B7 - Wednesday, May 11, 1983 - North Shore News | auto ‘THE DAY WE'VE BEEN WAITING FOR’ Chrysler to pay off U.S. loans early DETROIT - Chrysler Corp, Chairman Lee _ Iacocca announced the resurgent automaker next month will pay off $400 million - one- third of its federally guaranteed loans - seven years before the money is due. Chrysler had received $1.2 the government, in 1980 as part of its plan to avert bankruptcy. lacocca’s announcement came in a speech to shareholders at Chrysler's annual meeting. The repayments do not affect some $200 million in loan guarantees promised to Chrysler Canada Ltd. by the billion in loans, backed by federal and Ontario Mind and body The Canadian Orien- Orienteering UBC). teering Federation has For more information declared May 15-23 as contact: Mike Ackerfeldt at National Orienteering Week as their contribution to National Physical Activity Week. Orienteering Ctubs across Canada will organize a series of ‘Come and Try it’ events to introduce the sport. Orienteering is an outdoor sport in whichgyou navigate your way round a course in the terrain. You are given a map with a course - a series of control stations located in the terrain - printed on it. You punch a card at each control station as. proof of your visit. Orienteering is_ ideally suited to men, women, boys and girls of all ages and to both the serious competitor and the more recreationally inclined individuals. Runners, joggers, hikers, cross country skiers and other outdoor enthusiasts who prefer participating to spectatng will find orien- teering to their liking. Surveys have shown that onenteering has also great appeal to those who enjoy pastimes that provide a mental challenge; for cxample, chess, crosswords, puzzles. Locally, the North Shore Orienteering Club are organizing several ‘Come and Try It’ events with in- struction available at all events. Plan to attend one or more of these events. May 15 at Lighthouse Park, 10:00 am May 18 Stanley Park, 600) pm (hosted = by 926-1589. * Free inspection * Fast Service NORTH SHORE Autoguide We'll give your car the professional attention it deserves Vo Nast protester al cogeains re es 1 ed Ys DC ry eberns cota Meee fe te three sy Perey tees cab ts DRIVE IN SERVICE Poach PP Pt everitoerr teat drier pees ber th tote 4, 9h NOR EST RADIATORS 1175 Weal t4th St NV “papl PA nt RADIATOR REPAIRS — aoe 984 0374 hy Over 30 years on the North Shore “sath vte corto bne) rahe, CAPILANO Brake & Muffler No Appointment Necessary * Custom Pipe Bending * Disc & Drums Brakes, Domestic and imported cars & trucks * Mufflers conditionally guaranteed for as long as you own your car or truck governments as Chrysler Canada has never drawn on those guarantees. Under the terms of guarantees approved by Congress, Chrysler cannot pay off the notes until June 15. Iacocca said the com- pany will “do it on that day or as soon after as we can.” “This is the day we've been waiting for,” Iacocca told applauding shareholders. Earlier this year, Chrysler said it would begin paying off the loans early and hopes to complete the repayment by 1985. The notes do not have to be paid off until 1990. The automaker said it will Call Drew Finerty to advertise, on this page 980-0511 first pay off loans carrying the highest interest rates of 14.9 percent. This will leave Chrysler with loans worth $800 million and bearing interest rates of 10.35 percent to 11.4 percent. “This is a great day for everyone associated with Chrysler,” Iacocca said. “It’s remarkable that we're paying off the loans, con- sidering that so many government loans = and guarantees actually become outright grants.” Iacocca quipped that the surgeon general should be standing by “in case anyone faints when we hand them the check.” The chairman said the Do you want to tell realy 70 OOO Car owners in the North Shore market about the good service you ater’ news narth share news A SHINE THAT WILL LAST Old you know your now cars shine will usually last appronumately one month Cetus yive your car a ahine Mat oven under thane North Van weather Condittons will last and tant WE GUARANTEE A 5 YEAR SHINE We've been at the same location for 22 years Phone us at 987-4477 NORTH VAN UNDERCOATING LTD. 1311 Pemberton NV Q@87 4477 THE AUTOMOTIVE SPECIALISTS Qualified Technicians in each field — Many with 20 to 40 years experience — *x Automatic transmissions * Complete general mechanical * Wheel, frame alignment & balancing * Collision repair — ICBC claims * Painting & alr conditioning ® Courtesy cars arranged 985-7455 early repayment is proof of the company’s comeback from the dark days of the late 1970's and early 1980s. “This tells the story: from a deficit of $1.7 billion two years ago, we are now in the black. What other cor- poration or government can make that statement?” Iacocca said. To refinance a part of the remaining debt, Chrysler said it will enter the public bond market, the first time in 10 years that Chrysler's has floated a bond issue without government assistance. Robert S. Miller, Chrysler's executive vice president for finance, said AYLORMOTIVE OUR 23RD YEAR PROFESSIONALLY SERVICING 10’S OF THOUSANDS OF SATISFIED CUSTOMERS . YOUR COMPLETE B.C.A.A. APPROVED ‘50 BAY’’ CENTER Car Stereos * * Sales * Service FORFERELE ESTIMATES & CONSULTATION (4 BEOCKS SOUTHLOPR MARINE DRIVE ) J AYLORMOTIVE -174 PEMBERTON, N. VAN. the $400 million in loans will be paid off through Chrysler’s cash fund, which stands at about $1.5 billion. Miller said the repayment will improve Chrysler's profitability by reducing its interest expense, he said the automaker “is no_ longer looking for a white knight to save us - we've saved our- self.” Chrysler in the first quarter of 1983 had a profit of $172.1 million, its highest quarterly profit in history and more than the profit it made in all of 1982. The “automaker in April sold 26 million shares of stock within an hour of the of- fering. AIM ROTEL “| Installations of all makes * We handle all!.C BC claims CQ CGiG 936-1171 150 Pemberton Ave North Van brakes ote ATTENTION ALL FORD & MERCURY OWNERS We repair all makes & tmeaodels Tune ups & Al Mechanical Repairs Algniment Frere Towing bree (© ourtesy Cars Avatlable Pactory Prained Technicians RITCHIE CENTRE 1525 Welch St North Vancouver 987-7111 SE HVICE