Discover the learning path that’s right for you

Setting Floor Plan Interest For A Vehicle

Autosoft -

 

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.

  1. In Setup, click Sales, and then click Banks.

    The Bank Table opens.

    BankTable_Oct302019.png

  2. Scroll the table or use the search bar to find the relevant bank.
  3. Click on the bank, and then click View Bank.
  4. Click Bank Defaults.
  5. Set the Floor Plan Lender toggle to Yes.

    BankDefaults_Oct302019.png

  6. Enter the information on the Floor Plan Information card.
  7. Enter any relevant curtailment payment information on the Curtailment card.
  8. 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.

  9. 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.
  10. If the lender charges recurring insurance fees for new or used vehicles, enter those values in the New and Used fields after Insurance Fees.
  11. Click Vehicle on the left-side menu.

    The Vehicle app opens.

  12. Select a vehicle from the Vehicle Search, and click View Vehicle.

    The vehicle record opens.

    ViewVehicleBank_Oct302019.png

  13. Verify that the Status drop-down is set to In Stock.
  14. 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.

  15. 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.

 

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.