Capitalized Cost and How It Relates to Lease Here Pay Here
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....
What Should I do if a Customer Makes a Promise for Payment?
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....
How to Properly Calculate the Residual Value for a Used Car
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....
BHPH End Of the Month Procedures
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....
Can Deal Pack Print MICR Checks?
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....
What is a Form Confirmation Letter?
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....
I have a payoff amount that is more than what the customer owes, can I apply it as 1 single payment?
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....
Dealership Leasing Software: What is a lease money factor?
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....
ATTN: Michigan Customers, Please Make sure you are aware of the Police Book Requirements
For our Dealers in Michigan, in case you were unaware you are required by the Public Acts of 1921; Sec 14 Act 46 to have a bound volume or electronic record containing a complete bought and sold record for each vehicle handled by a dealer. When a dealer purchases....
How do I bring a customer’s account current?
A common Deal Pack support question that I receive is, “What can I do to bring a customer’s account current?” The client's reaction to the ease and efficiency of this process always brings a smile to my face. Deal Pack provides a Deferment button at the Payment screen. It’s....