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Using Sales Tools

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The Sales Tools suite of products is designed to help you sell vehicles more efficiently. You can use it to help your customer understand a potential new vehicle's cost of ownership, what their payments may be, and if they're eligible for a refund on optional products and/or finance charges on their existing vehicle as a result of early payoff or termination of that vehicle's finance contract.

To access the Sales Tools, follow these steps:

Step 1. Hover over the Sales App button in the main navigation bar. A menu of options will open, including all the individual tools that comprise the Sales Tool suite. 

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Step 2. Click the tool you would like to use.  

 

To learn how to use each individual sales tool, click the topics below:


Payment Estimator
Fuel Comparison

Refund Calculator 

 

Payment Estimator
The Payment Estimator can be used to provide an on-the-spot estimate of monthly payments for a customer without fully desking a deal. This is just an estimate, and a range option may be enabled to provide a payment range when presenting the estimate to a customer (see the Knowledge Base article, "Setting Up Sales Tools" for full directions on setting default range amounts). The tool can be used to estimate monthly retail, balloon, and lease payments or to display different monthly payment options based on the terms of the financing.

Note:  If you want to provide a payment range for the retail, balloon, or lease estimate, use the Payment Display toggle at the bottom of the screen to open some display options. Here, you can control whether the payments displayed as a single amount or a range. If you select Range, you can determine if it will be a dollar amount or percentage range and specify the range amount. 

Retail Estimate
To obtain a retail payment estimate:

Step 1. From the Sales app options menu accessible from the main navigation bar, click Payment Estimator. The Payment Estimator screen will open.

Step 2. In the Retail Estimate card, enter a rough estimate of the amount to be financed in the Amount Financed field. Remember to take into account tax, title, add-ons, and fees, not merely the price of the vehicle and front and back options.

Step 3. In the APR field, enter the APR at which the loan will most likely be financed.

Step 4. Enter the number of months the customer wishes to take to pay off the loan in the Term (months) field.

Step 5. The Estimated Monthly Payment will display on the right side of the screen.

If you've selected to display a range (see the note above), the range will display in the same location in the card.

Balloon Estimate
To obtain a balloon payment estimate:

Step 1. From the Sales app options menu accessible from the main navigation bar, click Payment Estimator. The Payment Estimator screen will open.

Step 2. In the Balloon Estimate card, enter a rough estimate of the amount to be financed in the Amount Financed field. Remember to take into account tax, title, add-ons, and fees, not merely the price of the vehicle and front and back options.

Step 3. Enter the estimated vehicle MSRP in the MSRP field.

Step 4. Enter the interest rate at which the loan will be financed in the APR field.

Step 5. In the Balloon ($) field, type the dollar amount of the balloon payment that would remain at the end of the payment term. The Balloon (%) field will then calculate automatically. If you prefer, you can instead enter the percentage of the MSRP that will remain at the end of the finance terms in the Balloon (%) field, and the Balloon ($) field will calculate automatically.

Step 6. In the Term (Months) field, enter the length of the loan.

Step 7. The Estimated Monthly Payment will display on the right side of the card.

If you've selected to display a range (see the note above), the range will display in the same location in the card.

Lease Estimate
To obtain a lease payment estimate:

Step 1. From the Sales app options menu accessible from the main navigation bar, click Payment Estimator. The Payment Estimator screen will open.

Step 2. In the Lease Estimate card, enter the vehicle’s estimated MSRP in the MSRP field.

Step 3. Type the dollar amount of the gross cap cost in the Gross Cap Cost field.

Step 4. Enter the length of the lease in the Term (months) field.

Step 5. Enter the rate at which the lease will be financed in the Rate/Money Factor field.

Step 6. In the Residual ($) field, type the dollar amount of the residual value of the vehicle at the end of the lease term. The Residual (%) field will then calculate automatically. If you prefer, you can instead enter the percentage of the MSRP associated with the value of the vehicle at the end of the lease terms in the Residual (%) field, and the Residual ($) field will calculate automatically.

