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City of Flagler Beach, FL Police Department

Written by Super User

“I would like to thank Sparta for all the help they provided our agency with the purchase of our new motors. When my agency began to look into transferring our fleet, I was referred to Sparta. They were eager to assist our agency and were always available for questions and/or concerns. They even offered (and did) to contact our local dealer and handle everything for us.  


Their staff is extremely knowledgeable in their job and also understands the aspects of city government. They made the transition start to finish very easy for our agency, and throughout the transaction contacted me several times just to see if there were any questions and or concerns.

I would recommend Sparta Municipal Leasing to any agency looking to acquire police vehicles with no hassles. We will contact them for future purchases without hesitation."

Officer Robert S. Burns, Motor Unit Supervisor
City of Flagler Beach, FL Police Department

 

Municipal Leases - About the Process

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Many state and local governments are faced with the pressure that occurs when demands for their services outpace their financial resources. To cope with this problem, a growing number of governmental agencies have turned to a financing alternative that has long been recognized as a source of funding for large capital expenditures.

Unlike ‘traditional leasing’ or ‘rentals,’ Lease Purchase Financing allows municipal agencies to build equity with every payment and gives them immediate title to the equipment. When the agreement expires, the municipality executes what is called a ‘dollar buyout’ and now owns the equipment free and clear. This is in contrast to other leasing programs where there is a large balloon payment or residual to satisfy at the end of the lease.

Developing a lease purchase plan is attractive because it offers municipal agencies a number of advantages, such as:

  • Maximizes limited budget funds, since only the current year’s lease payments are included in the operating budget.
  • Frees up additional capital for other pressing needs of the municipality.
  • Allows for greater budget flexibility because these plans can be tailor-fit to meet the cash flow requirements of each individual organization.
  • Eliminates the need for up-front cash outlays.
  • Enables state and local governments to take advantage of low interest rates available to qualified  agencies. These rates are lower then conventional commercial rates, and in some cases, lower than the interest earned with a CD or other short-term investment.
  • Permits organizations to standardize new equipment at one time, instead of phasing in new equipment over a number of years.
  • Allows an organization to purchase equipment at today’s price and not next year's increase.

Under a typical tax-exempt Lease Purchase Agreement, the government agency and the finance company form an agreement for a given number of years, structured to meet the agency’s individual budgeting situation. Payments can be made annually, semiannually, quarterly, or monthly.

Lease Purchase plans make the most sense for any state or local agency in need of new equipment.

We look forward to hearing from you!

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