HomeMy WebLinkAbout1997-02-18; City Council; 14062; VEHICLE LEASING FEASIBILITY STUDYI+ . ,.. a Q __, “ 5””
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CITY OF CARLSBAD - AGENDA BILL
AB# /4, 067 VEHICLE LEASING
CITY MGR~ DEPT. FIN
CITY ATTY~ FEASIBILITY STUDY MTG. 1/28/97
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RECOMMENDED ACTIONS:
Accept and file report.
ITEM EXPLANATION:
Background
As part of the City’s continual endeavor to improve the organization, management requc
feasibility study to compare leasing with owning the fleet. Currently, the City owns its entil
Departments pay vehicle replacement charges to insure that funds are available for purc
new vehicles when needed. The annual replacement budget for vehicles and equipmc
averaged $1 million over the last three years. The objective of this study was to expl
question “should the City lease or own its vehicles?”
Focus
The study focused on sedans, vans, and pick-up trucks, primarily driven by manage
supervisors. All Police and Fire vehicles were excluded from the study. This decision waz
upon the amount of modifications made to vehicles and the general “wear-and-tear.” A tot
vehicles were evaluated which amounts to 41% of the fleet with estimated replacement (
$1.6 million.
Approach
The approach used in the study combined interviews, research, and analysis to provide
recommendation. A time value of money analysis compares the cash flows of leasing and
to determine the lowest overall cost.
Findings
Given the City’s administrative order number 3, which identifies the useful life of sedans
and pick-up trucks as 10 years or 100,000 miles, the City is better off financially to c
vehicles analyzed. Even with the advantages of leasing, such as no up-front cash out1
spreading costs over time, leasing is more expensive in the long run.
If the City were financing vehicles, or keeping them for a shorter period of time, leasing m:
been advantageous. However, owning is more cost effective in the long run. Thi!
confirmed that the City is making the best use of its funds by owning the vehicles considere
FISCAL IMPACT:
None.
EXHIBITS:
1. Vehicle teasing Feasibility Study
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CITY OF CARLSBAD, CALIFORNIA
Vehicle Leasing Feasibility Study
January 1997 I I I
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IExecutive Summary I
During the 1996-97 budget preparation, management inquired about the value of leasing
vehicles for the City. Currently, the City of Carlsbad owns its entire fleet. The annual
three years. Trends indicate that leasing is becoming increasingly popular as a means to
control costs. The objective of this study is to compare leasing to purchasing and review
the financial and intangible considerations.
This study is based upon information gathered from interviews conducted with agencies
that currently lease vehicles, interviews with a leasing agent, and literature that was
researched on the subject. The information is summarized in a present value analysis and
a table of intangible considerations.
Overall, leasing is another means of financing vehicles. Given the City’s policy of
retaining vehicles for ten years or 100,000 miles, it is more cost effective to own the
vehicles. While there are many different factors involved, and various methods of
acquiring vehicles, the City is in a healthy cash position which provides the freedom of
owning its fleet. This study confirms that the City is making the best use of its funds by
purchasing sedans, vans, and pick-up trucks.
replacement expense for vehicles and equipment has averaged $1 million over the last
I I Statement of Purpose
The objective of this study is to compare leasing versus purchasing vehicles. The
comparison reviews financial and intangible considerations. This study explores the
question “should the City lease or own its vehicles?”
Focus
The vehicles considered in this analysis are sedans, vans, and pick-up trucks driven by
supervisors and managers in the City. Safety Center vehicles, such as fire engines and
police cars, were specifically excluded from consideration. Leasing versus owning is
reviewed as two mutually exclusive options. For purposes of this analysis, “owning”
means paying cash for the vehicle, as opposed to financing the vehicle through the use of
debt.
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Other Avenues Not Explored
Alternative means of acquiring vehicles, which are not addressed in this analysis, include
outside financing, renting of vehicles/equipment, outsourcing or privatization of the fleet
department and the use of employee-owned vehicles.
Outside financing - The City may consider the use of third party financing if it
needs capital to purchase its fleet. The present value of third party financing may
be compared to the present value of lease payments to determine the optimal
solution.
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Renting - In some situations, the City may benefit from renting equipment.
Renting may be the best alternative for less frequently used vehicles and
equipment.
Outsourcing/privatization - The City may be interested in comparing the total
costs of its fleet department to outside agencies. Many agencies offer
privatization of fleet services. This analysis does not address the competitiveness
of the City’s fleet costs versus the private sector.
Employee-owned vehicles - Many companies reimburse employees for the use of
their own vehicles for business purposes. This reduces the liability risk of
vehicles involved in accidents while not on company business. The City currently
reimburses employees for the occasional use of their vehicles for City business. A
completely employee-owned fleet is not considered in this analysis.
IBackground Information
The City of Carlsbad’s fleet department consists of two divisions: vehicle maintenance
and vehicle replacement. The vehicle maintenance division provides continuous repair
and maintenance service for City-owned vehicles and equipment. The costs associated
with vehicle maintenance are charged back to the appropriate department based on a per
milehour charge by class of vehicle. The Fleet department maintains approximately
225 vehicles.
The vehicle replacement program sets a replacement charge for each vehicle in the City’s
fleet and charges this to the appropriate department for cost recovery and allocation
purposes. Vehicles are replaced based on an administrative ordinance which specifies the
mileage and age of a vehicle for replacement. The City’s administrative order establishes
a ten year or 100,000 mile life for the replacement of sedans, vans, and pick-up trucks.
Over the last few years, the City has spent approximately $1 million per year in
replacement expense for vehicles and equipment. The replacement budget has been
unusudly high over the last few years. A typical replacement budget would be
approximately $800,000. As a reference, the City’s annual budget totals $106 million.
Therefore, vehicle replacement represents 1% of the total 1996-97 budget.
Purchasing Process - State Bid
The City of Carlsbad purchases vehicles under a cooperative purchasing program with the
State. The State Bid is offered to all cities and public agencies that wish to participate.
Participating agencies send a list of requirements for their vehicles to the State. The State
initiates a formal bid process and awards a contract to the lowest bidder. Participating
agencies receive information from the lowest bidder and prepare purchase orders.
Benefits of the State Bid process include: (1) lower prices based on the size of the order
and purchasing power of the State and (2) reduced work for the City’s fleet and
purchasing departments. The State Bid is offered on an annual basis’and includes a
limited number of makes and models of vehicles. A service charge is imposed to
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compensate the State for administrative costs. The service charge equals one percent of
the purchase order total, before tax or discount.
Vehicles Considered in the Analysis
During a meeting with the Fleet Superintendent, the following vehicles were selected for
consideration in the leasing study -- sedans, vans, and light duty pick-up trucks, primarily
driven by managers and supervisors. All Police and Fire vehicles were excluded from the
study. This decision was based upon the amount of modifications made to vehicles and
the general “wear-and-tear.” A total of ninety-three vehicles were considered for leasing,
which amounts to 41% of the fleet with an estimated replacement cost of $1.6 million.
Appendix A provides a detailed listing of the vehicles under consideration for leasing.
Methodology
The approach used in this study combines interviews, research, and analysis to provide a
final recommendation.
The Innovations Group provided a list of agencies that currently lease vehicles or
equipment. Additionally, a leasing agent was contacted to gather detailed information
about leasing and obtain a standard lease agreement. Interviews were conducted with the
following individuals.
John Clements, Fleet Manager, County of San Diego, California
Forest Gilkerson, Purchasing Agent, City of Falls Church, Virginia
Rick Amadrill, Purchasing Agent, City of Huntington Beach, California
Lance Wolf, City Controller, City of Norfolk, Virginia
Howard Newton, Manager of Site Support Services, Southern California Edison,
San Onofre, California
California
Bruce Kosaveach, Account Manager, GE Capital Fleet Services, San Diego,
The interviews highlighted the variety of vehicles and equipment which are currently
provided under lease agreements. For instance the City of Falls Church, Virginia, leases
all of their police and fire vehicles and the City of Huntington Beach is leasing a
$993,000 helicopter. Appendix B contains notes from the interviews conducted and the
interview guide which was used.
Appendix C contains the lease proposals and sample lease agreement provided by GE
Capital Fleet Services.
In addition to conducting interviews, I located literature on leasing in periodicals, books,
and electronic sources, including ABImJFORM and the Internet. More detailed
information about the sources used in this study can be found in the reference list at the
end of this report. These references provided insights into trends, as they relate to
leasing, and general leasing information.
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The Environment
Leasing allows organizations to focus on their core competencies and reduces their
capital expenditures. Many dealers will design maintenance and extended service plans
that meet the needs of the small business person’s requirements. Additionally, at the end
trade in the vehicle for a new one.
of the lease term, companies do not have to hassle with disposing of vehicles. They just
Leasing is gaining popularity as businesses use a variety of methods to control costs.
According to a survey by the National Association of Fleet Administrators, fleets of
between 201 and 400 vehicles lease 78% of their cars, vans, and trucks. Some of the
reasons why leasing is popular for businesses include off balance sheet financing, low
cash outlay for acquiring vehicles, and leasing frees up lines of credit.
Other organizations have moved toward leasing for service, maintenance, and the ability
to upgrade the fleet without a large investment. Leasing is being used to combat the
escalating prices of new cars. According to page 46 of Nation ’s Business, May 1996,
magazine, “Of all the vehicles sold in the United States in 1995,26 percent were sold
through leasing arrangements.”
In California, local government has been given an incentive to finance vehicles and
equipment through lease-purchase agreements. Proposition 13 restricted the ability of
government to incur debt. Lease-purchase contracts offer an alternative for financing the
acquisition of vehicles and equipment without the use of debt. Lease-purchase contracts
assist local governments in obtaining the assets necessary to provide a variety of
governmental functions without the use of debt.
