More than 100,000 trucks stand to lose registration in 2020
LOS ANGELES, CA / ACCESSWIRE / September 17, 2019 / California policy makers have implemented tough emissions standards with tightening restrictions for all diesel-powered vehicles over 14,000 Gross Vehicle Weight Rating (GVWR) operating in the state. Truck operators across California are scrambling to find a compliance pathway prior to having their registration denied.
Fleets running medium to heavy duty trucks that do not meet the new emissions standards will not be able to register vehicles come January 1, 2020. While several thousand fleets have already experienced registration holds for non-compliance, several thousand more currently meet the standards but will see their registration rejected in 2020.
The State of California's outreach resources are stretched thin, so Crossroads has launched a campaign to help educate and assist fleet operators in understanding the opportunities for significant financial support in the form of grants, loans, and other programs to help the transition into newer, cleaner trucks.
Crossroads Equipment Lease & Finance is a California based company that maintains an experienced staff equipped with expertise in transportation finance and compliance with California Air Resources Board (ARB or CARB). They are the top lender in the California Capital Access Program (CalCAP) On-Road Truck Loan Program and have issued close to 6,000 individual On-Road Truck Loans to eligible fleets across California.
Crossroads has helped these fleet and truck operators upgrade their equipment and secure grant approvals for truck replacement with attractive financing terms. They can help fleets find the right program, get the necessary approvals, and navigate a fast and easy path to securing a newer truck with competitive rates and flexible terms.
About California ARB
The California Air Resources Board (ARB) has issued several regulations covering on-road, off-road, stationary and portable diesel engines. Many fleets have three or more regulations to deal with in their fleet. The complexity of these standards can make it difficult to ensure your fleet is in compliance. ARB has already assessed Millions of dollars in fines and settlements for non-compliance with these regulations.
Currently, fleets are being prevented from registering vehicles that have been tagged by ARB for non-compliance. This is any heavy-duty diesel truck over 26,000 pounds GVWR that is not equipped with a diesel particulate matter (PM) control device from either Original Equipment Manufacturer (OEM) or an aftermarket provider. Vehicles at 26,000 pounds and below must also meet strict in-use standards to receive operational authority from the California DMV.
For more information visit: https://arb.ca.gov
The CalCAP Heavy-Duty Vehicle Air Quality Loan Program is a loan loss reserve program, which may provide up to 100% coverage on losses from certain loan defaults. With CalCAP portfolio support, a lender may be more comfortable underwriting small business loans to small fleet owners. If you are an owner of a small fleet of heavy-duty diesel trucks and need to upgrade your engine or exhaust, you may receive more favorable loan terms from a lender if your loan is enrolled in the CalCAP Heavy-Duty Vehicle Air Quality Loan Program.
For more information visit: https://www.treasurer.ca.gov/cpcfa/calcap/arb/
About Crossroads Equipment Lease and Finance
Founded in 2006, Crossroads Equipment Lease & Finance is your professional partner in the transportation industry. We listen to our customers, work to understand their needs and strive to build long term business relationships by offering prompt, flexible, and tailor-made financing that preserves capital and positively impacts their business. Our expertise in underwriting, collateral evaluation and asset re-marketing facilitate solutions that maximize the competitive advantages of our customers in the market. For more information visit: https://www.crlease.com
SOURCE: Crossroads Equipment Lease & Finance
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