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Valley Center staff outline plan to bring fleet services in-house to cut vehicle financing costs
Summary
City presenter 'Clint' told the council Enterprise Fleet Management contracts carry embedded interest rates of roughly 9%–15% and outlined a plan to purchase through local dealers, handle title work in-house and track maintenance internally; staff estimate refinancing 18 vehicles could save about $188,600.
Valley Center officials on Monday reviewed a plan to reduce vehicle finance costs by shifting parts of the city's fleet management out of a leasing arrangement with Enterprise Fleet Management and into locally financed, in-house administration.
At a presentation to the City Council, Clint (identified in the transcript only by first name) said the city currently finances 29 vehicles through Enterprise and that the contracts contain hidden interest embedded in lease terms. "Every contract that we have in Valley Center is at the minimum of 9%, and we have a couple…
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