Leasing
There are many different types of leases. The analysis in this report is based upon an
open-end lease, as proposed by GE Capital Fleet Services. Open-end leases typically
offer lower monthly payments compared to closed-end leases. The open-end lease shifts
some of the risk to the lessee through an end of lease obligation. The end of lease
obligation is determined by comparing the fair market value of the vehicle to the
estimated residual value. The lease proposal from GE Capital Fleet Services may also be
categorized as an operating lease. The City does not take title to the vehicles, the lease is
short term in nature, and there are options to cancel the lease.
The glossary provides definitions for the various types of lease agreements.
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[Key Assumptions
Items which do not influence the lease/own decision are excluded from the analysis.
These items include:
Maintenance Costs - The City’s fleet department would provide maintenance for
the vehicles if the City leases or owns them. While full maintenance lease
agreements are available, they are considerably more expensive than other types
of leases.
License Fees - License fees would be paid by the City of Carlsbad under both the
lease and purchase scenario. E plates, which identify City vehicles as official
vehicles, may also be obtained under leasing agreements.
Fuel Costs - Fuel costs would be paid by the City under both scenarios.
Warranties - The manufacturer’s warranty applies to vehicles, whether they are
leased or owned.
Insurance - The City maintains responsibility for insuring its vehicles under the
lease and own scenarios.
Disposition Costs - The City is responsible for stripping any modifications off the
vehicle prior to returning it under the lease agreement and this is required prior to
auctioning vehicles that are owned.
Other factors which may be comparable in cost, but are difficult to estimate were also
excluded from the analysis. These factors include:
Administrative Time - Lease agreements require administration and coordination
with other departments, such as the purchasing and risk management departments.
This time has not been estimated. Ownership of vehicles also requires
administrative time, for registration, licensing, and tracking. It is assumed that
these costs would be relatively similar under both scenarios.
Remarketing Costs - When the City owns vehicles it incurs costs associated with
auctioning vehicles. These costs are variable and depend upon the total value of
vehicles sold. The auctioneer and the County receive a percent of the sale
amount. City staff contract with a towing company to bring the vehicles to
auction. Additionally, when vehicles are leased, the City would pay a fee to the
lessor for vehicle remarketing expenses.
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Findings
Leasing is another means of financing the acquisition of vehicles. A present value I
analysis compared the City’s current cost of purchasing vehicles from the State Bid to the
proposed monthly lease payments from GE Capital Fleet Services. The present value
analysis compares the timing of cash flows to determine the lowest overall cost in today’s
dollars. Appendix D contains the detailed analysis for each type of vehicle.
Strictly based on the costs, it appears that leasing a vehicle is less costly in the short term
(1 to 2 years), while owning is more cost effective in the long run. The following table
summarizes the least costly alternative, based on the number of years of use, for each type
of vehicle.
Least Cost Alternative Based on the Present Value
Sedan Lease
Own OW Own Own Pick-up Truck
Own OW Own Lease Utility VehicleNan
Own Indifferent Lease
1 Year 4 Years + 3 Years 2 Years
Even with the advantages of leasing, such as no up-front cash outlay and spreading the
costs over time, leasing is more costly in the long run. Leasing proves to be less
expensive in short run. If the City were replacing its vehicles every year or so, there
would be greater benefits to leasing.
Preparing an accurate “apples-to-apples” comparison was difficult, given the different
sources of information and the assumptions made. Lease proposals were provided for
similar vehicles, but not always the same make and model. Only the pick-up truck
compares the exact same make and model for leasing and owning. Due to the
introduction of new models, and the limited selection on the State Bid, it was not possible
to obtain an exact comparison for the utility vehicle and sedan. However, the total cost
for leasedowned vehicles are very similar, with the greatest difference occurring in the
sedan comparison.
The sedan comparison is based upon owning an Oldsmobile Ciera which costs the City
$1,540 more than the leasing company’s price for a Ford Contour. This difference
creates an inherent bias toward leasing under the sedan comparison. However, even with
this bias, the result points in the same direction -- it is better to lease in the short term and
own over a longer time frame.
The results of the present value analysis were based upon an open-end, operating lease.
Results of the analysis will differ based upon the type of organization preparing the
analysis. For instance, in the private sector, leasing offers additional benefits of income
tax deduction. Other considerations which may affect the leasing decision are addressed
in the next section.
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Intangible Considerations
The pros and cons of leasing and owning are summarized in the following table. I
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Leasing
Pros f Cons
Allows City to put its money in more I Easy to lose sight of obligation and over
important things i commit
Flexibility -- eliminate equipment, not i Manage the coordination of lease financing
people, when down-sizing ! i
Ability to upgrade fleet without a big I Penalties for early termination and mileage
investment i restrictions (closed-end leases)
Off balance sheet financing, does not 1 Excess wear and tear charges (closed-end
appear as debt \ leases)
Hassle free disposal of used vehicles Nothing to show for payments at end of the I lease term (operating lease)
Focus on core competencies ! May require commitment beyond one fiscal 1 1 year -- insure lease payments are budgeted
j and monies encumbered
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Trade vehicles in every two years, have a '
relatively new fleet I
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Owning
Pros j Cons
Pride of ownership - the asset and its title 1 Cash outlay - high up front costs
belong to you
Lower long term costs 1 Prefer to invest in things that will 1 appreciate in value -- vehicles depreciate
A direct purchase may be easier to manage i Owned vehicles may be held longer and i require more time and money on
j maintenance
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Depreciation expense available to
purchaser (decreases income tax for private 1
sector organizations) L ~
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1 Recommendation
Under the City’s current administrative order, which establishes ten years as the useful
life of a vehicle, the City is better off financially to own its fleet. Should the City adjust
its useful life to two or three years, leasing vehicles may be an attractive alternative.
It is beneficial for organizations to review their normal procedures and perform lease
versus purchase studies to determine the optimal solution. If the City began using
financing as a means for obtaining vehicles, the recommendation may be to lease rather
than own. The lease versus own decision is based upon an organization’s cash
availability, cost of debt, and managerial preferences for one method or another.
Therefore, a periodic review of leasing and owning is beneficial when any of these factors
changes.
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I Glossary of Terms 1
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BO& Vdue - the remaining msmt O~I the accounting books. This equals the original
purchase price less any accumulated depreciation.
Capitalized cost - the dollar amount financed under the lease agreement. The capitalized
cost may include management fees, delivery fees, and/or profit.
Captive lessors - equipment vendors that offer financing.
Closed-end lease - at the end of the lease term, the lessee returns the vehicle and is free
from any further obligation, as long as the terms of the lease were met. To protect the
lessor, closed-end lease agreements usually have limitations on the total mileage allowed
and require the vehicle be returned in "good condition." Monthly lease payments are
typically higher for closed-end leases as the lessor is assuming most of the risk.
Discount rate - an interest rate which is used to discount a stream of cash flows and
determine the present value of the cost of owning and leasing vehicles. Most analysts
recommend using an organization's cost of debt or cost of capital as the discount rate.
This analysis uses the City's interest rate on its investments, since the City does not incur
debt to purchase its vehicles.
Disposition fee - a charge imposed for preparing vehicles for sale at the end of the lease
term. This may include stripping off lessee modifications, providing tune-ups and
vehicle maintenance, and/or cleaning the vehicle.
Fair Market Value - see Salvage Value.
Financial, or capital, lease - (also called net lease) - this is a lease which finances the
vehicle. The lease payments recover the full cost of the vehicle plus a return on
investment for the lessor. The lessee is responsible for all taxes, licensing, maintenance,
and insurance.
Lessee - the persodentity leasing the asset who is obligated to make payment for its use.
Lessor - the persodentity that finances the asset. thereby making it available for use by
the lessee.
Off balance sheet financing - When an asset is purchased with debt, the balance sheet
records an asset and an increase in debt, a liability. Lease agreements provide the use of
an asset to the organization. The balance sheet is not affected. Lease agreements affect
the organization's income statement as expenditures.
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Open-end lease - the open-end lease does not restrict the mileage on the vehicle and
shifts more of the risk to the lessee. Under an open-end lease, a residual value is
estimated at the time the lease agreement is signed. When the vehicle is returned, an end
of lease obligation is determined by assessing the fair market value of the vehicle and
comparing that amount to the estimated residual value. If the fair market value is lower
than the estimated residual value, the lessee must pay the lessor the difference. If the fair
market value is greater than the residual value, the lessor owes the lessee the difference
(see Terminal Rental Adjustment Clause).
Operating lease - this type of lease is similar to a rental. The operating lease is short
term in nature (relative to the usehl life of the asset) and the payments do not recover the
full cost of the asset. A cancellation clause is typically included in an operating lease
which allows the lessee to terminate the lease agreement and return the asset at any time.
Residual value - the predicted value of the vehicle at the end of the lease term. Lessors
use actuary tables based on resale values to determine the residual value. See Salvage
Value.
Salvage Value - (also known as the Fair Market Value) the predicted value of the vehicle
at a future point in time. The salvage value is an estimate of the resale value for a used
vehicle. For this analysis, the price of the vehicle (increased by the inflation factor) is
reduced by 10% each year. This was based upon a review of the KeEEey BEue Book Used
Car Guide which shows that on average, vehicles lose anywhere from 8% to 15% of their
value each year. For leasing, the salvage value is determined by subtracting the remaining
book value from the fair market value. This is the amount that the lessee would receive
(or have to pay) at the end of the lease term.
Terminal Rental Adjustment Clause (TRAC) - vehicle lease agreements usually
include a TRAC clause. TRAC requires a comparison of expected residual value and
actual wholesale value at the end of the lease term. The actual fair market value at the
. end of the lease term must be subtracted from the expected residual value (which was
stated in the lease agreement and used to calculate the lease payments). If the resulting
value is positive (i.e. the fair market value is lower than the expected residual value), the
lessee is required to pay the difference. If the difference is negative (Le. the fair market
value is higher than the expected residual value), the lessor must pay the lessee the
difference.
