6. Payment. Full payment by Dealer of the amount of the Repurchase Price determined

City Council Meeting · 2026-05-26 · agenda_item

This agenda item concerns a payment process for vehicle repurchases. It outlines the terms for a dealer to pay a 'Repurchase Price' within five business days after vehicles are delivered. If the dealer does not pay on time, interest will be charged based on the 'Prime Rate' published in The Wall Street Journal. This rate will be determined at the time payment is due and adjusted monthly. The item is currently under review by the City Council of Titusville. This process involves financial transactions and potential legal agreements related to vehicle sales and repurchases. Businesses involved in financial services, legal counsel, and potentially accounting services may find opportunities related to understanding and managing these payment terms. Early engagement could help in navigating the specifics of the payment and interest calculations.