Release Notes - March 2023
Check out the major updates, enhancements, fixes, and new features released in March 2023.
- BHPH - Side Note Collection Priority Setting
- BHPH - Allow Users to View Originally Entered Charge-Off Details
- BHPH - Side Notes with Multiple Schedules
- CRM - Multi-Location CRM Reports
- DEAL - CA Repo Credit Tax Reporting
- DEAL - Toggle to Show Only Approvals/Counters in Compare Offers
- DEAL - Payment Method Filter Added to All Payments Received Report
- DEAL - WFS/WFI Flooring Offset Notices in DC
- DEAL - Print Pack Preview from Dealer Settings
Side Note Collection Priority Setting
A new feature has been added to BHPH settings to allow a payment to be applied to Side Notes before it is applied to the regular payment due.
The new setting will be “Apply payment to Side Note first,” with a dropdown with the following options.
- Selecting Never will keep the current payment application behavior, in which the money received is applied to the regular payment due before it is applied to the side note due amount. This is the default system behavior.
- All Side Notes
- Selecting “All Side Notes” will apply the payment to all side notes due, with the remaining being applied to the regular payment due. This setting will apply to manually entered payments, Auto-Pay payments, and online payments from the dealer’s website.
- Only CPI Side Notes
- Selecting “Only CPI Side Notes” will apply the payment to the CPI Side Note before the regular payment due and any non-CPI side notes. Non-CPI side notes will be satisfied after the regular payment is due.
When taking the payment, users Collect, Defer or Partial Defer the side note.
Allow Users to View Originally Entered Charge-Off Details
A new feature has been added that will allow dealers to view the details that were entered into the Charge-Off window while the charge-off was being processed.
A new View Charge-Off Details button has been added to the Repo/Charge-Off tab in the BHPH account.
Hitting this button will open the Charge-Off window with the originally entered Charge-Off details.
Side Notes with Multiple Schedules
We have now given dealers who are doing BHPH to allow a payment of a side note with the same or different payment frequency. This will give the dealers more flexible payment frequency options to repay back the Side note or Collateral Protection Insurance (CPI).
From the BHPH account, select the “Account Balances” tab and select “Add Side Note.” Users have the option of choosing Side note type of “Side Note” or “CPI.”
Dealers will have the option to set the payment frequency. The available options are:
- With Payment (Same frequency as the BHPH account)
Dealers will also be able to add multiple payment schedules to a single side note. Each payment schedule can have a different payment frequency. When the users unlock the payment lock, the payment field will be open for a user to manually enter a value.
The remaining balance after the first payment schedule is completed will carry over to the second payment schedule. The term will determine the payments for the additional payment schedule.
Multi-Location CRM Reports
Multi-Location support has been added to the following Customer/CRM reports:
- All Customers Detail View
- Deal Driver Leads
- Lead Pipeline Detail View
- Lost Customer
- My New Prospects
- Prospect Not Contacted
- Sold Customer
- Carzing Report
- Credit Apps
CA Repo Credit Tax Reporting
A new report has been added to Deal reports for Repo Tax Credit Reporting in California. This new report, Repo Tax Credit Reporting, will provide the details needed to file for tax credits in the state of California as part of Regulation 1642 (https://www.cdtfa.ca.gov/lawguides/vol1/sutr/1642.html).
The Repo Tax Credit Reporting report will show the Repo Loss, Allowable Deduction, and Tax Credit for deals that are charged off within a specified date range. The results will be grouped by County and include the subtotals for each county grouping.
The allowable deduction is calculated by the formula below:
- Calculate the Taxable percentage of loss
- Taxable amount /(Amount Financed + Total Down) = Taxable Percentage of Loss (%)
- Taxable Percentage of Loss * Repossession Loss = Allowable Deduction
Toggle to Show Only Approvals/Counters in Compare Offers
A new filter has been added to the Compare Offers window that will allow dealers to filter the results to only show Approvals and Counteroffers.
Payment Method Filter Added to All Payments Received Report
A new Filter has been added to the All Payments Received report (in Deal and BHPH Reports) to allow users to filter by payment method.
WFS/WFI Flooring Offset Notices in DC
WFS and WFI have added a new feature to allow dealers to see the offset on deals in which the vehicle was floored. Previously, the offset notices were emailed to the dealer, but WFS and WFI wanted to allow dealers to view this information in DC.
Dealers can view the Flooring Offset notices by clicking on the Funding Notices link on the DC Home page.
The Funding Notices window will have a new tab for Funding Offset Notices that displays the Flooring Offset info.
Print Pack Preview from Dealer Settings
We have added the ability for users to view and edit the documents included in a print pack from Dealer Settings.
To view/edit a print pack, the user will navigate to the Print/eSign Settings tab in Deal settings and click the pencil icon next to one of the user-created print packs.
A new window will be open in which you can edit the name and associated lender for the print pack and add, remove, or change the order of the docs included in the print pack.