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References
Agrawal, Rakesh. Star Tribune.[web pages] 1995. “Lease or Buy?’
http://www.startribune.com/online/rocky/lease.htm [accessed 09/23/96].
AutoNefwork. [web pages] 1996. “What You Must Understand Before You Lease. ”
http://www.AutoNetworkocom/leasing/types,html [accessed 09/23/96].
Auto Tips. [web pages] 1996. “Ownership Cost Tips.”
Http://www.intellichoice.com/tips/tips.html#leasing [accessed 09/23/96]
Brigham, Eugene F., and Louis Gapenski. 1994. Financial Management Theory and
Practice. 929-954.
Bureau of Labor Statistics. [web pages] October 15,1996. “Consumer Price Index
http://stats.bls.gov/news.release/cpi.nws.htm [accessed 10/16/96]
SUmmary”
Candler, Julie. May 1996. Nation’s Business. “Small Fleets Get A New Lease on Life.”
. May 1993. Nation ‘s Business. Vol. 8 1, No. 5. “Leasing Helps Firms
Control Costs.”
Cavalli, Al. September 1996. Automotive Fleet. “Making the Fleet Financing Decision.”
Cavalli, Robert. January 1994. Automotive Fleet. “Basing the Lease vs. Own Decision on
Fact.”
City of Carlsbad. 1995. Comprehensive Annual Financial Report for the Fiscal Year
Ended June 30,1995.
City of Carlsbad. 1995. Operating and Capital Improvement Program Budget 199.5-96.
Fleet Equipment. May 1995. Vol. 21, No. 5. “Leasing: A sound economic solution for
small fleets” p.55. Available: ABIKNFORM.
GE Capital Fleet Services. 1997. Route to Excellence, 1997 Fleet Management and
Vehicle Guide.
Inc. November 1995. Vol. 17 No. 16. ”New Directions for Company Vehicles.”
11
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New Orleans City Business. February 1996. Vol. 16 No. 30. “Why buy when you can
rent?’ p.21. Available: ABIANFORM.
Schallheim, James S. 1994. Lease or Buy? Principles for Sound Decision Making.
Wallison, Frieda K. September 1996. Governing. Vol. 9 No. 12. “Leasing in the Public
Sector.”
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Appendix A
List of Vehicles Under Consideration for Leasing
1%
CITY OF CARLSBAD 0
FEASIBILITY STUDY FOR LEASING VEHICLES -SEDANS AND VANS
VEH# MAKE -
BUILDING
2-233 FORD
2-309 DODGE
2-31 1 DODGE
2-328 PLYMOUTH
2-391 PLYMOUTH
2-534 PLYMOUTH
2-571 OLDS
MODEL DESCRIPTION
LTD SEDAN, INTERMEDIATE
ARIES SEDAN, INTERMEDIATE
ARIES SEDAN, INTERMEDIATE
RELIANT SEDAN, INTERMEDIATE
RELIANT SEDAN, INTERMEDIATE
ACCLAIM SEDAN, INTERMEDIATE
CUTLASS CIERA SEDAN, INTERMEDIATE
PARKS 8 RECREATION
P-533 PLYMOUTH ACCLAIM SEDAN. INTERMEDIATE
P-551 JEEP CHEROK4x VAN, FULL SIZE 4x4
P-327 DODGE CARAVAN VAN, COMPACT
FACILITIES MAINTENANCE
2-392 PLYMOUTH RELIANT SEDAN, INTERMEDIATE
2-052 CHEV C30 VAN, FULL SIZE
FLEET MAINTENANCE
A-317 CHEV CAPRICE SEDAN, 'FLEET' (no rpl)
F-300 CHEV CAPRICE SEDAN, 'FLEET' (no rpl)
ENGINEERING
2-151 ISUZU
2-201' CHEV
2-326 DODGE
2-394 ISUZU
2-507 JEEP
Z-509 JEEP
2-570 JEEP
2-600 JEEP
2-331 CHEV
2-535 FORD
2-538 FORD
TROOPR4x
BLAZER4x
RAMCHG4x
TROOPR4x
CHEROK4x
CHEROK4x
CHEROK4x
CHEROK4x
ASTRO
AEROSTAR
EXPLORER 4x
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, FULL SIZE 4x4
VAN, COMPACT
VAN, COMPACT
VAN, FULL SZ 4x4 (no rpl)
FINANCE
A426 FORD CROWN VIC SEDAN, FULL SIZE
LIBRARY
2-530 FORD TAURUS STATION WAGON
2-320 DODGE D250 VAN, FULL SIZE
2-386 PLYMOUTH VOYAGER VAN, COMPACT
PLANNING
2-513 DODGE RAM 150 VAN, FULL SIZE
2-367 JEEP CHEROK4x VAN, FULL SIZE 4x4
PURCHASING
2-360 FORD ECONOLINE VAN, FULL SIZE
2-460 PLYMOUTH VOYAGER VAN, COMPACT
REDEVELOPMENT
2-310 DODGE ARIES SEDAN, INTERMEDIATE
SENIOR CENTER
2-361 DODGE CARAVAN VAN, COMPACT
WATER
W-048 FORD TAURUS GL SEDAN. INTERMEDIATE
0
ESTIMATED ANNUAL
ORIGINAL REPLACEMENT MAINTENANCE I
YR COST COST EXPENSE' I
85 $6.211 15.960 2.630.14
88 8.999 15.960 907.59
88 8.999 15,960 1,280.26
88 9,263 15,960 2.761.95
89 9.765 15,960 1,784.14
94 11,499 15,960 488.36
95 13.880 15,960 400.35
94 11,499 15,960 362.92
95 18,374 21,970 532.42
88 15.441 17,560 1,232.34
89 9,765 15.960 1,311 26
79 6.667 21,970 - 2,693.53
87 12.325 15,960 1,451.06
87 11.718 15.960 1.851.40
90
86
88
90
94
94
95
96
88
94
94
14,980
12.741
14,931
14,980
18.780
18,780
20.398
21,666
11,806
15.106
24.410
21,970
21,970
21,970
21,970
21,970
21,970
21,970
21.970
17.560
17,560
21,970
951.16
1,444.62
891.84
496.18
822.31
478.81
447.74
2,564.79
821.88
665.65
91 14,195 15.960 992.3 1
94 14,672 15.960 258 54
87 11,624 21.970 2,799.09
89 14,900 17.560 1,067.68
94 14.784 21,970 321.74
a9 14.547 21,970 1,062.32
89 13,457 21,970 2,181.01
92 18.661 17,560 1,411.57
88 8.999 15,960 673.40
88 10.572 17,560 2.060.51
89 14.456 15.960 371.55
CITY OF CARLSBAD 0 e
FEASIBILITY STUDY FOR LEASING VEHICLES - SEDANS AND VANS
ESTIMATED ANNUAL
ORIGINAL REPLACEMENT MAINTENANCE i
VEH# MAKE MODEL DESCRlPTlON YR COST COST EXPENSE' n
W-384 PLYMOUTH RELIANT SEDAN, INTERMEDIATE 89 9,926 15,960
W-506 JEEP CHEROK4x VAN, FULL SIZE 4x4 94 18.780 21,970
W-046 GMC SAFARI VAN, COMPACT a7 12.352 17.560
693.96
192.37
366.09
W-053 FORD AEROSTAR VAN, COMPACT 91 12.952 17,560 366.09
TOTALS $547,861 $747.360 $44.091
TOTAL NUMBER OF VEHICLES = 40 AVERAGE ANNUAL MILEAGE
* Maintenance expense includes labor cost (at an average rate of $63/hour). parts/OH cost. and vendor repair.
Replacement cost for full size vans is based on the recently purchased Jeep Cherokee (2-600)
Replacement cost for Intermediate Sedans if from the 1996 model State Bid list. The pnce for an Oldsmobile Ciera is used.
Replacement cost for Compact Vans is from the 1996 model State Bid list. The price for an Ford Aerostar is used.
