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Adding Banks

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When you add a new bank to the System Setup, you must first add the Finance Company information before you can enter the loss payee and lien holder. 

Step 1. Click the Setup in the left navigation panel. The Dealership Information screen opens.

Step 2. Click the Sales button above the Dealership Summary card. A drop-down menu opens.


Step 3. Select Banks. The Bank Search screen opens. 

Step 4. Click the New Bank button in the upper-right corner of the screen.


Note:  The Bank ID field on the Bank Search screen will be populated with a system-assigned ID for each bank. This bank ID is used as a unique identifier for third-party integrations. To ensure that these IDs are entered correctly in third-party integrations, export a complete list of the IDs using the Export Sequence Numbers utility. (See the Knowledge Base article, "Using the Export Sequence Numbers Utility."

Step 5. The New Bank Information screen will open. In the Finance Company card, the required fields are marked. Enter the finance company's Name and Display Name. The display name will appear for the bank on the Bank Search screen. Type the bank's federal ID number in the Bank ID field. Adding an address and phone and fax numbers for the finance company is optional, but if you select to add address information, you must include a state.  


Step 6. If the bank has a separate lender or separate lien holder, click the Lender toggle and Outside Lien toggle, respectively, to select Yes for each.   

Step 7. You can use the Loss Payee and Lien Holder cards to add addresses for those bank departments. The loss payee department is where the payments for any insurance claims against the loss of the vehicle will be made, while the lien holder is the address for the department that actually holds the title for the vehicle until the loan is paid in full. You must click the On/Off toggle to On per card to activate the bank department. This toggle set to Off will also deactivate the department if needed. The Name of the individual branch of the bank associated with each category is required per card. 

Step 8. Type the Bank ID, address, and phone and fax numbers for the Loss Payee and Lien Holder cards. 

Step 9. Click Save. The Sales Defaults and Bank Defaults buttons under the Bank Summary Card are now accessible. 

Step 10. Click the Sales Defaults button. Enter the default payment calculation, max advance, reserve, lease mileage, and fee information for the bank as necessary. 


Step 11. Click the Bank Defaults button. Enter the floor plan lending , curtailment, interest, and fee information for the bank as necessary.

Note:  If your dealership uses the Autosoft Bookout or Inventory Management products, the Bank Defaults page will contain Max Advance cards for new and used vehicles for bookout purposes. To learn more, see the article, "Setting Max Advance Defaults for Banks."

Step 12. Click Save. A green "Success" message will verify that the changes have been saved. 


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