Section 220-RICR-70-05-2.11 - Loan Terms Shall be Based on the Following ScheduleA. Terms 1. Passenger Cars/Pickup Trucks/Vans/All Purpose Vehicles Costing $50,000 or less | 3 years |
Costing $50,001 or more | 5 years |
2. Heavy trucks/equipment/buses Costing $100,000 or less | 5 years |
Costing $100,001 or more | 7 years |
3. Trailers/motorcycles/off-road equipment Costing $50,000 or less | 3 years |
Costing $50,001 or more | 5 years |
4. Attachments/equipment acquired separately from vehicle Costing $50,000 or less (per item) | 3 years |
Costing $50,001 or more (per item) | 5 years |
B. Service Charges. 1. Service Charges: all lease arrangements will be assessed a one-time service charge to be paid with the first lease payment as follows:a. Acquisitions of $100,000 or less 1.0% of acquisition price per vehicleb. Acquisitions of $100,001 or more 0.75% of acquisition price per vehicle.2. The purpose of the service charge is to build up resources in the revolving loan fund. Funds shall not be used to offset any administrative costs associated with the fund.220 R.I. Code R. 220-RICR-70-05-2.11