While many departments can elect to purchase their vehicles using their own funds, UCLA Transportation offers a financing service to those departments who do not have the ability or capital to achieve such goals (please refer to internal campus policies regarding use of departmental funds for vehicle purchases).
Financing terms depend on the type of vehicle purchased, and include monthly depreciation, administrative fees, maintenance service fees (see Service Plans – Keeping You on the Road for more details), and interest payments. The finance term is broken into 3 stages:
|1. Initial Finance Term (IFT)|
- Monthly charges begin the first day of the month following delivery of the vehicle and continue to the end of the IFT period.
- IFT periods vary from 48 months to 120 months depending on vehicle classification.
- During IFT, the department is paying off between 80% and 90% of the total purchase and outfitting cost of the vehicle, depending upon vehicle classification.
|2. Extended Finance Term (EFT)|
- Once the IFT period has ended, vehicles are automatically enrolled in the EFT period, which lasts for 36 (unless otherwise requested by the department).
- During EFT, the department is paying of the remaining 10% to 20% of the vehicles initial purchase and outfitting cost.
|3. Post Finance Term (PFT)|
- Once the EFT period has ended, vehicles are inspected by UCLA Fleet Maintenance to determine viability for continued service.
- During PFT, the department is only paying for the administrative and maintenance fees for the vehicle.