Tennessee Vans operates according to basic business principles to maintain financial sustainability and to ensure that resources are available to meet current as well as future transportation needs. Tennessee Vans provides the opportunity for qualified community agencies to purchase vehicles for transportation purposes through an affordable financing plan. The vehicle and operating expenses for Tennessee Vans are recovered from participating agencies through fees charged for the purchase of the vehicles. After expenses are paid, the remaining funds are then recycled and used to purchase additional vehicles to meet the future demand for transportation resources.
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Key Features of the Vehicle Purchase Program
Program Participants include community agencies located in Tennessee and who want and need to provide transportation services for their clients.
Vehicles are procured through competitive bidding procedures by the University of Tennessee and assigned to participating agencies through simple purchase contracts.
Vehicle financing is provided through an affordable payment option without interest charges or any cash down payment. The vehicle contract cost must be paid in full within six years of the vehicle assignment date. Payment fees include both vehicle costs and program operating expenses. Upon payment of these costs, the title of the vehicle is fully transferred to the participating agency.
Vehicle insurance and maintenance must be provided by the participating agency throughout the duration of the purchase contract period. Basic insurance coverage levels and routine vehicle maintenance procedures are outlined in the purchase contract.
Drivers operating vehicles purchased through the program are provided by the participating agency. Drivers are expected to possess an appropriate, valid Tennessee Operator’s License and to operate the vehicles in a safe manner in accordance with all applicable laws and regulations.
Vehicle Purchase Program Monthly Payment Plan allows agencies to pay for the vehicle through fixed monthly payments. The total vehicle contract cost is amortized over 72 months. The agency agrees to pay monthly fees until the vehicle contract is paid in full. The total contract costs and payments for the available vehicles are included in the vehicle information sheet.
Contact Tennessee Vans or complete an application to purchase a vehicle from TN Vans.