Show Vets Administration Information Service Numerous Inquiries received by Vet Vet- Veterans Veterans Veterans erans Administration Indicate that most veterans believe belleve they are exempt from credit regulations when buying an auto auto- mobile This is not true and only a a. very few veterans can qualify for an exemption of the credit curbs V-A V said GI loans to veterans guaranteed or Insured by V-A V for tor the purpose of pur pur- purchasing purchasing purchasing chasing an automobile to be used in inthe Inthe inthe the veterans veteran's business are not subject to Regulation W Vt which restricts In Installment In- In Installment purchases I I I 1 Thus there Is no restriction as to amount of down payment or length of or time for repayment in connection with such loans except those Imposed by the lender a a. few veterans can I However only very qualify for a a. V-A V guaranteed business loan for an automobile V-A V said V-A's V regulations with respect to business use useI are very strict with the result that most I qualifying veterans are salesmen who need cars to cover their territories A V-A V guaranteed business loan can- can cannot cannot Inot not be approved if the purchase price the rea- rea of rf cf the property is more than I I value as determined by b a V-A V VAI I designated appraiser V-A V said And If U Uthe the purchase of a a. new car Involves a aI trade in trade In of a used car the designated c Cr r u IS t i T for tor determining n that j allowances for the used car represent sent reasonable value valueS I V-A V will do all It can to help kelp vet vet- veterans veterans erans trans get V-A V guaranty on a business lean for a car to be used In their busi busl- said sald vet vet- veterans veterans veterans At the same time V-A V ness erans must be advised that using a busi busi- business business business reduces car materially ness loan for a for future GI home farm tarm their eligibility or other business loans world War II veterans who have used GI CI loan privileges are i none 01 Os their i enable eligible for a a. maximum V-A V guar- guar guaranty loan of or or over amy anty on a a. home on onI onLan V-A V guaranty a maximum of real estate loan or or a I Lan I an 88 or Ct over V-A V guaranty of or 2000 on a aIMS aI maximum business or IMS realty non-realty I or over I farm loan I have med any part pare 01 UL U who Veterans are not eligible for forthe forthe forthe their loan privileges I the maximum V-A V guaranty on a alom ahome ahome l a ama lom eligible for tor only but are home loan ma mum guaranty less any por- por portion portion maximum SS tion 5 of any other GI OX loan guaranty gua anty they have used V-A V explained that when This means of his has used half or 1000 veteran I a Santy guaranty for tor a realty non business V-A V reduced ills hIs eligibility for a 0 aa aI toan t he has 1 on a home loan by 50 per percent I I V-A V guaranty from to 2000 cent he be would be eligible I And In that case of only V-A V guaranty maximum for a a. instead of the maximum 2000 make it practically impossible ThUI would ThIs Tor veterans to acquire 1 a ahome ahome ahome many sible for tor home through the the use of a GI OX loan I |