San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-04-27
Partial Payment Scheme
Considered by Banks
and Car Makers.
NO OTHERS FOLLOW
Financier Says Institutions
to Go to Work fer
Manufacturer.
BY j. {. ROYLE.

Copyright By The san Antonio Light.
New York. April 27.-Possibilities
of the financial influence with the
banks of the coGatrv which will accrue
TO Henry Ford as 4 result of his lat
est partial payment selling plan are
receiving serious consideration from
financierS and other automobile manu-
facturerS today.
Under the terms Of this plan, pros
pective purchasers Of Ford ears. trac-
tors or Lincoln cars can make a mi
tial deposit of as low rs s. toward the
acquisition Of car in any bank
agreeing TO the arranC mcat and con-
tinue payments at the same rate week
ly.
When enough has accumulated
through deposits and interest TO
amount to One-third of the purchase
price of the car. the machine is de-
livered. Then the remaining two
thirds payments may be made through
weekly bank deposits as before.
This scheme is regarded in automo-
bile circles as the last word in obtain
ing all the benefits "a a comprehensive
sales and advertising campaign. Ford
himself denies that he is the Origina-
tor of the idea. but other officials of
the company DO likewise and the head
of the Ford Company therefore, is gen
orally given credit for its inception.
Banks Help Scheme.
Already scores of banks in various
sections, especially in and around De
troit are advertising themselves as de-
poSitorieS under the Ford 81 plan. 4
few bankers f,r while looked on the
scheme as of passing Importance. hut
the feeling is growing in bank circles
that the benefits of the plan are mu-
tual. Ford sells machine. but the
bank has use of the purchasers money
for n considerable. period and in addi-
ton gains customer. who. in many
instances. has never been n bank de-
poSitor before. As result an incrcaS-
ing number of bankers are being
sold" on the proposition.
The possibilities of influence among
the banks for Ford are plain to he seen
il other automobile companies do not
follow. There is slight indication to-
day of an intention to do 50.
Chevrolet. Overland and Gray have
made no moves which would show a
purpose to parallel or duplicate the
Ford scheme.
Durant has a scheme for n bank Of
his own. but SO far as announced. the
plans for his institution have not in
cluded the financing of purchases of
Durant cars on part payment plan.
There are supposed TO be few bank
crs nowadays, who a hoStil to auto
mobile credits. but the gradual spread
ing of the Ford 81 deposit plan cannot
help but bring the bankers. as a
whole, in closer touch with the auto
mobile business. particularly if the
scheme results in the maintenance of
savings accounts by people who hereto
fore have not been : ank dcpoSitcrS.
The suggestion that the Ford scheme
will add greatly f. the financial power
and influence of Henry Ford through
out the country generally. is deprc-
Gated by many nike. They admit,
however. that if Ford adopts the poll
icy of spreading His huge cash re-
serves. which at present amount to well
over 100000. 600. throug the banks
which encourage his So deposit plan,
the scheme would undoubtedly assume
considerable proportions.
Moreover, no savings bank objects to
being presented with even one new
dcpositor who has acquired the habit
of adding to his account ut least -
weekly