Parker Hannifin Corp.’s Hybrid Drives Systems Division has arranged for an equipment leasing program with Wells Fargo Equipment Finance. The program will allow select dealerships to offer the Parker RunWise Advanced Series hybrid drive system in vehicles, including refuse trucks.
“We are happy that this type of financial assistance is available to fleets around the country,” said Shane Terblanche, general manager, Hybrid Drives Systems Division. “Many fleets have money appropriated for purchases such as refuse trucks, but leasing allows them to better manage their cash flow and the reduction in fuel consumption, brake maintenance and productivity gains can help offset the cost of the technology.”
The RunWise technology offers brake energy recovery capabilities and reduced noise levels, as well as annual fuel savings of 35 to 50%. The system reuses as much as 71% of the vehicle’s braking energy.
Additional benefits include reduced maintenance costs, less engine wear and tear as well as extended brake life, Parker said. The RunWise version of the AutoCar refuse trucksis currently in operation in a number of cities around the country including Miami-Dade County in Florida, Hialeah, FL., Miamiand Austin, TX.
“Our goal for this leasing program is to provide creative financing solutions for Autocar dealerships to help sell products,” said Jeff Sorem, program manager at Wells Fargo Equipment Finance. “Financing is a big piece of the customer’s acquisition in today’s market. Not too many companies or municipalities are paying cash for vehicles of this size. Financing and financing options are generally part of the sales process, so we work with the vendors to establish programs and offer attractive financial options for their customers to purchase equipment.”
Wells Fargo also offers a TRAC lease product, which may be structured with a 60-month term and an end of term TRAC amount based on 20% of the original vehicle cost. Under that structure, at the end of the lease term the customer’s maximum payment would be limited to 20% of the vehicle’s original cost and the customer would be paid a rent adjustment equal to the amount by which the vehicle’s value at that time exceeds 20% of its original cost. Other multi-year terms may be available.