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Setting Max Advance Defaults for Banks

Autosoft -

If your dealership has purchased the Autosoft Bookout or Inventory Management products, you'll need to set your max advance defaults for lenders. If you have set up max advance defaults in the Bookout Defaults screen within the Vehicle section of the Setup application, those defaults will automatically populate for any new banks you add to the Sales section of Setup. However, you can edit or override those default settings on a bank-by-bank basis.

These lender max advance defaults will help you to establish deals that work for your dealership and the buyer.

To access the max advance defaults, follow these steps:

Step 1. Click the Setup Application button in the left navigation panel. The Dealership Information screen will open.

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

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Step 3. Click Banks. The Bank Search screen will open. 

Step 4. Double-click on a bank in the list to open the bank record.

Step 5. Select Defaults from the button bar below the Bank Summary Card. 

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Step 6. On the bank's Defaults screen, you'll see the Max Advance - New Vehicles and Max Advance - Used Vehicles cards. Both cards allow you to set defaults for both retail and lease deals.

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In Max Advance - New Vehicles, use the Retail - Value Basis and Lease - Value Basis lists to select either MSRP or Invoice.

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Step 7. In the Retail - Max Advance % and Lease - Max Advance % fields of the Max Advance - New Vehicles card, enter the maximum percentage of the MSRP or invoice price that bank will lend to a buyer or lessee of a new vehicle. Banks will vary the max advance extended to a customer based on the customer's credit score, so this default can be adjusted within a deal. 

Step 8. In the Max Advance - Used Vehicles card, use the Retail - Book Provider and Lease - Book Provider lists to select the book provider the bank uses to assess used vehicle values and a default vehicle condition for that book provider. You must have an account with the book provider to use this functionality. This is just a default. You can change the book provider and vehicle condition within a deal as needed. 

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Step 9. In the Retail - Max Advance % and Lease - Max Advance % fields of the Max Advance - Used Vehicles card, enter the maximum percentage of the vehicle value this bank will lend to a buyer. Banks will vary the max advance extended to a customer based on the customer's credit score, so this default can be adjusted within a deal. 

Step 10. Click Save. A green "Success" message will verify that your changes have been saved.

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