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Waxhaw adopts installment financing to replace police vehicles, seeking predictable annual costs
Summary
The board approved a resolution authorizing installment financing to acquire roughly seven new police vehicles (procurement total cited at about $421,000), with staff recommending a short‑term financing structure (three‑year term, title conveyed up front) to preserve cash and create a rolling fleet replacement program.
Town staff presented an installment‑financing proposal for the police fleet that would buy approximately seven vehicles using state contract pricing and a three‑year financing term; staff showed sample bank quotes around 4.07%–4.09% and explained that the financing conveys title to the town up front while preserving operating cash.
"This is the way it structures out, over that time," staff said when describing the proposed repayment options, and emphasized the approach would reduce budget spikes, preserve cash for operations and create a predictable replacement cycle. Commissioners asked about vehicle types, resale and whether the town was switching models; staff said the procurement mix includes patrol and administrative vehicles and stressed resale value considerations.
The board adopted Resolution RES2026‑018 authorizing staff to pursue installment financing and to negotiate final rates and payment schedules with banks under the state contract. Staff said they would return with final loan documents and begin implementation per the adopted policy framework.