'I e
CITY OF CARLSEAD
FEASlBlLlN STUDY FOR LEASING VEHICLES - TRUCKS
'IEH # MAKE M6WL bESCRIPTl6N
FACILITIES MAINTENANCE
8-545 FORD F250 PICKUP TRK 314 T
8-546 FORD F250 PICKUP TRK 314 T
8-147 FORD RANGER PICKUP TRK. COMPACT
8-167 CHEV S10 X-CAB PICKUP TRK. COMPACT
PARK OPERATIONS
P-548 FORD
P-523 GMC
P-325 FORD
P-407 FORD
P-409 FORD
P-541 FORD
P-547 FORD
P-352 GMC
P-315 DODGE
F250
1500
F150
F250
F250
F250
F250
3500 4x
Dl 50
PICKUP TRK 314 T
PICKUP TRK 112 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T 4x4
PICKUP TRK 112 T
RECREATION
P-363 CHEV s10 PICKUP TRK. COMPACT
P-410 CHEV s10 PICKUP TRK. COMPACT
P-487 FORD RANGER PICKUP TRK, COMPACT
W-550 CHEV s10 PICKUP TRK, COMPACT
STREET LIGHTING AND STREETS
S-319 CHEV s10
1-173 FORD RANGER
S-349 GMC C30903
S-351 GMC C30903
S-369 GMC SIERRA
"48 FORD F250
S-483 FORD F350
S-484 FORD F350
S-543 FORD F250
S-411 CHEV s10
S-486 FORD RANGER
S-488 FORD RANGER
S-324 CHEV s10
PICKUP TRK. COMPACT
PICKUP TRK. COMPACT
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK 314 T
PICKUP TRK. COMPACT
PICKUP TRK. COMPACT
PICKUP TRK. COMPACT
PICKUP TRK. COMPACT
ENGINEERING
2-197 CHEV CUSTMDELUXE PICKUP TRK 314 T
2-256 CHEV s10 PICKUP TRK, COMPACT
2-259 CHEV s10 PICKUP TRK, COMPACT
2-494 CHEV Si0 BLAZER PICKUP TRK. COMPACT
SANITATION
U-529 GMC 1500 PICKUP TRK 112 T
U-348" GMC C30903 PICKUP TRK 314 T
U-542 FORD F250 PICKUP TRK 314 T
VR
95
95
85
85
95
94
88
90
90
95
95
88
87
89
91
93
89
88
86
88
88
89
90
93
93
95
91
93
93
88
86
87
87
94
94
88
95
e
ESTIMATED ANNUAL'
ORIGINAL REPLACEMENT MAINTENANCE
COST COST EXPENSE'
14,916 18,040 305.40
14.916 18.040 501.43
7,372 11,890 416.59
8,991 11,890 791.97
14.916
12,897
11,169
14,045
14,045
14,916
14,916
13,674
11,071
18.040
15,480
18,040
18.040
18.040
18,040
18,040
18,040
15,480
1,440.61
796.48
2,747.46
2,042.61
2.881.83
275.40
667.18
1 ,a1 5.93
1,344.84
10,836 11,890 1,231.89
10,216 11,890 195.38
11,122 11,890 2.493.16
8,142 1 1,890 1,346.39
9.207
$7,083
11,508
11,508
12,456
14,045
16,940
16,940
14.916
10,216
11,122
11,122
9,367
11,890
11,890
18,040
18,040
18,040
18,040
18,040
18,040
18.040
11,890
11,890
11,890
11,890
350.31
2,390.25
1,607.33
4,186.49
3,448.64
1,800.88
788.26
2,391.33
541.78
1.236.56
769.56
939.28
1,506.38
10.865 18.040 . 1,225.45
9,283 11,890 1,696.05
9,283 11,890 339.99
19,716 11,890 2,315.79
12.897 , 15.480 552.52
11,508 18,040 535.4E
14,916 18,040 1,021.8:
.' ,a 0 0
CITY OF CARLSBAD
FEASIBILITY STUDY FOR LEASING VEHICLES - TRUCKS
ESTIMATED ANNUAL
ORIGINAL REPLACEMENT MAINTENANCE ,
'EH # MAKE MODEL DESCRIPTION YR COST COST EXPENSE' I
WATER OPERATIONS
w-a44 CHEV
W-514 GMC
W-524 GMC
W-525 GMC
W-526 GMC
W-527 GMC
~-528 GMC
W-556 FORD
W-557 FORD
W-458 FORD
W-544 FORD
W-054 FORD
9-412 CHEV
W-263 CHEV
W-264 CHEV
W-489 FORD
W-531 GMC
c20
1500
1500
1500
1500
1500
1500
F150
F150
F250
F250
F250 4x
s10
s10
s10
RANGER
SONOMA4x
PICKUP TRK 112 T a7
PICKUP TRK 112 T 94
PICKUP TRK 112 T 94
PICKUP TRK 1/2 T 94
PICKUP TRK 1/2 T 94
PICKUP TRK 112 T 94
PICKUP TRK 112 T 94
PICKUP TRK 112 T 92
PICKUP TRK 1/2 T 92
PICKUP TRK 314 T 92
PICKUP TRK 3/4 T 95
PICKUP TRK 314 T 4x4 91
PICKUP TRK, COMPACT 91
PICKUP TRK, COMPACT 87
PICKUP TRK. COMPACT 87
PICKUP TRK, COMPACT 93
PICKUP TRK, COMPACT 4x4 94
12,660
12,897
12,897
12,897
12,897
12,897
12,897
12,980
12,955
15,947
14,916
16,444
10,216
8,738
8,738
11,122
15,080
15,480
15,480
15,480
15.480
15,480
15,480
15,480
15,480
15.480
18,040
18,040
18,040
11,890
11,890
11,890
11,890
17,700
4,802.64
167.26
1,793.81
1,382.12
2,200.03
1,191.46
324.46
3.235.80
2,890.59
2.440.32
751.56
2,461.58
1,930.87
135.53
2,154.91
695.45
763.53
TOTALS $663,155 $826,250 $ao,461
TOTAL NUMBER OF TRUCKS = 53 AVERAGE ANNUAL MILEAGE
Maintenance expense includes labor cost (at an average rate of 863fhour). parts1OH cost, and vendor repair.
Seplacement cost for the pick-up truck, 3/4 ton is from the 1996 model State Bid list. This is the Ford 250 (item #18)
eplacernent cost for the pick-up truck. campact is from the lQQ6 model State Bid list. This is the Ford Ranger (item #I)
Replacement cost for the pick-up truck, 112 ton is from the 1996 model State Bid list. This is the Dodge BR1500 (item #5)
I* 0 0
Appendix B
Interview Guide
&
Notes from Interviews
,, 0 0
I Leasing Studylhterview Questionnaire
Name:
Title:
Organization:
Date:
I
Telephone Number:
1, When did you start leasing? What types of vehicles do you hse?
I
2. What company do you lease from? What was the basis for selecting this company?
I
I
3. How frequently are the lease agreements renewed?
4. Approximately, how much do you spend per year for leasing'? And, how many vehicles is this fol
5. What are the terms and conditions of the lease agreement (length of time, etc.)
6. How and why was the leasing decision made?
I I
I' ,I 0 0
/. Do you have a ff eet maintenance department? If so, what types of maintenance is your fleet dept. re!
for (on leased vehicles only)?
i I
8. What types of warranties are provided under a lease arrangement?
9. How are license requirements handled?
10. Has this affected your insurance requirements?
I
1 1. Does the leasing company offer service agreements?
12. Are there limitations on the mileage per year?
I
13. If you decide to buy the vehicles, does the leasing company offer a reasonable buy-out amount?
14. Do you know if the leasing company would purchase an existing fleet?
15. What advice would you give to another organization that is thinking about leasing?
1 16. May I contact you if I have any further questions?
2
0 0
Notes from Interviews
John Clements, Countv of San DiePo, Fleet ManaPer, - (619) 694-2878
They are not really leasing.
They go out to bid for third-party financing (interest rate and term) and purchase vehicles
after financing has been obtained.
Required to show the acquired vehicles as registered owner. They are not the legal owner
until the financing is repaid.
They have a replacement fund for some of their vehicles but not all.
Trying to maximize their dollars, they bought 1-year old rental cars in large quantities
from Hertz. This way they were able to avoid the big hit of buying new cars. However,
the finance personnel did not like this. It was more difficult to establish a value on the
books for the used cars.
They have approximately 10 vehicles on a true lease. This was done for short term needs
and with dedicated financing (i.e. a grant). They have a fleet maintenance department,
but some of the departments that lease, choose to get a full-service lease. They have
encountered difficulties arriving at a common definition of full service.
Licensing is entirely handled by the County. This allows them to get the special plates.
Advice - Look at your needs and how best to meet them. May get financing rather than
leasing. Generally, the finance personnel like to have something to show for the
payments at the end of the term. They avoided true lease-purchases, which may be best
for short-term needs.
e 0
Notes from Interviews
Bruce Kosaveach, GE Capital Fleet Services (619) 621-2330
They lease vehicles to municipalities - cars, light passenger trucks.
They hold title - modifications are OK.
GE Capital Fleet Services is a “go-between” for leasing vehicles. The City can choose
any type of vehicle (except Mercedes). They are more of a financing company,
They can provide a closed-end lease for 3 years or 60,000 miles. This is the lowest risk
lease to the lessee - return the car at the end of the lease. But under this lease, excess wear and tear come into play, along with mileage restrictions, and early termination
penalties.
They will also provide information on an open-end lease. Under an open-end lease the
end of lease obligation is determined by the fair market value. Higher risk to the lessee.
He would not describe an open-end lease as a lease purchase. Title is in the hands of the
lessor.
Multiple drivers are accepted. Warranties are passed through to the lessee.
No security deposits are required. No disposition fees (the City is responsible for
stripping the modifications off the vehicle- then call GE to pick up car. GE auctions it).
Informed him that the City is self-insured. Bruce inquired if we are self-insured for
liability and physical damage? The answer is yes.
Early termination = high penalties. Under a closed-end lease you are responsible for the
lease life and pay penalties otherwise. This is an advantage for the open-end lease.
Open end lease has no mileage stipulations. The closed-end lease stipulates 12,000 -
15,000 miles. Mileage will not be an issue for the City. Most vehicles are not driven
more than 12,000 miles annually.
Modifications are allowed to the vehicles. Either the City can install the modifications or
the car can be sent to an outfitter.
Licenses - can have E plates. Let them know what plates we want. DMV may restrict
transferring plates from one vehicle to the next when they are traded in.
He will provide information on the terms of the lease, etc.
I' La 0 e
Notes from Interviews
Forest Gilkerson, Purchasiw APent, Citv of Falls Church, VA (703) 241-5007
(9124196)
The City of Falls Church, VA started leasing in 1983. They only lease Police and Fire
vehicles. -
They started leasing through Volvo, then Chevrolet. Each of these companies stopped
making police package vehicles. Now only Ford Motor Company does this and they
purchase vehicles through the local dealership.
The title is held by Ford Motor Company. Lease agreements are renewed every 3 years.
They have an option to renew. They may purchase the vehicle, turn it in for $1,500, or
turn it in for credit toward a new vehicle.
They spend approximately $60,000 per year for 21 vehicles. This is a full maintenance
agreement.
The leasing decision was made back in 1983 because it was cheaper for the City to lease
versus owning the vehicles. They would need an inventory when the cars broke down.
Now they send the vehicles to the dealership for repairs. The dealership provides all the
maintenance except for gasoline and oil.
They have a fleet maintenance department that handles everything except for Police, Fire,
and Police Academy vehicles.
The warranty is standard and is the same as for other vehicles.
The City of Falls Church has E plates and transfers the tags fiom old vehicles to the new
ones. .4
The insurance is covered under the Municipal League of Insurance under the State of
Virginia. The City pays into this insurance every year.
There are no mileage limitations under the lease agreement.
