This PDF Is a Selection from an Out-Of-Print Volume from the National Bureau of Economic Research
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This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Quality of Consumer Instalment Credit Volume Author/Editor: Geoffrey H. Moore and Philip A. Klein Volume Publisher: NBER Volume ISBN: 0-870-14484-7 Volume URL: http://www.nber.org/books/moor67-1 Publication Date: 1967 Chapter Title: Appendix F: Quarterly Data on Automobile Contract Terms and Collection Experience for Twelve Metropolitan Areas, 1953–56 Chapter Author: Geoffrey H. Moore, Philip A. Klein Chapter URL: http://www.nber.org/chapters/c1469 Chapter pages in book: (p. 216 - 227) Appendix F: Quarterly Data on Automobile Contract Terms and Collection Experience for Twelve Metropolitan Areas, 19ç3—ç6 As is indicated in Chapter 3, data are for January, April, July, and October for 1953 through April 1956. They were provided by a large sales finance company to represent changes in terms and experience in twelve metropolitan areas during this period. These areas were selected on the basis of their employment experience in 195 3—55 to encom- pass the complete spectrum of labor market situations as defined by the Bureau of Employment Security, as well as to cover the country geographically. The period to which the data apply was, of course, basically a fairly prosperous period, but it does include the mild busi- ness contraction of July 1953—August 1954. During this recession we have traced a number of the relevant economic variables by means of cross-sectional analysis. The twelve metropolitan areas and their classi- fication with respect to adequacy of labor supply are: July 1953 July 1954 July 1955 Hartford I II B New York City III III C Philadelphia III IV-A D Atlanta II II B Pittsburgh III IV-A D Chicago II III C St. Louis II IV-A C Indianapolis II III C Detroit II IV-A C Dallas II II B Denver II II B Los Angeles III III C Source: Labor Market and Employment Security, U.S. Bureau of Employment Security, selected issues. The Bureau changed its classification in June 1955, hence the two sets of symbols. The two classifications are: I. Labor shortage A. Critical shortage II. Balanced labor supply B. Few more jobs than people III. Moderate labor surplus C. Few more people than jobs IV-A. Substantial labor surplus D. More people than jobs IV-B. Very substantial labor surplus E. Considerable labor excess F. Substantial labor excess Number of New-AutomobileIndex, Contracts,TABLEJanuary Twelve F-i1953:100 Metropolitan Areas, 1953—56 1953 A B C D E FAre aG H I J K L JulyJan.1954Oct.Apr. 155.8165.8141.3100.0165.1172.8162.2 100.0 114.2118.0117.3100.0 100.0110.7120.7123.1 100.0161.8170.089.3 155.1172.8165.8100.0 140.0 154.2140.2100.0 143.4174.6150.9100.0 201.1220.2207.1100.0 143.5137.1100.0155.8 100.0 122.4146.9143.8 100.0142.9138.1129.2 JulyApr. 163.8142.2106.8 197.6166.2105.4 138.2107.378.8 129.5103.673.8 102.496.045.2 183.0158.780.6 133.2100.967.1 142.5147.694.4 238.3214.1110.2 132.4123.886.7 118.0102.770.4 143.3128.387.8 CD JulyJan.Apr.Oct. 225.7183.9122.8122.7 233.4246.7136.1161.4 209.4192.0123.9139.7 170.5110.7137.091.2 195.1160.2101.994.9 210.0114.7148.3179.8 205.8167.3100.696.3 234.3184.2130.6139.6 285.3277.0194.2237.2 207.2172.1113.6136.4163.9135.974.7 92.4 200.5164.2125.098.3 AnnualJan.Apr.Oct.1956 averages 230.0'177.5188.9 215.8208.6294.8 236.0151.4167.9 130.1137.0185.8 226.6107.7131.7 160.6156.6198.1 201.3153.3140.1 256.2156.5189.2 240.3207.4306.5 234.9159.7175.9 149.9124.4163.4 166.5142.3198.8 1956195519541953 (Jan.& Apr.)183.2190.6153.4133.9140.7 212.2227.8191.4157.6150.0 159.61580190.3116.0112.4 133.6114.1146.1104.4113.6 119.8131.0171.0130.384.6 158.6147.2175.6142.6148.4 146.7131.8167.7100.4133.6 201.3172.8 157.4131.0142.2 223.8235.6265.8200.0182.1167.8142.8182.0119.8 134.1 137.2 105.3134.5128.395.9 154.4131.2165.4121.1127.6' New-Automobile Contracts withDownTwelve PaymentMetropolitan ofTABLE Less than Areas,F-2 33 1953—56Per Cent,As Percentage of Total Contracts, 00I'J Jan.!