Show 1 Instalment Buying i 1 r INSTALMENT rENT buying has reached the tret tre- tre 1 men ous peak of annually t r. r in in i the United States according to the prelim preliminary preliminary pre pre- lim nary survey urvey of the department of domestic domestic do do- distribution of the United States chamber of commerce This authority also states states that 17 per cent of the entire amount of goods sold at retail are disposed of in this manner and the trend is reported as being still upward Information as to the extent and character charter charter char char- acter ter of the practice of partial payment buying buying buy buy- buying ing is however too meager to to justify any conclusion as to whether it is an economic menace or a legitimate credit development The practice has grown rapidly in the past f few v w years the thc most outstanding example being being being be be- ing that of the retail marketing of auto auto- mobiles 1 II The Farmers' Farmers Loan and Trust company estimates that worth of automobiles automobiles automobiles auto auto- mobiles washing machines vacuum cleaners pho phonographs furniture wan pianos janos os jewelry and radio apparatus are sold on the instalment plan annually One large automobile acceptance accept accept- ance company reports during the seven years of existence credit operations totalling with a loss ratio for 19 1925 5 of only per cent In the old days before automobiles vacuum cleaners and electric washing machines the average family would pay for their home on the instalment plan take on a piano per per- J aps and go in debt a little bit for furniture Now the average family must have an n automobile automobile automobile auto auto- mobile a phonograph of the very latest type all the modern conveniences in the way of household appliances and a radio all of which may be bought on the dollar down a dollar a month plan This may also apply to the Hie home horpe and furniture ture which will be much more elaborate than in the old days In other words the modern family now believes in enjoying all the comforts of life while they live and there are few families of today who vho do not greatly outshine in their living c conditions the royal families of half a cen century en- en tury ago Such extensive buying on the part of the c consumer called for a new system of financial finan finan- ci cial l aid as banks could not handle it As a result there have been organized financial companies with extensive commercial credit national to finance companies of scope operating oper oper- sting in almost every community p. p Time alone will ill tell how the thing will work vork out 1 IL i I i. i It t. t l. l |