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Cedar Rapids Gazette (Newspaper) - October 8, 1974, Cedar Rapids, Iowa The Cedar Rapids Gazette: Tues., Oct. 8, 1974 Nof Knowing Interest Rate Like Buying Car Without Asking Price By Sylvia Porter NKW YOKK A study made u full 15 mouths after Truth In Lending become luw of the laud, back in the summer of reveulvd that only two out (if three borrowers thought they know what interest rule they were paying on their used car loans and even more shocking, one in seven didn't know the rate of interest they were paying on their home mortgages. In another study by Lewis Mandell of the University of Michigan, only one in HI borrowers could estimate the rate of interest he or she was Second of five articles paying on a car loan with a in percent margin of error. Nearly half missed the mark by at least 50 percent. This is akin to buying a car or a house without bothering to inquire about the price. On this fifth anniversary of the historic law, this week's columns are designed to test .vour credit I.Q. All these are questions you should be able to answer by now without any as- sistance. Q. What must a lender (ell you under the law? A. The list of items that must he spelled out both on the loan contract itself and in ads of loan terms is long and detailed. But here's a sampling of infor- mation you must be given: The cash price; amount of down payment or trade-in allowance (balance of the purchase price minus down total dollar amount and true annual percentage rate of finance charge, includ- ing not only interest but also fees for credit reports, appraisal costs and other ex- tras; itemized list of all charges not included in the finance charge; number, amount, and due dates of payments; amount of time you have to pay before you become liable for a finance charge; amount of any late charges you may have to pay if you get behind in payments or are otherwise delinquent in Plans 500-Seat Jumbo Airliner SEATTLE (AP) BoQing Co. officials say they arc con- sidering plans for an expanded version of the 747 jetliner which would carry 500 pas- sengers. The standard jumbo jet has a passenger capacity of .1511. George Bouvet, marketing manager fur the 747, said also under consideration is a stretched version of the short- range jumbo jet which would carry 700, compared with the present 500-passengcr 747-SR being flown by Japan Air Lines. Boeing is now constructing a short-body version of the 747 with 80 fewer seats than stan- dard jumbo jets. Bouvet said a new aircraft program would not be pursued until the firm is assured of buyers. Wilson: Devotion to History Ended Nixon LONDON (AP) Prime Minister Wilson says former President Nixon "destroyed himself by his devotion to the muse of history." Wilson'said in a broadcast interview with David Frost that Nixon wanted the White House tapes to ensure his place in history. "He wanted to have everything recorded that he did. for the sake of history, for the Wilson said. "It might not be published for 100 years and those tapes have ensured for him a place in his- tory the very opposite of what he would have wished." LAFF A DAY "I could balance our budget if you'd like to lose about twenty pounds The Best Carpet Buys Are At Carpetland U.S.A. payments; whether the loan is secured by your property (e.g., title to your cur or slocks and Tills security and the lender's Interest In it must be clearly described. Docs the law also apply to things you buy on lime from furniture stores and other re- tailers? A. It applies to all consumer credit transactions, whether you are borrowing cash directly, charging a purchase of a product or service, or financing a car. Among types of creditors covered are: Sales finance companies, consumer retailers, service credit com- panies, auto dealers, issuers of credit cards. Q. How docs the law affect charge accounts? A. Say you are opening a revolving charge account with a department store. The law specifies the conditions of the credit agreement that must be disclosed to you before you open the account and also lists information which must be Included in your monthly sta- tement including date and amount of each purchase, credit for returns, other ad- justments, amount of finance charge for the month and many more items. And It spells out how credit on charge accounts may be advertised. Q. What Information must you get on bank credit cards? A. You also are entitled to certain Information when you open the account, the creditor must tell you, among other things; How he determines the amount of the finance charge; how long you can wall without having to pay a finance charge; the minimum periodic payment required. On the monthly statement, you must be told, among other things, your previous balance on the account; the amount of (hi1 items charged and payments made during the month; the amount of the finance charge of the month. Q. Docs the law also cover other types of cards? A. Yes. Your maximum liability in the case of unauthorized use of any credit card which has been stolen from you is for each curd. This maximum holds even if you fail tu discover the loss for a considerable period of time, and even if you fall to notify the issuer promptly. Once you notify the issuer by phone or letter that a card has been stolen, you have nn further liability. Another provision is that all credit cards must boar your signa- Sylvia Porter lure or photograph or similar means of identification. Next: Test Your Credit I.Q. Part III. We decided that the very first thing you should know about our new warranty is what isn't covered. And we don't mind telling you, because the list is very short. That warranty is just part of our Owner Care Program which is based on the idea that even if you're selling the most appealing cars in the world, it never hurts to have a clincher. We'll even put it in writing. ofco ooo >o For the first 12 months of use, any Chrysler Motors Corporation dealer will fix, without charge for parts or labor, any part of our 1975 passenger cars we supply (except tires) which proves defective in normal use, regardless of mileage. The first asterisk that gives instead of taking away. There are some expensive things that could just "wear out" if you drive enough miles even though they're not "defective." Brake linings. Mufflers. Shock absorbers. So we put that asterisk up there to tell you that we'll replace those parts if they wear out during the first 1 2 months of normal use, no matter how many miles you drive. We ask you to take care of the little items. Of course, we'd like you to handle some of the things you'd just naturally expect to take care of. You know, normal maintenance like replacing wiper blades and filters when it's needed (unless they're defective in which case they fall under the And we won't leave you alone in the night. If you make an appointment in ad- vance for warranty work and it can't be finished from morning until evening of the same working day, participating dealers will supply you with a loaner. Free of charge. Now, if an Owner Care Program like that sounds great to you, imagine what our cars are like. Find out about both. Ask your Dodge, or Chrysler-Plymouth dealer about his cars. CHRYSLER Dodge Then, ask him about "The people who CHRYSLER CORPORATION
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