California Vanpool Authority Board of Directors Meeting Agenda May 2026
Lease Plan for 42 Electric Vans with Model 1
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Description
CalVans is considering approval of a lease agreement with Model 1 to place 42 electric vans for the AHSC Central Terrace project into service. The arrangement converts an unpaid purchase balance into a $1,200-per-vehicle monthly lease with payments applied to principal until the approximately $3.115 million cost is satisfied.
Contract Details
Contract Amount
$3.115 million (vehicle purchase) plus $1,200 per vehicle per month lease for 42 vehicles
Vendor
MODEL 1
Agency
California Vanpool Authority (Calvans), CA
Contract Type
EQUIPMENT
Document Date
May 14, 2026
Contract Term
Lease at $1,200 per vehicle per month until principal is paid or lease end date; master lease terms per Model 1 Master Lease Agreement and Lease Schedules
Renewal Info
Lease terminates on the designated end date or earlier upon full repayment of principal; all lease payments apply to principal with no extra finance charge. Specific start and end dates are detailed in the Model 1 Master Lease Agreement and Lease Schedules.
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