Step 7. The Estimated Monthly Payment will display on the right side of the card.

If you've selected to display a range (see the note above), the range will display in the same location in the card. 

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Fuel Comparison
The Fuel Comparison feature gives you one more tool to help make a sale, this time by demonstrating to the customer fuel savings and its effect on the vehicle's cost of ownership. 

To make using Fuel Comparison easier, a user with the appropriate permissions can set up the day’s fuel price, a default estimate for annual inflation, and a default for the estimated miles driven per year. These figures will auto-populate the Fuel Comparison tool when it’s opened from the Sales Tools link. However, the default figures can be changed within the tool to achieve the most accurate snapshot of cost-savings possible for a customer. To learn more about setting Fuel Comparison defaults, see the Knowledge Base article, "Setting Up Sales Tools."

Step 1. From the Sales app options menu accessible from the main navigation bar, click Fuel Comparison.

Step 2. The Sales Tools application will open. Any default figures that have been entered in the Fuel Comparison setup will populate the Fuel Comparison Analysis card when you open the tool. If these figures are incorrect or out of date, you can enter updated figures in the Today’s Fuel Cost and Estimated Annual Inflation fields to override the default figures. You can also click Clear to wipe out all defaults and start fresh.

Step 3. If you’ve entered a figure in the Estimated Miles Driven/Year field that does not match the customer’s driving practices, enter a more accurate estimate in the field to override the default figure.

Step 4. Enter the miles per gallon of the customer’s current vehicle in the Current Vehicle MPG field.

Step 5. Enter the miles per gallon of the deal vehicle in the New Vehicle MPG field.

Tip:  If you do not know the current price of gas in your customer’s region, a list of national averages for gas prices is available at the bottom of the Fuel Comparison screen in a card titled “FuelEconomy.gov Published Prices.”

Step 6. The Fuel Consumption (in gallons) and Fuel Cost ($) tables will populate with the calculations based on the information you’ve entered. Total Savings is also calculated.

Note:  The rate of inflation entered in the Fuel Comparison Analysis data is applied to each year in the Fuel Cost table, including Year 1.

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Refund Calculator
The Refund Calculator can provide estimated refund amounts of optional products and/or finance charges due upon early payoff or termination of a previous finance contract. The calculator can use one of two methods to create the refund estimate: Pro-Rata or Rule of 78.

Pro-Rata Refund Estimate
The Pro-Rata Estimate is the more commonly used of the two refund options. To use this method:

Step 1. From the Sales app options menu accessible from the main navigation bar, click Refund Calculator. The Refund Calculator screen will default to the Pro-Rata Estimate view.

Step 2. Enter the dollar amount of the insurance premium in the Total Premium field.

Step 3. Type total term of the loan in the Total Term field.

Step 4. Enter the remaining months of the loan in the Term Remaining field. The Estimated Refund will display on the right side of the box. 

Note:  The formula used to calculate the estimate is displayed in the box at the bottom of the Pro-Rata Estimate card.

Rule of 78s Refund Estimate
The Rule of 78s Estimate can be used to find a refund of unearned finance charges for a customer’s current vehicle if the account pays off before maturity.

Step 1. From the Sales app options menu accessible from the main navigation bar, click Refund Calculator. The Refund Calculator screen will default to the Pro-Rata Estimate view.

Step 2. Click on Rule of 78s Estimate in the toggle at the top of the screen to select the Rule of 78s Estimate view.

Step 3. Enter the total dollar amount of finance charges in the Total Finance Charges field.

Step 5. Type the number of months in the total term of the financing in the Total Term (Months) field.

Step 6. Enter the months remaining in the loan in the Months Remaining field. The Estimated Refund will display on the right side of the box.

Note:  The formula used to calculate the estimate is displayed in the box at the bottom of the Refund Calculator box.

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