Advice - make sure the lease agreement includes all the maintenance. Also, their
agreement includes the transfer of all the communication equipment from vehicle to
vehicle. They purchase the lights, communication equipment, etc. and the leasing
company installs it. Canine cars are part of their agreement and the leasing company
installs the partitions.
.’ 0
Notes from Interviews
Rick Amadrill, Purchasinp Apent, Citv of Huntinpton Beach, (714) 536-5221
(9/24/96)
They started leasing approximately 3 years ago. Currently they lease a helicopter, two
vacuum street sweepers, one fire truck. one hot patch truck. and a Caterpillar back hoe.
They are involved in lease-purchase agreements.
The firms they lease from are USL Leasing and Security Capital. These are considered
principals, warehouse people, or financing companies (as opposed to captive lessors
which are the vendors).
Lease agreements are renewed whenever it is advantageous for the City to do so (i.e.
interest rates on the market decrease, etc.)
Interest rates coincide with today’s market or they refinance.
The leasing decision was made because it was financially advantageous to them. Also,
the City did not have the money to purchase some of these items (like $1 million for a
helicopter). Used narcotics fund to purchase the items. Since this is a variable revenue
source, the lease gives more flexibility for termination if need be.
Consider a master lease concept where you work with the Treasurer, Purchasing,
Attorney and Risk Manager to develop one master lease that pieces of equipment can be
added to. Otherwise end up handling each item separately. This way Council votes on
all items at once.
Leasing allows the City to put its money in more important things.
They handle all the maintenance in house.
Warranties are included just like a purchase.
Insurance - they are self-insured. Leasing company \vi11 ask you to show insurance. Risk
manager may want to go outside to insure these items. if they need to.
No mileage limitations under the lease-purchase.
He has compiled a Leasing Guide which he will mail to the City of Carlsbad. It boils
down to two considerations: purchase or lease. Lease is based on life expectancy versus
the term of the loan.
r‘ 0 a
Rick Amadrill, Purchasing Agent, Citv of Huntincton Beach, page 2
If the Treasurer’s interest rate is approx. 5.5% then they try to get rates on tax exempt
leases at 5.8% or less. Can attract people to loan you money less at a rate less than what
the Treasurer can make by investing it.
Government is in a financial crisis. Leasing provides flexibility to Council. The
Universal Commercial Code (UCC) states you can only obligate money for one year. Be
careful with the substitution clauses - the lessor can sue you.
When you downsize or rightsize, you can eliminate equipment NOT people under a lease.
Also, consider that sometimes it’s better to rent. Depends on amount of usage.
They don’t lease a lot of vehicles. The life expectancy isn’t that long.
Advice - Read his guide. Manage the lease. Be able to administer the leasing in a
centralized area (purchasing or finance). Needs someone who can have a relationship and
communication with the Treasurer, Attorney, and Risk Manager. Need to know what
you’re paying and when you’re paying it. With brokers, paper is sold everyday. So you
need to know where your paper is and when your expiration date is. He usually pays
quarterly in arrears. This allows them to make sure the equipment does what they
expected it to do. He has the leasing company bill one month in advance. Government
pays slowly. Don’t want a penalty on payments. Every fiscal year make sure the monies
are encumbered for leasing.
I, r’ e 0
Notes from Interviews
Howard Newton, Manaver Site Support Services, San Onofre Nuclear Generating
Station, Southern California Edison, 714-368-9940, (9126196)
$25 billion company, covers 50,000 square miles.
Started leasing before his time there (he’s worked there for 15 years). It is a corporate
policy to lease vehicles. They lease over 300 items (vehicles and equipment) just at the
nuclear station. They lease approximately 100 sedans.
Sedans, vans, light duty trucks are on a 5-year lease. The term of the lease is a matter of
its value/purchase price. They lease fire engines on a 15-year term. Amortize down to
$100. Title is in leasing company’s name. Option to buy at any time. Minimal
licensing. When they sell them at salvage value title quickly transfers.
Pay a management fee to the lessor.
Lease from a bank (he did not want to say which one).
Why leasing decision was made? It’s a balance. Another company might not make this
decision. Under a lease, the annual costs are expensed. After tax profits improve. When
you buy, the capital investment is deferred under a different schedule. The leasing
decision depends upon your organization’s tax situation.
They do all fleet maintenance in house. Full service leases are available, but you pay for
it. However, you must consider how much you would save on employees etc. if you had
a full service lease.
They receive the vendors’ warranty. Leasing does not affect the warranty.
They are self-insured. Leasing has not affected them in the area of insurance.
Used to have a program 3 years or 60.000 miles for replacing vehicles. They no longer
do that, Now they look at the maintenance expense and replace based on the expensive
vehicles for maintenance.
It’s a pure business decision. Run several hypothetical situations and select what’s best
for the bottom line.
Contact Enterprise Rental Car - they do commercial leasing.
1 . ,. s 0 0
Notes from Interviews
Lance Wolf, Citv Controller, Citv of Norfolk, VA (804) 664-4088 (10/3/961
They started leasing in 1990. The City of Norfolk primarily leases special use vehicles
such as fire trucks and solid waste automation trucks. During the budget process, they
determine what can be hnded through the operating budget (based on priorities) and they
look for room in debt service for lease payments for all items that are not funded in the
operating budget.
Each year they prepare a Master Lease agreement for all vehicles/equipment which were
not included in the operating budget. This goes out to bid. It is better to package these
items together and obtain a competitive bid. They omit bidders who have prepayment
penalties (these are frowned,upon). The bidding process attempts to be fair by asking for
Then they look at the minimum draw down fee. Finally, they select the lowest
responsive, responsible bidder.
Lease agreements tend to occur annually as an off-shoot of the budget process. Most of
the leases are a 5-year term, at the end of which they take official ownership.
The City of Norfolk averages $5 million per year in lease payments for many items which
may include special vehicles, computer hardware and computer software (whatever falls
out of the budget process).
Their process is unique. Although they don’t take ownership until the end, as far as the
accounting is concerned, they record it as a capitalized lease and record debt. They have
a non-appropriation clause. They don‘t ever want to default on a lease and impact their
credit rating.
How and why the leasing decision was made.. .
It’s important to understand that in the commonwealth of Virginia some of the localities
are chartered and can incur debt (for them it is up to 10% of the assessed value of real
estate property). They include the lease as part of long-term debt. They don’t have to
deal with a referendum. It’s a business decision couched with political aspects such as
the priorities when establishing the budget. They are financing equipment that is not
funded in the operating budget.
Their fleet management department handles the maintenance for leased vehicles. Their
fleet management department is an internal service fund which has oversight of the motor
pool.
an amortization schedule and interest for a specific amount of capital (Le. $100,000).
The warranties are passed through. They try to get as much as they can from the vendor.
Whether the payment is cash or lease has no impact on specifications and warranties.
Licensing (E plates) are not a problem . He is not aware of any difference in tagging.
rc 0 i)
Lance Wolf, City Controller, City of Norfolk, VA (804) 664-4088 (10/3/96)- pace 2
Insurance - they are self-insured. This has not been an issue for the leased vehicles.
The City of Norfolk does not have a separate buy out amount. When the final lease
payment is made, they take ownership.
Lance is not aware of leasing companies that purchase existing fleets, Typically, they are
working with financing companies that are considered arms of banking institutions.
None are in the business of running fleets.
Advice - Strive for balance in how you decide to fund your acquisitions. Don’t lose sight
that you’re incurring an obligation. Don’t over commit yourself. It’s a different kind of
.procurement but all the rules still apply. Layering on top a competitive means of
financing. Contracting with a finance company and issuing a P.O. with a vendor. Pick a
financing company that is responsible and will pay vendors on time. Want the best deal
for both - financing and vendor price. Manage the coordination of lease financing.
Departments needs to understand their responsibility. Need someone in Finance to
oversee the budget. This becomes another line item in the budget “lease purchase
payments”. Coordinate the timing of acquisition. Be sure funds are available to do this.
FYI - As a reference, there annual operating budget is one-half billion ($500,000,000).
.’ 3 0 0
Appendix C
Sample Lease Agreement
from GE Capital Fleet Services
&
Lease Proposals
r' # to) 0
GE Capital @
Fleet Services Master Lease Ag
MANUFAGNRUI, RsIoNeft OR m W THE YemcW MI0 WT WH
VEHICLEOROEREDWOPADE~KINS~BYC~~~~MRANDSWABLEFOR
rrSPURPOSES.GECFSYAKESNOREPAESEHIATKmORWARRA)(TTffNf
11. TERMINAL RENTAL ADJUSTMENT. As an incentive tc maintain the value of the Vehi by good maintenance, I ussdwingitsLea8eTerm,thepartiesagreethatthe reduction in value shall be compensated as follows:
aR.nt.l~IftheNetProceadsarelesstha~ but equal to or greatsr than the Guaranteed Residual minimum Laase Term: 20% of the Capdalized Cost 1 theBookValueaaoftheendofthepriormonth),C~ GECFS, the amount of the di betwen the Net
12. INSURANCE. Curtomsr 8hd maintain ths fdlawiw theLaseTmofeachVehidewithaninsurancea
with the calendar month in which the Vehide is delivered if the Vehide a. AubmobilolhbtlRy insurana naming GECF is accepted on or before the 15th day of the ~onth, or with the next Insured with limits of coverage as GECFS may requi succeeding month if the Vehide is accepted on or after the 16th of the i8ss than $1 million combined single limit per occurn
month. Rental payment obligations end at the end of the month prior to Vehii apable of -ng 9 or more passenge the month of sale if ttm Vehide is sold on or before the 15th day of the retention or deductibb is pennissii.
the 16th day of the month. If a Vehide Order spocitbs a Vehide requiring nodifications, such that it is ms~av or desirable fw GECFS to Pay for subs to a wm rw) gmbr wn the amu Payee with cwomgo br the actual cash value of
an incompleteVehide or its components, GECFS shall charge CWtOmer. Swub. Customer hu bear all m of b, dma, as additional rental, interim financing as provided in the schedule. the Vehide (which may exmod actual cash value:
8. PAYMENT TERMS. Tim is of the essence. All charges are due and from the time of acceptance until surrender to GECFI
payable within 10 days of the date of invoice. Late payfnents will bet charged in the amount of the lesser of l%% or the highest kgal interest mitten notice to GE~S of any cancell&on or red c. Wi. All insurance poli shall provi
mocth, or at the end of the month of sale if the Vehlds is sold on 01 after b. camonhmlw and cdlbbn insurance naml
I checsjts related to the Vehides. , ~us~mr aumonzes ucws IO endorse Ps name to insurance tem\s and cord "rd"ls ~gmenmnt, un- covered I agreement with su ,- ubsiiiry, parent or affiliate, a
13. INDEMNITY. cwl~oye~ YHU. mrwuv *NO #RWD Q~CF~ (mxu#ro ag- that, in the event wch subsidiary, parent or affil
ANY w ITS mm) AGAINST ANV LOSS, UAW OR c~y DIRECTLY 011 pem accodiing to the terns and conditions of thu
lNMRECnVREUTPICitOTnE~YA~,"(~ cu5tomerguaantMswbrperfwm~.
