CREDIT UNION AUTOMOBILE LOANS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79-00639A000100070013-2
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 2
• Document Creation Date: December 9, 2016
• Document Release Date: July 17, 2000
• Sequence Number: 13
• Publication Date: January 1, 1964
• Content Type: DISP

D I S P AT C H
CLASSIFICATION -
PROCESSING ACTION
MARKED FOR INDEXING
TO
Chiefs of Station and Base
~
X
~-
NO INDEXING REQUIRED
-- -
INFO.
ONLY QUALIFIED DESK
CAN JUDGE INDEXING
FROM Chief
25X1 A2d 1
,
MICROFILM
SUBJECT
Credit Union Automobile Loans
ACTION REQUIRED ? REFERENCES
For information only. May be destroyed after reading.
1. As part of the effort to encourage the use, on a reimbursable or
allowance basis, of private vehicles for official use, the Organization
requested the Credit Union to consider granting preferential interest
rates for new automobile loans where the vehicle would be taken or
purchased overseas. The Credit Union recently approved such a change.
2. In the past, the standard interest rate on Credit Union loans
for the purpose of purchasing new vehicles has been 2% per month on the
unpaid balance with the vehicle title released to the Credit Union as
collateral. However, in the case of new vehicles either taken overseas
or purchased abroad, the loans have been converted to co-maker loans with
the interest rate raised from 2%o to 3/4%, since owners must retain their
titles and the Credit Union is thus denied this collateral.
3. Effective 1 May 1964, the 2% interest rate will be retained on
loans converted to co-maker loans for vehicles purchased or taken abroad.
In view of this preferential rate, headquarters has agreed to assist in
monitoring the disposal of automobiles overseas on which Credit Union
loans have been granted.
4. Chiefs of Station and Base will be notified by headquarters of
all personnel under their jurisdiction who have such a preferred interest
automobile loan. In turn, Chiefs of Station and Base will be requested
to advise headquarters whenever an employee concerned sells or otherwise
disposes of the automobile. This reporting will permit the Credit Union
to take appropriate action to protect its interests.
5. It should be noted that the above applies only to loans made
after 1 May 1964 for the purchase of new vehicles. The interest rate
on loans for the purchase of used cars remains at 3/4%.
FOR THE CHIEF, 25X1 A2d 1
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000 E .9 ,081 BY
OHIO COMP 0 TYPE
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JUST NEXT REV aO
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CROSS REFERENCE TO
DISPATCH SYMBOL AND NUMBER
DATE
Book Dispatch No. 4327
GROUP 1
CLASSIFICATION
HQS FILE NUMBER
Ap
,3 ;?
2000/08/31 :CIA-
-
-2
declassification
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