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Timing chains vs belts

I recently bought a used Nissan Versa from Hertz (THE way to buy a late model used car IMHO) and, perusing the maintenance schedule was nonplussed by the absence of any mention of a timing belt replacement. Come to find out it has a timing chain which is supposed to last as long as the car. Now, I thought that timing chains had gone the way of the do do and it has me wondering why they are not in all cars, saving owners the price of replacement.
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