Introduction
The Products tab in Finance is where you need to enter all the associated products that are to be added to the finance application such as Insurances, Warranties etc. If you use any of the integrations, these will be automatically added to this tab once the submissions in the integrations are finalised.
It is also where you will need to enter in all the relevant finance details such as which finance supplier the customer is going through, the interest rate details etc. Again these details will be populated if you are using an integration such as Allied Credit.
On the right hand side of this tab, you will see the financial breakdown of the application, including any additions made on this page that will update the overall figure of the Net Amount Financed.
Instructions
At the top of the page you will see the Products section where you can enter any products that the customer has agreed to purchase. If you have processed these from either the Options menu or from one of the integrations, these will pre-populate the details for you so you don't need to manually create the addition.
Also, just above the Finance Details section, you can enter the Applicaiton Number in order to identify the deal later. These will be provided by finance integrations if processed through them.
Finance Details
Product Type: What is the finance type that this application is for?
Supplier: Who is the finance provider the customer application is for?
Finance Product Type: Is the application for Dealer Finance, Guaranteed Future Value or Campaign?
Campaign Code: If you have selected Campaign from the Finance Product Type, what is the relevant code that is used for the Campaign?
Term: How long the customer agreed to have the finance application go for
Repayment Frequency: Will the customer be paying the finance payment weekly, fortnightly or monthly?
Profile Rate: This is the maximum allowable rate given by the finance provider for the application
Adjustment Rate by: This is the percentage that you will can possibly decrease the Profile Rate by as a 'discount'
Sell Rate: What ever the rate that is offered to the customer after all adjustments have been processed
Base Rate: This is the lowest adjustable rate you can write for the customer
Repayments: Is the repayment payment structure to be paying Arrers or in Advance?
Residual: If there is a residual / ballon payment at the end of the finance contract, what is the dollar or percentage amount. If you enter either value, the other will be populated based on the value entered
Fees
Establishment Fees: Establishment fee to cover the cost of creating your file and producing the necessary documents to set up your loan record
Origination Fee: Origination fee to cover the cost of creating and lodging your loan application (sometimes referred to as DOF)
PPSR Fee: The Australian Government charges a small fee for checking the Personal Property Securities Register (PPSR) to ensure there is no outstanding finance for your intended purchase
Monthly Fee: A monthly administration fee to cover the costs of maintaining your account and sending your regular statements
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