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/42 8l <br /> AGENDA ATTACHMENT 8 <br /> MEMO <br /> TO: Sam Gattis, County Manager <br /> FROM: Mark H. Rees, Director of Purchasing and Central Services/4411- <br /> DATE: January 13, 1981 <br /> RE: Financing for County Vehicle Purchase <br /> I have received three responces to this department's recent request for <br /> proposals for car financing through a lease purchase arrangement. All <br /> three companies will allow us to self-insure for collision and to negotiate <br /> a new interest rate if there is a significant drop in the prime interest <br /> rate. The results are summerized below. <br /> 1) First Municipal Leasing Corporation. <br /> Principal: $82,632.86 <br /> Payment Level: $14,550.00 <br /> Total Payments: $116,400.00 <br /> Total Interest: $33,767.14 <br /> Interest Rate: 10.22% (Simple interest) <br /> 2) Municipal Funding Corporation of America <br /> Principal: $82,632.86 <br /> Payment. Level: $13,136.21 <br /> Tbtal Payments: $105,089.68 <br /> Total Interest: 22,456.82 <br /> Interest Rate: 6.79% (Simple interest) <br /> 3) First Continental Leasing Corporation <br /> Principal: $84,349.28* <br /> Payment Level: $12,326.66 <br /> Total Payments $98,613.28 <br /> Total Interest: $13,648.98 <br /> Interest. Rate: 4.02% (Simple interest) <br /> *The $2,331.44 difference between this company's principal amount-and the am <br /> the County needs financed is due to their policy of adding a fee on <br /> top of the interest. <br /> Copies of the Financing Company's terms for lease purchase have been sent <br /> to the County Attorney for his review. Pending his approval of the terms, <br /> I recommend the award of this financing Ito the First Continental Leasing <br /> Corporation on the basis of being the lowest responsible bidder. <br />