Chrysler Capital Municipal FAQ
Below you will find answers to the questions we are asked most often when considering our municipal lease program.
TELP financing is a payment contract that allows a public entity to purchase Chrysler vehicles and equipment by making periodic payments over its useful life.
Generally, any municipality or political subdivision can utilize TELP financing with Santander Bank, N. A. (SBNA).
No, financing payments are subject to annual budgetary appropriations by the municipality. Unlike debt financing, voter referendum is generally not required.
Your municipality owns the vehicles, listing Santander Bank, N. A. as lien holder on the title.
As owner of the vehicles, the municipality is required to insure and maintain the vehicles. Santander Bank N. A. must be listed as loss payee and additional insured on the insurance certificate.
No. Because the vehicles are owned and operated by the city, there are no mileage restrictions.
Since the city owns the vehicles, at lease-end the built in equity/trade-in value will reduce the cost of the next vehicle purchase or fleet refresh.
SBNA will structure a flexible payment schedule to meet the municipality’s budget needs. The structure may include a zero-down-payment requirement, allowing for 100% financing.
Yes, additional equipment that is required and installed in the vehicles may be included in the financing at the time of purchase.
TELP financing allows for a master lease with multiple, individual vehicle schedules. The use of a master lease simplifies documentation, billing and payment processing since all vehicles can be billed on a combined invoice.
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Chrysler Capital & SBNA Partnership
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