.2 130.6 120.1 135.0 152.2 133.9 142.5 151.8 152.2 159.5 156.5 158.7 159.5 Other 37.6 41.7 41.2 39.5 46.7 40.1 40.9 42.8 46.7 46.7 46.8 47.0 46.7 Securitized real estate assets 7 One- to four-family 28.0 24.7 40.7 39.7 36.9 39.2 38.4 37.6 36.9 36.1 36.6 36.4 36.1 Other 0.2 1.9 5.7 3.2 3.8 1.1 1.8 1.8 3.8 1.5 3.8 3.8 1.5 Business 449.6 525.0 527.9 543.0 553.1 552.8 552.9 539.0 553.1 569.5 545.5 554.5 569.5 Motor vehicles 69.4 75.5 54.0 60.7 74.9 65.3 69.9 62.2 74.9 88.8 72.4 75.9 88.8 Retail loans 21.1 18.3 16.1 15.4 18.2 16.3 17.2 18.1 18.2 16.6 17.5 17.0 16.6 Wholesale loans 8 34.8 39.7 20.3 29.3 40.3 34.0 38.4 30.5 40.3 48.1 38.7 42.7 48.1 Leases 13.6 17.6 17.6 16.0 16.3 15.0 14.2 13.6 16.3 24.1 16.3 16.3 24.1 Equipment 238.7 283.5 289.4 292.1 277.6 287.5 283.4 278.2 277.6 275.2 272.4 272.8 275.2 Loans 64.5 70.2 77.8 83.3 74.6 78.0 77.5 73.1 74.6 75.7 74.3 74.6 75.7 Leases 174.2 213.3 211.6 208.8 203.1 209.5 205.9 205.1 203.1 199.5 198.1 198.1 199.5 Other business receivables 9 87.0 99.4 103.5 102.5 105.0 101.1 102.6 105.1 105.0 111.6 103.5 108.2 111.6 Securitized Assets 7 Motor vehicles 31.5 37.8 50.1 50.2 48.4 53.1 50.0 47.2 48.4 48.4 50.5 51.0 48.4 Retail loans 2.9 3.2 5.1 2.4 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 Wholesale loans 26.4 32.5 42.5 45.9 44.2 48.6 45.6 42.8 44.2 44.1 46.2 46.7 44.1 Leases 2.1 2.2 2.5 1.9 2.1 2.2 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Equipment 14.6 23.1 23.2 20.2 22.1 21.9 23.5 22.3 22.1 20.1 21.7 21.5 20.1 Loans 7.9 15.5 16.4 13.0 12.5 12.2 12.9 13.2 12.5 11.6 12.1 12.0 11.6 Leases 6.7 7.6 6.8 7.2 9.6 9.7 10.6 9.1 9.6 8.5 9.6 9.5 8.5 Other business receivables 9 8.4 5.6 7.7 17.4 25.1 23.9 23.6 23.9 25.1 25.4 25.0 25.1 25.4 --------------------------------------------------------------------------------------------------------------------------------------------- 5. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 6. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods such as appliances, apparel, boats, and recreation vehicles. 7. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 8. Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. 9. 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.