MSCOVERAELE,PROOUCT"O(ITnCON#TYI(IffrnVMClE wm ANy AND u lmuBYJuRYR4&
"0""
BvI NUT iJMtTED 101 PAM m urrwl DmCTb W"n+ER a NOT 20. WANER OF JURY TWAL Born PW To w Am
"RvTocustouERANo~Ty!oTsuwgMIlERcG"AKf VEH~~~~TOCUST~ER,ANY~~K~EWWYEESORAFURCWERFROYWHOY
RESPECTTOSUCWVEH~CLESHAU~O(~~~RTHIJ-HIA"O ~~EROBTAlMSANoFfER,~~OT~yHTn
UNCONMlON"DINcu)(#sCUuEJ~EEOUOU(Ce,8TRICT~AI(D
BREACH OF-WARRANlY. BLIT DOES NOT MTMD TO CUI- OR LIMUJTY -
FROM THE GROSS NEGLIGENCE OR WIUM. yI(Kx3NDucI OF GECFS, ITS ..
AGEMS OR EMPLOYEE&
/Nm€ss~,*""m~ &w-@-
Addrs#: UAddreSsl.
UAddresSzB city^, CrState, aPostalCode~
GE CAPlTAL FLEET SERVICES (Om)
Tie: Authorized Sinatory
Address: Three Capital Drive, Eden Prairie, MN 553
TO ACTUAL AND DIRECT "AGES INCURRED; AND NO pUNmvE DANA- WILL
BE CUIMU).
18. ASSIGNMENTS. GECFS may =Qn all Of any Part Of ib Mht, title and interest in this Agreement or the VehW. induding all r;aceivae. provided that any such assignment does not relive GECFS of any of its obligations hereunder. Cus~ovur SW NOT ASSKUJ, SUBLET, UUI,
NCUMBER, OR TRANSFER ANY INTEREST IN ANY ff THE VEHICLES LEASED
AEREUNDER OR ANY INTEREST IN MIS AGREEMENT TO ANY PARTY WlHOUT THE
WR~N CONSENT of GECFS. Am SUCH CONSENT By GEffS WAIL NOT
19 RELATED ENTITIES. Any Vehides leased Or operatsd by Prwent w future subsidiaries, parents or affiliates of Customer shall be within tfm
RELIEVE CUSTOMER OF ITS OewiATlONs AND LWBUlES.
.' . f @ 0
GE Capital
0
Fleet Services
Master Lease Agreemen
Business Use CertMcatior
1. Customer cectifies under penalty of perjury that it intends the Vehicles leased pursuant to this Agreement t( used more than 50% in the trade or business of Customer; and -.
for Federal income Taxpu~er. . . - ... . ~ . ..
2. - .. .. - Cwtomer has Wn-advised thtGECFSrnd not CLI.tomor will be bated as the owner of the Vehii
SAMPLE COMPANY (Customer)
BY
Tie: .. .-. . ,-
0
.. ~ -. .
' -GE CAPITAL FLEE~RVICES - USA 1 7.
LEASE RATE PROPOSAL
Customer: City of Carlsbad Prepared By: Bruce Kosaveact-
I 1) -Vehicle Assumptions:
Factory Invoice: $ 14,031 Base Rate : CP - FLOAT
Upfitting: $ Interest Adder:
Mark Upl(Down): $ (150) Billing Rate:
DeliveFy Fee: 5 Interest Type:
Capitalized Cost: $ 13,881
Factory Invoice: Lease Term:
Management Fee: 0.090% I $ Depreciation Rate:
C
I 12) - Lease Pavment Factors: I.
Mgmt Capital E,
Months Deprec. + interest + Fee = Factor X Cost = F
1 - 12 2.000% 0.527% 0.090% 2.617% $ 13,881 $
13 - 24 2.000% 0.385% 0.090% 2.475% $ 13,881 $
25 - 36 2.000% 0.243% 0.090% 2.333% $ 13,881 $
37 - 48 2.000% 0.101% 0.090% 2.1 91 % $ 13,881 $
49 - 50 2.000% 0.01 8% 0.090% 2.108% $ 13,881 $
L 3) - Residual Values
End of Month 12 Book Value is $ 10,550
End of Month 24 Book Value is $ 7,218
End of Month 36 Book Value is s 3,887
End of Month 48 Book Value is $ 555
End of Month 50 Book Value is $-
I
4) -Terms And Conditions:
1 Minimum lease term of 12 months.
2 Title, license fees and applicable taxes are not included in the above fates.
3 Pricing based on Payment Terms of : 10 Days
4 The lease factors may be adjusted to reflect GE Capital's actual cost of the vehicle
and the applicable interest rate outstanding on the delivery date of the vehicle
.' PrepLred By : Bruce Kosaveach 0
GE Capital Fleet Services San Diego, CA
Prepared Form
Sandy McGee
City Of Carlsbad
Carlsbad, CA
Year : 1997 Make : Ford Cars
Model : Contour Style: P65 4dr Sdn Effective Date: 08/08/96 PRICE LEVEL CODE 710
***f***f***********t**+**ff+ STANDARD EQUIPMEKT ....................
**ALL STANDARDS ARE 1997 UNLESS OTHERWISE NOTED**
<<< MECHANICAL >>> 2.0L DOHC SEFI 16-valve I4 Zetec engine 5-speed manual transaxle w/OD
3.84 front axle ratio Front wheel drive Electronic engine controls (EEC-IV)
130 amp alternator Independent MacPherson strut front suspension w/front stabilizer bar Quadralink rear suspension
P185/70R14 SBR BSW tires Mini-spare tire
14" full wheel covers Pwr rack & pinion steering Pwr front disc/rear drum brakes
.5 gallon fuel tank w/tethered cap
<<< EXTERIOR >>> Front/rear color-coordinated polycarbonate bumpers Color-keyed body-side moldings Body-color clBtc pillars
Body-color grille w/I1f loatingIc oval Flush headlamps w/replaceable halogen bulb Wrap-around side marker lamps
Dual remote mirrors w/black finish Semi-flush'solar tinted glass Variable intermittent windshield wipers w/fluidic washers Dripless roof construction w/water management system
Color-keyed flush door handles & bezels
<<< INTERIOR >>>
Cloth front bucket seats-inc: reclining seatbacks, height adjustable headrests Floor mounted console-inc: cassette Stowage, cupholder, rear ashtray
{Upgraded by base PEP}
Color-keyed 11 02. carpet
Driver-side left footrest Tilt steering column
Soft-feel steering wheel w/center horn control
Backlit instrument panel cluster-inc: 130 MPH speedometer, analog gat
...,g h beam/low oil pressure/hand-brake on/catalyst malfunction/seat-bc
CARLSBDS 10/17/96 Ocl
Copyright 1986-96 Chrome Data Corporation. All rights reserved.
trip odometer, coolant temp gauge, fuel gauge
/' rerdinder warning lamp
Remote decklid release Soft-feel driver-oriented instrument panel-inc: side window demisters,
Lights-on/seat-belt remi * er warning chimes 0
knee bolsters, (4) positive shut-off registers, illum switches/contro:
iter/defroster w/4-speed blower control
Rear-passenger heat duct Micronair filtration system-inc: pollen filter for interior cabin Electronic AM/FM stereo radio-inc: digital clock {Upgraded by base PEP} Fixed rear-quarter panel mounted antenna Glove box
Day/night rearview mirror Molded full door trim panels-inc: armrest, front/rear speakers, front
Front passenger grab handles
Dual rear coat hooks Color-keyed cloth-covered headliner
Dual cloth-covered visor mirrors w/driver document flap
Front header mounted interior light w/door courtesy switches Courtesy light delay
stowage bins
Illuminated rotary master light switch
Luggage-compartment light Luggage compartment-inc: spare wheel cover, side wall trim w/floor car1
<<< EPA FUEL ECONOMY RATINGS >>>
City 24/hwy 34 (2.0L engine/5-speed manual trans) (1996) City 23/hwy 32 (2.0L engine/4-speed auto trans) (1996)
<<< SAFETY FEATURES >>> Driver & front passenger air bag supplemental restraint system
' wal front/rear color-keyed outboard seat position lap/shoulder belt!
