Purdy City Council authorizes purchase of new police car
First State Bank offers more attractive loan, flexible payoff
After debating what to do about a police car that according to Mayor Bo Prock reached the end of its lifespan six months ago, the Purdy City Council voted to buy another car following a detailed review of financing options.
Council members faced two options: a lease through Ford Credit or a loan from locally-based First State Bank of Purdy. The purchase would go through Joe Machens Ford of Columbia, a business that has long won the bid for the sale of police cars from the State of Missouri, which municipalities can also use.
The car in question cost $27,803, then needed an additional $8,713 in police equipment and $8,089 for a radio.
Officer Russ Nichols talked to two dealerships and three equipment companies to sort out the best deal for the city. Grants were no longer available to further reduce the price, though a police grant might help cover the cost of an in-car camera, costing between $3,000 and $3,500.
Ford Credit wanted four annual payments of $12,100 and a fifth year payment of $1, for a total cost of $45,325. First State Bank offered a five-year loan for a total price just under $45,000. Prock noted First State would enable the city to make a down payment of $11,250, thus reducing the annual payments to $9,000 to finish the purchase in four years. In earlier discussion, aldermen considered a $10,000 threshold the highest amount the budget would support, though Clerk Debbie Redshaw said there was savings the council could tap.
Prock wanted to also consider the three-year deal, with payments of $12,225. Nichols said the bank would allow an earlier payoff if the council wanted that. Interest rate would remain at the federal prime rate regardless.
Acting on Alderman Scott Redshaw’s motion that called the choice “a no-brainer,” aldermen voted for the $45,000 loan from First State, opting for the 36-month deal. They directed Nichols to secure the purchase. Nichols said Radiophone in Springfield could successfully install the radio, rather than the dealership, having successfully done so on the current car.
Delivery was expected in around two months, following equipment installation. Nichols said none of the prices included decal work identifying the car as a Purdy police vehicle, which would run several hundred dollars more.