- . 15.6A 19.3B 30.1C 13.7D 29.7E 9.8FArea8.70 27.2H 7.3I 4.7J 7.7K 10.9L I-Oct.JulyApr. 17.712.613.3 13.59.17.8 20.023.717.8 11.88.98.7 21.014.717.1 6.07.89.6 12.110.77.5 37.430.133.2 5.24.51.9 3.94.03.7 8.57.36.8 11.410.610.0'.c?., Oct.Apr.Jan.July 24.525.116.713.6 21.922.913.811.5 27.828.223.123.4 20.320.210.19.4 20.512.417.111.9 17.011.614.78.2 27.624.815.414.4 40.937.339.439.9 13.213.05.92.7 11.29.45.25.0 11.09.78.18.6 18.715.911.119.8 JulyJan.Apr.1955 41.333.729.2 33.029.430.2 45.542.133.7 20.933.322.7 36.541.030.2 21.021.117.0 29.126.134.7 47.441.351.5 22.820.518.7 20.114.716.0 25.417.512.4 33.527.121.8 Cl) . Jan.Oct.Apr. 36.842.843.3 33.229.931.0 57.256.051.2 33.829.926.2 38.235.541.0 23.623.918.4 31.630.732.3 57.354.957.5 20.922.818.8 23.719.817.6 21.530.819.7 37.235.131.8 C-) Annual1953195619551954 (Jan.(Jan. averages && Apr.)Apr.) 39.831.436.920.014.8 31.629.830.917.512.4 37.943.125.622.956.6 21.831.825.815.010.8 36.833.437.220.615.5 23.819.019.412.98.3 31.227.630.620.69.8 57.444.448.839.432.0 21.119.819.68.74.7 21.815.417.17.74.1 26.215.018.89.47.6 36.224.428.616.410.7 New-Automobile Contracts withTwelve Maturities MetropolitanTABLE 25 Months Areas,F-3 and Area1953—56 Over as Percentage of Total Contracts, Jan.Apr.1953 0A 0.50B 0.40.2C 0.21.8D 9.10.5E 13.11.6F 0.3G1.4 63.362.9H 21.320.3I 18.519.9J K7.76.7 0.9L1.1 Jan.JulyApr.Oct.1954 9.13.30.10 11.53.91.91.1 27.200.11.5 13.13.22.41.5 12.611.08.49.925.612.413.1 7.6 20.69.87.64.7 67.769.969.064.9 20.310.76.49.4 21.617.415.916.1 10.912.89.85.7 17.75.74.63.4 ' Jan.Apr.Oct.July1955 52.145.042.726.5 53.242.641.130.8 68.844.059.358.4 46.341.437.732.9 59.847.044.832.6 49.742.547.939.8 60.549.749.942.3 75.069.970.877.6 59.454.948.042.7 59.350.452.345.4 40.349.637.622.8 55.7 45.946.536.0- Jan.JulyApr.Oct.1956 69.768.471.254.1 61.758.862.559.0 72.774.974.474.1 56.159.256.555.5 62.858.268.567.9 65.356.259.256.9 69.067.9 72.972.7 82.179.676.479.7 61.351.865.359.973.771.169.9 66.3 64.165.4 66.267.1 71.365.965.663.8 Annual1956195519541953 (Jan. averages & Apr.) 69.048.655.620.40.0 60.247.9 54.321.80.9 73.464.069.432.40.6 57.843.849.821.71.5 60.553.460.824.67.6 60.846.152.131.48.8 70.455.163.030.63.5 78.072.476.671.565.0 56.657.259.930.414.4 72.454.861.534.217.6 65.8 45.055.320.87.8 68.657.826.550.82.5 Number of New-CarPreceding Repossessions Twelve Months, During TABLETwelve Month MetropolitanF-4 as PercentageAr e a Areas, of Accounts 1953—56 Purchased over JulyApr.Jan.— .083.063.087A .055.059.063B .168.149.069C .066.143.109D .050.035.030E .034.050.072F .062.028.051G .087.088.095H .074.073.117I .061.037.069J .044.038.049K .072.030.055L '< Oct. .130 .097 .142 .144 .122 .042 .057 .098 .160 .092 .037 .091 . JulyJan.Apr.1954 ..216.179.140 .079.096.114 .176.251.315 .202.286 .204.095.130 .088.011.085 .111.134.143 .231.214.249 .139.141.181 .143.085.153 .170.143.161. .117.136.132 Jan.Oct.1955 .266.195 .107.100 .242.231 .241.169.149 .109.166 .156.033 .187.109 .338.307 .199.215 .153.177 .156.157 .170.140 — iApr.Jan.Oct.July .448.199.172.180.270 .133.199.140.056.073 .610.685.410.281.259 .361.414.254.139.113 .370.189.174.083.112 .187.239.132.103.049 .186.181.101.087.091 .599.275.276.237.516 .249.262.280.129.154 .287.334.214.139.161 .156.129.085.115.127 .190.239.144.079.100 C)r Annual averages fI 1956195519541953 (Jan.&Apr.) .359.223.204.182.091 .166.090.094.097.068 .48.250.298.243.132 .388.177.187.202.116 .280.110.120.149.059 .213.102.110.054.050 .184.139.116.124.050 .558.288.282.250.092 .256.176.190.169.106 .310.157.167..140.065 .136.158.042.121142 .214.135.123.131.062 Estimated RepossessionApproximate Rates, Rates New-Automobilefor Loans as of Year ContractsTABLE of Purchase), (EstimatedF-5 TwelveArea byMetropolitana Two-Year Weighted Areas, 1953-55 Moving Average to 1953 A B C D E F G H I J K L Ave12rageAreas of Oct.JulyApr.Jan.