Fleet Management News & Business Info | Commercial Carrier Journal
Issue link: https://read.dmtmag.com/i/85369
JOURNAL fuel savvy CARB OFFERS NEW FINANCING OPTION FOR LEASING TRUCKS T he California Air Resources Board now is offering a lease-to-own financing opportunity designed to encourage small business owners to replace their older diesel trucks with newer more fuel-efficient equipment. The objective of this program is to encourage early compliance with CARB's on-road diesel vehicle and tractor-trailer greenhouse gas regulations. "This is a program that benefits small fleets and owner-operators," says Mary Nichols, CARB chairman. "It provides them with an additional way to pay for a cleaner truck, even if their credit isn't stellar." Leases, which are used widely in the trucking industry for managing cash flow, combine the tax advantages of leasing while retaining the option to purchase the leased equipment in the future, an attractive alternative for small fleets and owner-operators who may not meet stringent borrowing standards to comply with diesel truck and bus regulations. "Making upgrades easier to obtain and more convenient is essential to suc- cessfully implementing California's clean air standards," says State Treasurer Bill Lockyer, chair of the California Pollution Control Financing Authority. "This program does that and gives truckers more choice in financing their upgrades." Prior to adding this option, there already have been 1,079 loans issued to purchase diesel equip- ment for a total of $66.3 million in financing by participating lenders to get cleaner, more fuel- efficient trucks on the road. For eligibility determination and an updated list of participating financial institutions, go to www. treasurer.ca.gov/cpcfa/calcap/contributor/lenders. pdf. For more information, go to www.treasurer.ca.gov/cpcfa/ calcap.asp, call 866-634-3735 or e-mail 8666diesel@arb. ca.gov. The objective of the California Air Resources Board's lease-to-own pro- gram is to encourage early compliance with its on-road diesel vehicle and tractor-trailer green- house gas regula- tions. 18 COMMERCIAL CARRIER JOURNAL | APRIL 2012 10MTT1946 MICHELIN® SERVICE NETWORK™ COMMERCIAL To register for CONSISTENT, HIGH-QUALITY SERVICE NATIONWIDE, visit michelintruck.com.