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Committee authorizes financing for new police vehicle, allowing immediate ownership
Summary
The Finance Administration Committee authorized a capital purchase plan that lets the borough take possession of a new police vehicle now with a $479 down payment and 12 months financing at 6.73% for a total payment of $60,899.14; staff said the purchase includes upfitting and will allow sale of the existing vehicle.
The Finance Administration Committee on July 17 authorized financing to acquire a replacement police vehicle. Staff said the borough has budgeted a vehicle in its capital plan and that the chief currently uses a 2011 Crown Victoria that requires frequent repairs.
The financing offer requires a nominal down payment of $479 this year, followed by financing over 12 months at an interest rate of 6.73%. Staff said the total single payment under the financing arrangement is $60,899.14 and that the price includes upfitting costs for police equipment. The borough will take title now, allowing staff to decommission and sell the older Crown Victoria.
Staff said paying the financed installment in early 2026 would save a modest amount of interest; the purchase meets the capital plan for 2026 while providing a working vehicle immediately.
