Department uses insurance settlement to pay off other car loan
Columbus Town Council approved the purchase of a new Dodge Charger for its police department.
The town is able to finance the vehicle because it can pay off an $8,439 loan for a 2010 Dodge Charger with insurance money received after another police vehicle, a Ford Crown Victoria, was totaled when a tractor-trailer hit it along I-26 last year.
After paying off the loan, the town has approximately $7,241 remaining to put toward equipment for the new 2012 Dodge Charger.
Columbus Town Council met Thursday, March 22 and approved the purchase with financing from BB&T at an interest rate of 2.39 percent. The town will not begin making payments on the new vehicle until the 2013-2014 fiscal year beginning July 1, 2013.
Columbus Police Chief Chris Beddingfield said this use of the insurance settlement is enabling the department to get its fleet in complete working order. The police department had researched purchasing a used vehicle with the settlement, but no search led to a vehicle with less than 100,000 miles, Beddingfield said.
“Instead of spending significant money, we’re paying off a 2010 car and putting the majority of the money in equipping another new one while not increasing our debt service,” said Beddingfield.
The town will finance $22,338 for the vehicle over three years.
Beddingfield said he expects delivery of the new Dodge Charger sometime this week.