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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 04, 1975
Page
3
The RESPA act of 1974 requires lenders to provide buyers with a Closing Costs HUD guide and a standard disclosure form. It clarifies advance disclosure, Truth in Lending APRs, and settlement charges, aiding early budgeting and comparison shopping. It also outlines seller and broker roles, escrow limits, and home history disclosures.
Eight firms now produce fiberglass replicas nicknamed fiberfabs offering kits or complete cars built on modern frames. Prices start at 4000 for a kit and rise to 16000 for a finished model. dealers note emotional appeal and lower cost than restoring genuine classics despite mixed workmanship and high prices.
UPI reports US auto production for June 1975 fell to 632,134 cars, 4.2 percent below 1974 levels, the lowest June since 1962. For the first half year, 3,138,168 cars were built, about 19 percent below last year and 42 percent off the 1973 six-month peak. GM topped June, Ford slightly behind, AMC down 6.4 percent, Chrysler down 35 percent. industry sees a third-quarter rebound as 1976 models roll out.
The British Virgin Islands Labor Department reports a 14 percent rise in employment from the prior year. The labor force is about 3,300 with 2,200 males and 1,100 females. Construction up 28 percent, tourism up 17 percent, tourism employs 347 men and 225 women. BVI Tourism Board chair Ralph G. O'Neal notes five year tourism growth at 15-20 percent annually.
Two German buyers turned island dreams into a business offering dozens of parcels from the Bahamas to Tahiti. They tout discounts and a full service package, from locating property to handling local administration and building. They claim bankers, builders, and adventurous buyers are prime targets.
Addison, Texas UPI reports Barron Thomas, 19, heads Webb Thomas Aircraft as sales manager after starting in the business at age 12 with a Cessna 150 sale. He has sold 85 aircraft in seven years, with deals often including trade-ins financing and lessons. His client list spans a Mexican airline, a Baptist church, and the Lyndon Johnson family.
Detroit report shows luxury cars gain market share from 2.9 to 4.4 percent since 1971, with Jaguar Mercedes-Benz Lincoln Cadillac and Rolls-Royce among top sellers. January-May 1975 figures show Jaguar up 137 percent, Mercedes-Benz 19 percent, Lincoln 10 percent, Cadillac 7.3 percent, Imperial down 55 percent. Ford and Chrysler trim lines amid high sticker prices and option-heavy purchases.
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