City of Asheboro AgendaPacket Regular Meeting 2026-06-04
Asheboro Approves $2.84M Vehicle Financing with First Horizon
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Description
The City of Asheboro approved an installment financing agreement and security agreement with First Horizon TE1, LLC for up to $2,841,562 at 3.50% interest to finance the purchase of fleet vehicles. The term is established by a loan dated June 17, 2026, and is secured by a lien on the vehicles.
Contract Details
Contract Amount
Not to exceed $2,841,562 at 3.50% interest
Vendor
FIRST HORIZON TE1 LLC
Agency
City of Asheboro, NC
Contract Type
FINANCIAL_SERVICES
Document Date
June 4, 2026
Contract Term
Exact term not stated; agreement dated June 17, 2026; term likely to June 2031 (estimate, as vehicle loans are typically 3-7 years)
Renewal Date
2031-06-17
Renewal Info
Standard installment financing; no auto-renewal. Agreement can be prepaid in part or whole with 30 days' notice. Term and amortization schedule as per exhibit, not provided in full.
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