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33% Deposit for All Vehicles

31st May 1957, Page 35
31st May 1957
Page 35
Page 35, 31st May 1957 — 33% Deposit for All Vehicles
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THE hire-purchase deposit for public service vehicles and goods vehicles of more than 30 cwt. carrying capacity was decreased on Wednesday from a minimum of half the purchase price to a third, but the deposit for light vans was raised from a fifth to a third.

This was announced in the House of Commons on Tuesday by Mr. F. J. Erroll, Parliamentary Secretary to the Board of Trade, in reply to Mr. Gresham Cooke (Cons., Twickenham), who complained about discrimination against buyers of heavy vehicles in the previous hire-purchase regulations.

The Motor Agents' Association commented that the 33+ per cent. deposit was too high and they thought 25 per cent. would have been fairer.

The Society of Motor Manufacturers and Traders welcomed the lower deposit for the heavier commercial vehicles, but hoped that the higher deposit on other vehicles would not affect the home market.