Hire Purchase
Sir,—“Scrutineer’s” prophecy that hire purchase now over 60 years old, "bodes ill for our future” is out of date. There are hundreds of finance companies in New Zealand besides retailers with sufficient capital for their own hire-purchase business. Competition is high and, estimated at the flat rate, interest not exorbitant The HirePurchase Act is based on a definition of approximately equal instalments at equal intervals and this calls for the application of flat rates of interest As in other businesses, so in this, rogues of course exist and the mentally immature. Emotional critics overlook the pros and cons of alternative finance for cars, trucks, machinery, plant, etc. Retaining your own funds may be important An overdraft might be preferable to hire purchase but you have to be a fully established bank customer. Second mortgage on your house at 10 per cent plus solicitor’s costs, fees, valuation, documentation, etc, might far exceed hire-purchase financing —Yours, etc, A. B. CEDARIAN.
July 4, 1969. [This correspondence is now closed—Ed, “The Press.]
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19690705.2.84.9
Bibliographic details
Press, Volume CIX, Issue 32032, 5 July 1969, Page 12
Word Count
170Hire Purchase Press, Volume CIX, Issue 32032, 5 July 1969, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.