With respect to a BHPH dealership, what are they and how are they different? Well, a repossession is taking back your asset, while a charge off is expensing a receivable, taking it off your balance sheet.   This is important to take note, since these words can be used interchangeably....

Buy Here Pay Here needs more sophisticated methods of evaluating prospective customers as well as deal structure as money flows through this industry. The solution can be through the use of scoring models. They are designed to maximize your sales in a way of focusing on customer financial strength as....

Capitalized cost, commonly referred to as "cap cost" by most leasing dealerships is the amount to be financed in a lease. We can arrive at this number by taking the agreed upon price of the vehicle plus any additional fees or taxes not included as part of the cash due....

Deal Pack provides the ability to save a Promise to Pay, or PTP, on a customer's account. This can be accomplished from either the Payment or Collections screens.   At the Payment screen, pull up the Customer's account and click the Remark tab. Enter your employee code, type a note....

First up, definition: the residual value is the projected market value of the vehicle at the end of the lease. Typically a percentage of the vehicle’s MSRP, this value is reduced from adjusted cap cost in the determination of the total of the lease payments.   Next, why you should....

Another month has come to a close so quickly! It’s time to get those reports printed out so you can close out and enjoy the next month. It is highly suggested on the last day of every month to run particular subsidiary reports and save them for the purpose of....

Deal Pack has the ability to print MICR checks on your own blank check stock, rather than on preprinted checks. Using blank check stock has advantages in that if you change an account number you aren’t stuck with pre-printed stock. Also, blank stock is less expensive to purchase than preprinted....

Forms are installed into your Deal Pack application upon completion of programming. At that point we request you test them thoroughly for placement and accuracy and verify they meet your expectations.   It's important to consider all variables and scenarios when testing. As example, are fees that were entered on....

Recently I was asked from numerous customers how they should handle payoffs that are more than the current payoff. Typically I tell customers that they can split the payment up into 2, one being the payoff and then applying the rest to some other liability account. However we also have....

We all know that a retail installment contract for a purchase has a principal balance, and finance charges calculated based on the annual percentage rate or APR. There is a significant difference, however, between retail deals and lease deals. There is no traditional ‘APR’ when it comes to leases. But....