Front outboard shoulder belt height adjuster Child proof rear door locks Dual note horn
;ear color-keyed center lap belt
***********f***t***f****t****** FACTORY OPTIONS **********ffff*****f*
OPTION,
CODES DESCRIPTION Invoice
P65 4dr Sdn 12609.00
422 CALIFORNIA/MASSACHUSETTS/NEW YORK EMISSIONS 89.00
44T 4-SPEED ELECTRONIC AUTOMATIC TRANSAXLE W/OD
230A PREFERRED EQUIPMENT PKG-inc: full length
""" """""""_""""""""""""""""" -""""
993 2.0L SEFI DOHC ZETEC 16-VALVE I4 ENGINE (STD) 0.00
-inc: 3.92 axle ratio 725.00
floor mounted console, elect AM/FM stereo w/
cassette, rear window defroster *GROSS* 383.00 - BASE PREFERRED EQUIPMENT SAVINGS *DISCOUNT* -18.00
T72 P185/70R14 SBR BSW TIRES (STD) (REQ: 993 Engine) 0.00
U CLOTH BUCKET SEATS (STD) 0.00
SOLID PAINT (STD) 0.00
F"? AIR CONDITIONING 708.00
-
-
CARLSBDS 10/17/96 Octc
Copyright 1986-96 Chrome Data.Corporation. All rights reserved.
' 171 8.P GROUP 1-inc: fumlength floor mounted e
console, elect AM/FM stereo w/cassette (No Charge
(No Chary 153 FRONT LICENSE PLATE BRACKET 0.00
57Q REAR WINDQW DEFRQSTER - **NATIONAL FLEET INCENTIVE AVAILABLE TO QUALIFIED FLEET BUYERS ONLY** fleet customer will have the option of selecting the greater
of available fleet incentive or retail .II
customer cash incentive 0.00
ordered by 11/13/96 receive an Early Order
Fleet Incentive of $500* -1000.00
Destination Charge 535.00
Total 14031.00
56M NATIONAL FLEET INCENTIVE *All vehicles
Incentive of $500 in addition to the National
CARLSBD5 10/17/96
Copyright 1986-96 Chrome Data Corporation. All rights reserved.
Oct
*’ GE CAPITAL FLE~ERVICES - USA
LEASE RATE PROPOSAL
Customer: City of Carlsbad Prepared By: Bruce Kosave
I 1) Vehicle Assumptions;
Factory Invoice: $ 20,355 Base Rate : CP - FLOAT
Upfitting: $ - Interest Adder:
Mark Up/(Down): $ (150) Billing Rate:
Delivery Fee: s - Interest Type:
Capitalized Cost: $ 20,205
Factory Invoice: Lease Term:
Management Fee: 0.090% I $ - Depreciation Rate:
-
1 2) - Lease Payment Factors:
Mgmt Capital
Months Deprec. + Interest + Fee = Factor X cost =
1 - 12 2.000% 0.531 % 0.090% 2.621 Yo $ 20,205
13 - 24 2.000% 0.388% 0.090% 2.478% $ 20,205
25 - 36 2.000% 0.244% 0.090% 2.334% $ 20,205
37 - 48 2.000% 0.1 01 % 0.090% 2.1 91 % $ 20,205
‘. 49 - 50 2.000% 0.01 0% 0.090% 2.1 08% $ 20,205 ’I -1
I I
3) - Residual Values ~~
End of Month 12 Book Value is $ 15,356
End of Month 24 Book Value is $ 10,507 . ‘.
End of Month 36 Book Value is $ 5,657
End of Month 48 Book Value is $ 808
End of Month 50 Book Value is $-
L
%- d/
r 4) -Terms And Conditions:
1 Minimum lease term of 12 months.
2 Title, license fees and applicable taxes are not included in the above rates.
3 Pricing based on Payment Terms of : 10 Days
4 The lease factors may be adjusted to reflect GE Capital’s actual cost of the vehiclt
and the applicable interest rate outstanding on the delivery date of the vehicle
I
,I Prepard By:
Bruce Kosaveach Jb, pared For:
HcGee rn
GE Capital Fleet Services City Of Carlsbad
c. iego, CA Carlsbad, CA
.=ar : 1997
Make : Chevy Utility Vehicles
Model: B 1 azer
Style: 110516 2dr 4LJD
Effective Date: 06/30/96
**********ttf*t************* STANDARD EQUIPMENT ttt*tt******,t****t***t*****
**ALL STANDARDS ARE 1997 UNLESS OTHERUISE NOTED**
<<< MECHANICAL >>>
4.3L (262) SF1 Vortec V6 engine
4-speed electronically-controlled automatic transmission u/M & floor console
mounted shift selector
Insta-lrac 4-uheel drive system
2-speed manual-shift Neu Process 231 transfer case w/floor shifter
Four uheel drive
525 CCA battery
100 amp alternator
5-uire trailering harness
Engine/trans oil coolers
(2) Front tou hooks
4785# GWR (2500 front/2600 rear), springs (2500 front/2600 rear), -.
',s (2600 f ront/2900 rear)
,.-box frame
,,.de&ndent torsion bar front suspension
semi-floating rear axle u/2ostage multi-leaf suspension
32mn tuin tube gas shocks
Front stabilizer bar
Rear stabilizer bar
(4) P205/75R15 SBR BSU all-season tires
(4) 15" x 7" argent steel wheels u/trim rings/black center caps
Steel spare wheel
Inside mounted compact spare tire u/cover
Variable ratio pur steering
Pur front disc/rear drun brakes w/b-wheel anti-lock system
19 gallon fuel tank
Jack w/cover & wheel wrench
<<< EXTERIOR >>>
Base-coat/clear-coat paint
CoLor-keyed air dam
Dark gray front/rear step burpers w/gray end caps
Front license plate bracket
Black windshield molding
Chrome gri l Le
Halogen headlamps
Engine compartment light
DL-I black below-eye-line manual exterior mirrors
- e >ut rear quarter windous
Pay deep tinted glass u/light tinted rear window
L. '
CARLSBO3 10/06/96 Septedxr 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 1
-
.4
, Adjust,able intermittent wiper system
Black door handles 0 m
Insulation in dash panel/doors/floor/underhood/instrunent panel & coul/fender
I
INTERIOR >*>
"iuxe cloth reclining high back front bucket seats u/folding seatbacks/
manual lunbar adjustment
Easy entry passenger seat
Scotchgard fabric protector on cloth seats/door trim panels & carpeting
Color-keyed full floor carpet
Front/rear color- keyed removable carpeted floor mats
Deluxe black 4-spoke steering uheel
Gauges-inc: speedometer, odometer, trip odometer, voltmeter, fuel Level,
engine terrp, oil pressure
Uarning lights-inc: seat belts, parking break/ABS, direction/hazard, high beam
Key-in-ignition/headlamps-on uarning buzzer
Deluxe heater u/side uindou defoggers/rear seat heating duct
Air conditioning
Theatre-style soft lighting illuninated entry u/lS-second entry/exit feature
Single, two-sided key lock system
ETR AM/FM stereo u/seek foruard/reverse, digital clock, fixed mast antenna,
dual front/rear speakers
Color-keyed, full length instrunent panel pad
Cigarette lighter 8 ashtray lamp
Glove box w/lamp
Dual rear seat area stowage boxes
4 Cupholders for front/rear occupants
10". Day/night rearvieu mirror
I. .'keyed plastic door panels u/cloth/vinyl trim, integral armrests, map
" ets ;x
c-d~ padded armrests integral u/door panels
Color-keyed full-coverage cloth headliner
Front/rear dome lamps g front floor courtesy Law u/door/endgate-activated
switches, delayed entry feature
Passenger assist handles
Dual coat hooks in rear seat area
(4) cargo area tie downs
<<< EPA FUEL ECONOMY RATINGS >>>
City 16/huy 21 (4.3L engine/b-speed auto trans) (1996)
City 17/huy 22 (4.3L engine/S-speed auto trans) (195%)
<<< SAFETY >>>
4-wheel anti - lock brakes
Driver air bag
Manual lap/shoulder safety belts for outboard front seat positions
Child comfort guides for rear outboard positions
Child seat locking latch - all outboard passenger seating positions
Energy absorbing instrunent panel
Energy absorbing steering colum
Laminated windshield glass
Tenpered safety glass side/rear uindous
Front seat head restraints
Sic(- guard door beams
k running lights
I o\_,,.transmission shift interlock
CARLSBD3 10/06/96 Sept-r 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 2
-
f
, Dual nyte-horn e 8
tt*******l*****tt******* FACTORY OPTIONS ************+**ti************* - JN
dES DESCRIPTION Invoice MSRP
""" """_"""_""""-""-""""""""""- """"_ ""__"_
710516 2dr 4m 20014.98 22116.00
E55 TAILGATE BODY COOE (ST01 0 -00 0 .oo
283 SMOOTH RIDE SUSPENSION PKG (solid ride
characteristics) (STD) (REP: C6B GVUR, QCE
Tires) 0.00 0.00
C6B 4785# GWR (2500 front/2600 rear), springs
(2500 front/2600 rear),axles (2600 ftont/2900
rear) (STD) (REP: 283 Suspension Pkg) 0.00 0.00
YF5 CALIFORNIA EMISSION EQUIPMENT 146.20 170.00
If5 4.3C (262) SFI VORTEC V6 ENGINE (STD) 0.00 0.00
M30 4-SPEED ELECTRONICALLY-CONTROLLED AUTWATIC
-
TRANSMISSION WOO (STD 1 - LOCKING DIFFERENTIAL NOT DESIRED (STD)
GU4 3.08 AXLE RATIO (REP: 283 Suspension Pkg)
(N/A w/G80 Differential) - STD DECOR-inc: base vehicle only
1SA PREFERRED EQUIPMENT GROUP-inc: base vehicle
only
PCE P205/7!5R15 ALL-SEASON SBR BSU TIRES (STD)
(REP: 283 Suspension Pkg)
YG4 OPTIONAL SEAT NOT DESIRED (REP: 1SA Preferred ''3 Equipment Group)
2 ' HIGH-BACK RECLINING BUCKET SEATS-inc: floor
console, manual lunbar adjuster (STD)
- H DELUXE CLOTH SEAT TRIM (STD)
ZY1 SOLID EXTERIOR PAINT (STD)
PNV OUTSIDE SPARE TIRE CARRIER NOT DESIRED (STD)
(N/A w/QEB Tires)
TFD RETAIL AMENITY DELETE
0.00 0.00
0.00 0.00
0.00 0.00
(No Charge w/lSA)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
-20.48 0.00
- **NATIONAL FLEET INCENTIVE AVAILABLE TO
QUALIFIED FLEET BUYERS ONLY** when VX5 is on
.the order, the fleet credit will equal the
greater of either the national fleet
allowance or retail incentive alternative IN
EFFECT AT THE TIME OF DELlVERY 0.00 0.00
VX5 FLEET INCENTIVE INVOICE CREDIT -300.00 0.00
GE Capital Fleet markdown -150.00 0.00
Destination Charge 515.00 515.00
4
Total 20205.70 22801.00
3 .. .I -.
