H.P. Charges May Come Down Later
Page 35
If you've noticed an error in this article please click here to report it so we can fix it.
WILL the raised hire-purchase charges which came into effect on Monday be reduced if Bank Rate comes down from its present 7 per cent? A spokesman for the Finance Houses Association (which announced the increases), whose members handle more than three-quarters of the motor vehicle H.P. business in the U.K., did not altogether preclude the possibility.
"The two are related," he told The Commercial Motor. "Bank Rate will always affect the cost of H.P. to the finance houses, but other factors also come into effect. However, broadly speaking, the two tend to follow each other."
These are the new rates, which are maximum charges—actual rates may be lower:—New vehicles, 10 per cent.; vehicles not more than three years old, 11 per cent.; over three years old, 13 per cent.
On a goods vehicle costing up to £2,000 and which is less than three years old, the down payment becomes 25 per cent. On those over three years old and with a carrying capacity of less than 30 cwt., the down payment is now 331 per cent. Repayment periods are three years for new vehicles and 24 years for old vehicles.
Speed Limit Review
DREPARATIONS for a review of I existing speed limits for goods vehicles are being made by the Traders Road Transport Association. The subject has been under study for some time by member-firms, and each division has held a series of discussions on the matter.
The main point emerging is the existence of a generally accepted view that there is a strong case for raising the speed limits, but there is no question at this stage of seeking to place commercial vehicles on the same basis as private Cars.
A point stressed in the T.R.T.A. investigations was that light vans are generally built on car-type chassis and technically there was no real reason why they should not be placed in the same category as a car.
Stockton Profit
QTOCKTON transport department kJ made a gross profit of £81,825 during year ended March 31, 1961. Income amounted to £555,471, as against working expenses of £473,646. Net profit was £13,137.
The undertaking's net debt is now down to £471, against £6.443 in March, 1960. During the year Corporation buses carried a total of 43.216,469 passengers and travelled 3,659,787 miles.
WOMEN INSPECTORS 'THREE conductresses have been I appointed as inspectors by Edinburgh Transport Department.