It seems my '68 Cutlass S has retractable seatbelt AND adjustable to mate with them. Retractable unit is on the floor, between the seat and the door on the driver and pass. side and a center button style, adjustable buckle in the center for each front seat position. Somethings amiss! I think I should have one or the other. What say you Olds gurus?
(The belts on the adjustable sections are faded, dirty and rust stained. I'll be looking to replace those with the proper set up if anyone has decent ones for sale.)

 

What you've described is correct. The outboard retractable belts are NOT inertia reel lockups like ones on newer cars. You MUST pull them all the way out for use. The retractors are just to keep the belts from falling out the door when you take them off. All adjustment is done with the inboard end.

 

Thanks Joe!