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By Deal Pack - December 7, 2012
Deal Pack’s dealer management software provides the ability to record your customer’s bankruptcy information, track those customers who have filed bankruptcy and adjust their loan in accordance to court documents.
Start by pulling up your customer and utilizing File Maintenance (FM) at the Customer, Collections or Payment screens. Select the Bankruptcy tab and enter Y in the “Bankruptcy Filed” field. This step produces a pop up message and banner when the customer’s account is viewed indicating bankruptcy has been filed. It also adds the customer to the “Bankruptcy Filed” report which is located in the Reports II section. Enter any other applicable data in the remaining fields of File Maintenance as desired.
Typically after receiving documentation that your customer is involved in bankruptcy proceedings you would refrain from placing collection calls to them. Pull the customer up in the Collections section and select Y at the Call Prohibited field to remove them from collection queues. A Call Prohibited report exists in the Collections section under the Report tab which provides a list of all customers flagged with Y at Call Prohibited.
Once the terms of the bankruptcy has been established through the court, the customer’s loan can be adjusted accordingly in Deal Pack. The loan balance can be reduced at the Payment screen by using No Pay to write off the difference. The loan can then be refinanced to adjust the APR, payment amount and other applicable terms. Please feel free to contact any one of the knowledgeable Deal Pack support team members to discuss any questions or concerns regarding a bankruptcy account.
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Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983,
we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business,
and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases,
internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time,
increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across
all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.