Word: auto
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Dates: during 1950-1959
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...Auto Credit...
...Auto credit is not as serious a danger as you picture in TIME, Aug. 22. Your claim that the auto purchaser owes more than his car is worth for the first 9½ months after he drives it from the showroom is not correct, and the frightening-looking graph alongside is misleading. In the text, you say that the customer pays 25% down ("common terms nowadays"). This means that he owes initially only $1,800, which is less than the $1,920 the car is then worth . . . You ought to correct the impression given by the chart...
...TIME was right: the auto buyer owes more than the $2,400 car is worth for 9½ months, but it neglected to explain that he pays $504 in finance and insurance charges, thus faces an unpaid balance of $2,304 after a 25% down payment...
...Autos, Too. Not all the work at Holloman is concerned with making the jet age safer. Stapp and his men have developed some important safety byproducts for oldfashioned, earthbound, combustion-engine man. Last year the Air Force lost some 700 men in plane crashes and 628 in auto accidents. Faced with this startling statistic, Stapp promptly started a car-crash study program, put dummies into salvaged autos and sent them hurtling into wood and concrete walls...
...auto industry virtually assured itself of three years of labor peace last week. After a quickie (six hours) walkout, Chrysler signed the standard three-year contract with the U.A.W. embodying the Reuther version of the guaranteed annual wage. Like Ford and G.M. before it, Chrysler agreed to establish a fund to guarantee its 139,000 employees 65% of their regular pay for 26 weeks. It also promised minor raises for increases in efficiency and the higher cost of living. Cost to Chrysler: an estimated 20? an hour per employee, about the same as at Ford...