Topic: Leases

In order to park on campus, any vehicle (department purchased or leased) must purchase a departmental parking contract.

System campuses across the state have various options for parking and each campus should be contacted individually for more information through Facilities Management or Transportation department contacts.

A University vehicle lease is required to be held for a minimum of one year and a maximum of 10 years. After the first year of a lease, a 90-day advance notice is required if the vehicle lease is terminated. If Fleet Services is able to find another department that would like to assume the lease, the 90-day advance notice for termination can be waived.

Insurance cost is based on the type of vehicle leased and will be billed at the end of each month.

The answer to this question depends upon the individual needs of the department and drivers and how often the vehicle is used. Over the course of a year, a lease vehicle will cost about half as much as the cost to rent a vehicle of a similar type for sporadic use. The difference is a lease requires that you pay a minimum of one year’s worth of monthly lease costs, with a 90-day notice after the first year to return the vehicle to Fleet Services. Leasing a vehicle also provides a department with some flexibility in deciding exactly what vehicle options are needed in order to meet work needs.

Fuel is billed out at the end of the month according to how much is purchased by filling up at the Minneapolis or St. Paul campus fuel islands or by using the Voyager credit.

Vehicle maintenance costs are covered under the mileage fee for vehicles leased by departments located on the Twin Cities campus. Vehicles leased by departments located on other University campuses are responsible for their own vehicle maintenance costs but are not assessed a monthly mileage fee.

Tickets, unpaid tolls, and other citations are the responsibility of the driver, not the department. See the University of Minnesota Board of Regents Policy.

Tolls are reimbursable travel expenses, however, late fees associated with unpaid tolls are the responsibility of the driver.