You can use the floor plan interest calculator to calculate the interest you owe each month for individual floor plan vehicles. To set floor plan interest for a vehicle, complete the following steps.
- In Setup, click Sales, and then click Banks.
The Bank Table opens.
- Scroll the table or use the search bar to find the relevant bank.
- Click on the bank, and then click View Bank.
- Click Bank Defaults.
- Set the Floor Plan Lender toggle to Yes.
- Enter the information on the Floor Plan Information card.
- Enter any relevant curtailment payment information on the Curtailment card.
- To set interest rates, click Annual Schedule of Rates, enter the proper values, and click Continue.
Note: Users must continually revise interest rates each month as they changes.
- If the lender charges one-time floor plan fees for new or used vehicles, enter those values in the New and Used fields after Floor Plan Fees.
- If the lender charges recurring insurance fees for new or used vehicles, enter those values in the New and Used fields after Insurance Fees.
- Click Vehicle on the left-side menu.
The Vehicle app opens.
- Select a vehicle from the Vehicle Search, and click View Vehicle.
The vehicle record opens.
- Verify that the Status drop-down is set to In Stock.
- Under Pricing, select the Floor Plan Lender drop-down, and select a vendor.
Note: This is only if the user has set up multiple banks as floor plan lenders. If they only have one bank set as a floor plan lender, the Floor Plan Lender will default to that bank.
- In the Floor Plan Amount field, enter the value.
When a user opens a vehicle record the cumulative floor plan interest and fees will recalculate. A vehicle must be in stock for fees to recalculate.