Commercipl Vehicles May Now be Rented
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A SCHEME whereby Standard commercial vehicles may be rented has been devised by the Standard Motor Co., Ltd., and Industrial Rentals, Ltd.. London. The initial payment is 15 per cent, of the purchase price, compared with 50 per cent. on hire purchase, and income-tax relief may be claimed for the total amount of the payment.
Industrial Rentals will pay the dealer the purchase price of the vehicle. The renter will pay in the first year 57 per cent, of the price, including 15 per cent. as advance rental. The remainder will be paid in monthly instalments in advance.
The rental declines each year. In the second year it equals 40 per cent. of the list price; in the third year, 27 per cent., in the fourth year,. 12 per cent., in the fifth year, 6 per cent., and in subsequent years, 2 per cent.
A 6-cwt, delivery van costs £442 12s. 8d. The advance rental is £66 8s., and in the first year the monthly rental payable in advance is £15 9s. 10d. In the second year the monthly rental is £14 15s. id.; third year, £9 19s. 2c1.; fourth year, £4 8s. 6d.; fifth year, £2 4s. 3d., and in subsequent years, 14s. 9d.
A 12-cwt. van or pick-up costing £612 19s. 9d. can be rented for an advance sum of 191 19s. and £21 9s. Id. a month in the first year. The monthly rent in the second year is £20 8s. 8d.; third year, £13 15s. 10d.; fourth year, £6 2s, 7d.; fifth year, £3 Is, 4d., and in 'subsequent years, El Os. 5d.
The user undertakes to regard the vehicle as his own, and accepts responsibility for its licensing, maintenance and general condition.
The vehicle can be changed after a year. Industrial Rentals will refund the difference if the vehicle is said for more than the percentage due that year. The scheme,, known as Stanhire, may be introduced overseas, including Australia.
The scheme comes into force on Monday.