CARLSBD3 10/06/96 Septerrber 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 3
I *****t***~*t*tlt***lt*ttt WARRANTY **a t*t***************
<<< 1996 NEW VEHICLE U TY >>> m
New vehicle warranty - bunper:to-bunper, 3 years/36,000
as, 90 deductible
tesy Care Roadside Assistance Program
.,eludes - Toll Free Assistance # 1-800-CHEV-USA
Free Towing to nearest Chevy Dealer
Free Locksmith Services, Flat Tire Repair,
Junp Start & Fuel delivery
Sheet Metal Rust-Through - 6 years/100,000 miles
Emission cocrponent coverage - Varies by geographical
region -
.. -?I
.4
.- .‘I
*<” J
CARLSBD3 10/06/96 Septenber 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 4
a
(I GE CAPITAL FLEE~ERVICES - USA
LEASE RATE .PROPOSAL
Customer: City of Carlsbad Prepared By: Bruce Kosave;
1) - Vehicle Assumptions:
Factory Invoice: $ 17,609 Base Rate : CP - FLOAT
Upfitting: $ Interest Adder:
Mark Up/(Down): $ (150) Billing Rate:
Delivery Fee: $ Interest Type:
Capitalized Cost: $ 17,459
Factory Invoice: Lease Term:
Management Fee: 0.090% I $ - Depreciation Rate:
I 2) - Lease Payment Factors:
Mgmt Capital
Months Deprec. + Interest + Fee = Factor X cost =
1 - 12 2.000% 0.531 % 0.090% 2.621% $ 17,459 :
13 - 24 2.000% 0.388% 0.090% 2.478% $ 17,459 t
25 - 36 2.000% 0.244% 0.0900! 2.334% $ 17,459 <
37 - 48 2.000% 0.1 01 % 0.090% 2.191% $ 17,459
49 - 50 2.000% 0.01 8% 0.090% 2.108% $ 17,459
<
I
3) - Residual Values
End of Month 12 Book Value is $ 13,269
End of Month 24 Book Value is $ 9,079 4
End of Month 36 Book Value is $ 4,889
End of Month
End of Month
I
48 Book Value is
50 Book Value is
$ 698
$-
4) - Terms And Conditions:
1 Minimum lease term of 12 months.
2 Title, license fees and applicable taxes are not included in the above rates.
3 Pricing based on Payment Terms of : 10 Days
4 The lease factors may be adjusted to reflect GE Capital's actual cost of the vehicle
and the applicable interest rate outstanding on the delivery date of the vehicle
I
,* prepaced by:
Bruce Kosaveach (% pared For:
ndy McGee 0
GE Capital Fleet Services
c 'ego, CA
City Of Carlsbad
Carlsbad, CA
-.ar : 1997
Make : Ford Pickups
Model : F-250 Series
Style: F27 Reg Cab 139" XL
Effective Date: 08/08/96
PRICE LEVEL CODE 710
............................ STANDARD EQUIPMENT *t+*tti*t*tt**tt***********
<<< MECHANICAL >>>
4.6L EFI OHC V8 ntTriton8n engine
5-speed manual transmission u/OD
3.31 axle ratio
Rear wheel drive
58 amp-hour (540 CCA) maintenance-free battery
95 amp alternator
4-pin trailer tow wiring
Fail-safe engine cooling system
8' pickup box u/tie-down hooks
6980# GVUR/2600# maximun payload
3950# capacity twin forged SLA front axle
5300# capacity rear axle
3600# capacity front coil/4800# capacity rear leaf springs
Gas-pressurized shock absorbers
'OR16SL all-season SBR ESU tires
.ize spare tire .., 16" x 7.0" 7-hOte argent styled steel wheels Wchrome hubs
Pur steering
pwr front disc/rear drun brakes u/rear-wheel anti-lock system
30.5 gallon fuel tank
<<< EXTERIOR >>>
Chrome front bunper
Chrome grille/headlamp surround
Bed-rail/tailgate moldings
High-mounted stop light u/cargo box light
Dual black manual aero mirrors
Flush windou glass
Interval uipers
Black door handles
Removable locking tailgate u/black handle
<<< INTERIOR >>>
Split-back cloth bench seat
Color-keyed vinyl floor covering
uraparound ergonomic instrwnt panel w/iltuninated controls
Voltmeter, oil pressure/tenp/speed/fuel gauges
Electronic AM/FM stereo radio w/b speakers, digital clock
Dual instrunent-panel-mounted cupholders
All**;I iary pur point
upper door trim u/integral armrest, map pocket
I .. .~ner
CARLSBAD 10/06/96 September 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 1
4
,cloth spn visors w/LH strap, RH mirror
Dome light u/dual map lights 0 0
Back panel cover
a FUEL ECONOMY RATINGS >>>
IBD/hwy TBD (4.6L engine/S-speed manual trans)
L,.Y TBD/hwy TBD (4.6L engine/k-speed auto trans)
City TBD/huy TBD (5.4L ensine/4-speed auto trans)
<<< SAFETY FEATURES >>>
Driver B front passenger air bags
Seat belts Uadjustable shoulder
Rear-wheel anti-lock brake system
Side door intrusion beams
*tttttttttti*t*tt****~******** FACTORY OPTIONS ..............................
OPT ION
CODES DESCRIPTION I nvoi ce MSRP _"_" """""""""_""""""""""""""" """"_ """"-
F27 Reg Cab 139" XL 15279.00 17440.00
422 CALIFORNIA EMISSIONS 144.00 170.00
996 4.6L EFI OHC V8 "TRITON" ENGINE (ST01 0.00 0.00
44U 4-SPEED ELECTRONIC AUTOMATIC TRANSMISSION
W/OD (REP: 996 Engine) 824.00 970.00
X26 3.73 AXLE RATIO 38.00 45 .oo
512A XL PREFERRED EQUIPMENT PKG-inc: chrome rear
step bunper 128.00 150.00
S12A PREFERRED EQUIPMENT PKG SAVINGS -128.00 -150.00
PAYLOAD PKG #I-inc: 2640# maxim payload,
69s~ GVUR (sro) 0.00 0.00
154 (5) P255/70RlbSL ALL-SEASON SBR BSW TIRES
(STD) (N/A u/209 Payload Pkg 2) 0.00 0.00
0 .oo - SOLID PAINT (STD) 0.00 0.00
572 AIR CONDITIONING 684.00 805.00
768 CHROME REAR STEP BUMPER W/5000# TOW RATING (No Charge u/512A)
153 LICENSE PLATE BRACKET 0.00 0 -00
CE Capital Fleet markdoun -150.00 0.00
Destination Charge 640.00 640.00
c- POLY-KNIT BENCH SEAT (STD) 0.00
Total 17459.00 20070.00
CARLSBAD 10/06/96 September 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 2
'.
, *t+t*x~************tr*tt* WARRANTY T** I******************
c<c 1996 NEU VEHICLE U a TY >>>
New Vehicle Bumper-To-Bumper I 3 years/36,000 miles
.I1 conponents except tires, wear items, maintenance
dio systems related defects on specific parts
3 Systems - 3 years/36,000 miies
;orrosion Protection - 5 years/unlimited miles
perfafatian aC sheet metal panels
Emissions Performance - Federat Emissions
Emissions Defect - 3 years/36,000 miles or
8 years/80,000 miles on selected parts
Performance - 2 years/24,000 miles
California Emissions Performance/Defect - 3 years/50,000
mi Les
Roadside Assistance Program - includes - towing, changing a flat tire, junp
starting a dead battery, lockout service,
fuel delivery
Safety Restraint Coverage - 5 years/50,000 miles
e
.4
-.
CARLSBAD 10/06/96 September 1996
Copyright 1986-96 Chrome Data Corporation. All rights reserved. Page 3
& 1 0 Q
Appendix D
Net Present Value Calculations
f 1
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"-"""A """'"C =?=?c9c9c9c9=?Qa?Sq "r"'rC" S%-%-2?-_gg-~%-gg SSzssZSzSS """IY"
.-hlo*ln(DF-mb)..- 0
ZZZZZZZZZZ >>>>>>>>>> alalaaalalalaaal
.E .E .r .E .E .r .E .r .C .E -orrqqZ?09rrrr-o
." ." .E .e ." 2 ." ." .x? ." aweaalalowpp
S$%%SS%$ZS
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E22%%%22!22%
C55555555G5 alaaaaaalalaal
0 m==========
.-hlo*ln(DF-mb)..- 0
ZZZZZZZZZZ >>>>>>>>>> alalaaalalalaaal
.E .E .r .E .E .r .E .r .C .E -orrqqZ?09rrrr-o
." ." .E .e ." 2 ." ." .x? ." aweaalalowpp
S$%%SS%$ZS
g$szggggzss
E22%%%22!22%
C55555555G5 alaaaaaalalaal
0 m==========
""A""- m~Q)r'wb)Oo' 2hiti+ai~Cdrcni-I cJU~'u3nlnll)OQ
bOF-F-"h'*(o
mmF-mo-hlvmnco otfftffterrr'r'
"N.9""""0?""~-
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