ee auto a ee BUY BACK SYSTEM A FIRST Banks offer ‘new’ car loan THE ROYAL BANK of Canada recently announced that beginning April 30 it will offer new car buyers a loan that reduces monthly payments by ‘‘guaranteeing”’ a buy-back value for the car at the end of either 36 or 48 months. ““To the best of our knowledge the ‘Royal Buy- Back’ car loan program ts a first for a North American bank,”’ said Gwyn Gill, manager of personal lending for the bank. ‘‘It’s an in- novative concept that allows up to 100 per cent financing while, at the same _ tme, reducing monthly payments. This will make it easier for consumers to buy new cars.”’ Under the program, the buy-back value for each new car will be used to offset prin- cipal repayment. For exam- ple, with 100 per cent financ- ing a $10,000 car having a buy-back value of $4,800 after 36 months would only require principal payments on the first $5,200. The re- maining $4,800 would be covered by the buy-back value of the car at the end of the 36-month loan. Interest would be calculated on the Fuel for tomorrow ONE OF THE claims of the Propane Vehicle Program (started in June 1981) 1s to have 100,000 vehicles in Canada operating on = pro- pane by 1985 At the end of 1983, a total of 33,000 vehicles under the program. Propane ts a plentiful fuel in Canada with about 21,000 cubic metres produced daily Domestic demand is about 10,000 cubic metres a day, so that more than half the pro- pane produced in Canada 15 exported. Estimates suggest that if all the propane produced in the country were to be used here, iu could replace up to 10 per cent of Canada’s current total transportauon gasoline requirements Most propane is used to day in industry, for petro chemical feedstock, for home heating, and, very often, as camping fuel. Only a small percentage of propane ac- tually ends up in the transportation sector, which consumes about 46 per cent of the petroleum-based fuel used in Canada. About 80 per cent of Cana- dian propane 1s derived from natural gas It comes from Alberta, and is shipped by pipeline to Sarnia, Ontario, and moved by tanker, rail and road throughout eastern Canada. In western Canada, it moves Overland to British Columbia and by pipeline to Saskatchewan and Manitoba. Propane is clean, nontoxic, relatively inexpensive and as See page B10 TEST DRIVE SUZUKI 4 W/D CANADA'S LOWEST PRICED CONVERTIBLES CALL GEORGE FERGUSON TE REE COLOUR SELEC TION THALES, WEL CO OOME IMME DIATE t INANCING HOSS INTERNATIONAL MOTORS LTD 273-1181 55a No 4 Ad Across from Lansdowne (Centre Open Sun 11 3 00 OFF BRAND NEW Summit Macu. 1606 E HASTINGS S&S VANCOUVER B 253- 4221 Nn av ohootevesbegs tleetwood Mazda 16315 FRASER HWY SURREY BC 591-7600 yah total loan amount. Using an interest rate of 12 per cent (“% of 1 per cent over the Royal Bank Vaniable Rate Personal Loan minimum rate as of April 9, 1984) on a $10,000 loan amortized over 36 months, monthly payments, including interest and principal, on the above example would be $220.71. However, on a stan- dard loan, those payments would be $332.14, or $111.43 greater. Customers may reduce monthly payments even fur- ther by making a down pay- ment on the non-residual portion of their loan. As well, extra payments are per- mitted at any tuume without penalty. “The difference in mon- thly payments can be con- siderable,’’ explained Ms. Gill. ‘‘Depending on the pur- chase price and buy-back value, car buyers can substantially reduce their monthly loan payments.’’ When the loan matures, customers have three op- uons: pay out the loan, refinance the balance or return the car to an authoriz- ed representative and receive credit for the buy-back value. The Royal has contracted with insurance brokers to make the program possible. They set the buy-back values and cars returned in good physical and mechanical con- dition will qualify for the full buy-back value, provided they were not used for com- mercial purposes. If the car has logged more than 24,000 kilometres per year, there will be an excess mileage charge. The cost of the program is covered in the interest rate which will be priced one quarter of one per cent above a standard Royal Bank car loan. As with the Royal's traditional car loans, which will continue to be offered, the buy-back loan is hfe in- sured and available with a fixed or variable interest rate. Customers who finance new automobiles with the Royal Bank during the month of April can enrol in this program anytime bet- ween Apnl 30 and May 31, 1984 without paying any ad- ditional costs. a VOVOTA _ | HONDA Free courtesy cars by Appaintmeat, Complete bade repaint oosforation and painting 1B hepaits welronie > Being yout wettcle in fara free eatintes Aoa0-5-00, a79 Marine Or NV Open Monday ta Friday Gall Obey : TT POT cel wa cot 5 m : B9 - Sunday, April 15, 1984 - North Shore News Personal leasing Leasing Now Available, Private Use or Small Businesmen Why Tie Up Cash? Why Not Lease To Own? “We Accept trades”’ Payments based on trade being worth up to $2000 If more. we pay cash back to you! For Personal Service TOM BODEN 298-2451 ‘Out-of-Town call Collect” 4111 E. HASTINGS — IN NORTH BURNABY RITCHIE SERVICE CENTRE FOR THE AUTOMOTIVE INDUSTRY Service Specia ALL MAKES AND MODELS Lube, oil change & filter Cneck exhaust system under carriage Check belts noses fluid leveis & antifreeze Pressure test Cooling system Check front & rear brakes Satety check of wipers & defroster neadlgnts and genera: fOadability MOUNT ANG) BALANCE TIRES TF REQUIRE (> Full ignition tune-up Inctudes scope testignitor replace plugs fuel titer pomts & condenser if required Service emission system Test charging system Aoad test by certhed mechani Front-end alignment Adjust sleenng box center steenng wheel Check bee pressure and SUSPENSION Complete wash & clean-up Clean uponside A out lube ale dll tocks and hinges Steam clean engine compartment All this For Only »0 Iroc fuser all pots A lala th ee Couttesy cat davalatle try ape QDoototrnent Tego $te eatea Aa datltes attra Call Tom Wilson 987-7111 for appointment IN THE BODY SHOP BCAA APPROVED SPECIALIZING IN Ho iN Mam z0,8 fw A NSLO | rs wv Vomestics Ford GM an We handle all (CBC clatm. 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