ffi

ment and his financing. He'll come back to you if he's in the market again and he'll recommend you to his friends."

No Red Tape

By having a finance plan immediately available, "You don't run the rist< of your customer changing his mind while he wanders off to the banh or to his rich uncle to ask for an improvement loan," O'Donnell states.

He points out that C.I.T' has developed a "Property-Improvement Flan" for lumber dealers under which the dealer can offer his customers terms up to flve years with no downpayment. Red tape is cut to a minimum; customers' applications for credit can be approved "in a matter of hours-often by telephone," he explains.

"As soon as a job is completed, you receive a check from Universal C.I.T. for the full price of the improvement," he points out. "Instead of having your money tied up in accounts receivable, you get immediate cash; you can pay off your sub-contractors and suppliers and pocket the proflt. You have no collection wonies, because your customers make their monthly payments to us.

"If a customer gets into a difficult situation and can't make his payments on time, we can usually work out a plan that will tide him over until he's back on his feet again; if he can't or won't pay at all, we take the loss. And if he dies before the instalments are completed, an insurance clause takes care of the rest of the payments-provided that the customer was under 65 when he sigrred the contract."

O'Donnell says, the C.I.T. Property-Improvement Plan contains "many of the sales-building features of the company's automobile financing plan which has enabled more than 17 million Americans to buy cars 'on time.'

"When you seII instalment financing," he says, "you're using the same time-proven sales techniques that have placed the automobile industry on a mass production basis."

Crosby Elected to Weyerhaeuser Board

George C. Crosby of Minneapolis, Minnesota, a member of the board of directors of Weyerhaeuser Company, has been elected a member of the Board's Executive committee, announces F. K. Weyerhaeuser, chairman of the board.