AUTOS: New Lease

Ever since the new credit restrictions put car sales into a slump, auto dealers have been looking for a way to bring them back up. Last week two San Francisco auto dealers thought they had found it. Instead of selling cars under the new controls, which require a one-third down payment and the balance in 15 months, they were leasing cars to all comers. The dealers: James F. Waters Inc., which claims to be the largest Plymouth-De Soto dealer in the U.S., and Transportation Lease Co., an organization of 32 Ford dealers.

To make sure the scheme was okay, Translease...

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