FINANCING CARS
Plan For A. A. Members (N.Z. Press Association) • AUCKLAND, July 22. A plan for financing new and used cars bought by members of Automobile Associations throughout New Zealand will come into operation soon. Under this scheme. Manufacturers’ and Retailers’ Acceptance Company, Ltd., an Auckland finance company, will make personal, unsecured loans to members of associations within the limits of current hire-purchase regulations. No hire-purchase agreements will have to be signed. Interest charges would be lower than those charged normally, the general manager of the company, Mr H. L. Thomas, said today. They would be £6 Is per cent, flat on new cars and 8 per cent flat on used cars. The scheme was aimed at assisting people who normally did not buy on hirepurchase, Mr Thomas said. Staff of the company would be present on the premises of the larger Automobile Associations to arrange the loans. In the case of used cars, the vehicles would be inspected first by the .Automobile Association.
Negotiations for an early start were virtually completed with the majority of North Island associations, Mr Thomas said. -
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Bibliographic details
Press, Volume CII, Issue 30190, 23 July 1963, Page 11
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182FINANCING CARS Press, Volume CII, Issue 30190, 23 July 1963, Page 11
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