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$ 906,765,139

4,049,720
23,730,696
$1,029,008,528

$774.601.777

$ 3.119.973

FIXED ASSETS AND OTHER INVESTMENTS

Liabilities

Total..

15,054,749

$1,113,344,816

24.492.245
$890,391,433

NOTES PAYABLE, unsecured short-term..

$414,409,200

$ 424,637,600

$360,849,020

UNSECURED TERM NOTES due within one year.

14,963,000

9,500,000

14,491,000

SUBORDINATED NOTES AND Capital Debt

due within one year.

5,666,000

4,966,000

ACCOUNTS PAYABLE, ACCRUALS, RESERVES WITHHELD.

29,734,523

26,944,337

20,695.440

RESERVES FOR INSURANCE LOSSES.

2,474,153

2,833,456

2,377,479

RESERVES FOR TAXES..

8,975,907

9,781,015

10.916.457

UNEARNED INSURANCE PREMIUMS.

20,911,399

23,114,580

22,769.959

SUBORDINATED UNSECURED TERM NOTES.

UNSECURED TERM NOTES.

NET WORTH:

Cumulative preferred stock.

Common stock..

Surplus..

Total net worth.

Total..

Income Summary

GROSS INCOME.

OPERATING EXPENSES

NET INCOME BEFORE INCOME TAXES.

INCOME TAXES..

NET INCOME.

$ 141,354,584

113,763,432

12,590,000

344,120,000

283,225,000

239,794,000

118,136,000

93,802,000

74,468,000

13,500,000
32,180,000
108,274,634
$ 153,954,634
$1,113,344,816

15,750,000

18,000,000

32,180,000

32,104,720

102,274,540

93,925,358

$ 150,204,540
$1,029,008,528

$144,030,078

$890,391.433

$ 129,804,614
100,087,295

$127,075,375
96,624,439

27,591,152 $ 29,717,319

$ 30,450,936

12,735,000

13.280.000
17.170.936

15,001,152 $ 16,982,319

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RETAIL INSTALLMENT AND
WHOLESALE FINANCE

Over the years, Associates has helped millions of
buyers purchase their cars. Through its Discount
Division, the company provides the money required
by the customer when he buys his car on a retail
installment contract, that is, on time." The buyer
signs the installment contract with his dealer, who
in turn sells the contract to Associates. Associates
collects the payments directly from the customer.
usually in monthly installments.

This is a vital service, both to the dealer and his customer, and it has played an important role in the country's economy as a whole.

In the early days of the automobile business, the customer who lacked the full price of a car had no one to turn to for help. Commercial banks were reluctant, and the auto dealer just didn't have the money, Associates pioneered financing in this fieldproviding money for both parties, and in the peo cess, drew up the first single, easy-to-read contract

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