Release Notes - January 2024

Release Notes - January 2024

Check out the major updates, enhancements, fixes, and new features released in January 2024.

• BHPH - Balance Forward Accounts
• Applicant Info
• Co-Buyer Info
• Vehicle Info
• Deal Info and Account Balances
• Balance Froward Accounts
• DEAL - FinBe State Expansion AZ, CO, NM, KS, LA, MI, IN, OH, WV, SC
• DEAL - All Reversed Payments Report
• DEAL - Lender Buyback Process
• Buying Back a Deal
• After the Buyback
• Buyback Reporting

BHPH

Balance Forward Accounts

DealerCenter has made it easier for users to enter existing accounts and/or accounts purchased from 3rd parties that will be serviced by the dealer. This new function will allow dealers to create BHPH accounts with existing balances that can be collected on and included in the reporting of the dealer’s overall BHPH portfolio.

Users can find the “Add Balance Fwd Acct” in the left navigation bar under the BHPH section to access the option. Selecting the option will open a new Balance Forward/Account Entry window.

 

A message box will appear and inform the user of the function of the Balance Forward account creation and will have the open to accept by selecting “Ok” or “Cancel” to exit the process.

The message below will appear in the pop-up box

“Adding a Balance Forward account will create a new BHPH account that is already in progress. The BHPH account balances and interest accrual will be driven by your inputs.

Please select Start New BHPH Deal from the left navigation menu if you intend to start a new deal to print paperwork and track the payment history from the account’s inception

 

After selecting “Ok” a Balance Forward/Account Entry window will appear with a simplified deal entry screen that minimizes the required information to just the values needed to create the BHPH account with the needed contact information for the customer for collection purposes.

 

Applicant Info

The Applicant Information fields will contain a minimized version of the buyer Info section from the current existing deal entry screen.

 

The applicant information will be carried over to the BHPH customer record that is created for the account. A co-buyer can be added by clicking the Add Co-Buyer button.

 

Co-Buyer Info

The Co-Buyer info will have the same fields as the simplified applicant fields with the addition of selecting the relationship type between the applicant and co-buyer.

 

Vehicle Info

 

Deal Info and Account Balances 

The Deal Info section will be used to enter the deal structure. The Account Balance section will contain input fields needed to create the Balance Forward account. The inputs will vary slightly if the deal is structured as simple/precomputed interest and deferred/non-deferred tax. (Managing the option between precomputed or simple interest can be accessed in the Dealer Settings>Deal> Deal Management > Financing.)

Clicking the Create Account will generate the new BHPH account using the values entered.

Simple Interest

 

Pre-Computed

 

Balance Froward Accounts

The newly created account Balance forward account will show the balances and payment info based on the values entered during the account creation process. An Account Condition will be placed on the account to indicate to users that it was created as a Balance forward account.

 

Balance Forward indicators will also appear in BHPH reports to notify users that the account was created as a Balance Forward account.

 

DEAL

FinBe State Expansion AZ, CO, NM, KS, LA, MI, IN, OH, WV, SC

FinBe ( Formerly CreditoReal ) is expanding to these additional states

• Arizona
• Colorado
• New Mexico
• Kansas
• Louisiana
• Michigan
• Indiana
• Ohio
• West Virginia
• South Carolina

All Reversed Payments Report

We have added an “All Reversed Payments” report in both the Deals and BHPH modules. The report will display details of any payments that have been reversed in each module.

 

 

Lender Buyback Process

There are certain situations, such as when a customer is being financed and doesn’t make their first payment, and due to a first payment default clause, a dealer must “Buyback” a deal from a lender.

 

This means the dealer is forced to return the funds to the bank financing the deal. To better facilitate the buyback, We have added a new functionality that will allow dealers to track the buyback amounts, restock the returned vehicle, and report on the dealership’s Buybacks.

 

Buying Back a Deal

When a Finance deal is in the Sold-Funded status, the user can begin the Buyback process by opening the status dropdown and selecting Buyback.

 

The buyback option will only be available when the deal is in Sold-Funded status.

 

A window will be presented for the user to enter the Buyback details.

 

• Buyback Date
  • The date on which the Buyback occurred.
• Buyback Reason
  • A dropdown selector with the following options
    • First Payment Default
    • Unpaid Down
    • Fraud
    • Vehicle Issue
    • Other
• Funding Check Received
  • Displays the amount that was originally entered as the amount received from the lender when the deal was marked Sold-Funded.
• Total Buyback Amount
  • A pop-down with inputs for the amount being returned to the lender and optional inputs for potential Repo and Other fees that may be incurred as part of the Buyback process.

 

• Restock Unit?    
  • Is the Buyback vehicle being taken back into the dealer’s inventory?
• New Stock #/Mileage
  • Inputs for the vehicle if it was being restocked.
• Use the Buyback Amount as the cost of the restocked unit.
  • When selected, the Total Buyback Amount will be used as the cost of the restocked vehicle.
• Is the Trade-in being returned to the customer?
  • If set to YES and the trade-in is in the dealer’s inventory, it will be removed from the dealer’s active inventory and marked as having been returned to the customer.
  • If set to YES and the trade-in had been sold prior to the buyback, the user will be asked to enter the amount that will be returned to the customer in place of the trade-in.

 

• If set to No, the trade-in will remain in the dealer’s inventory.
• Is the Down Payment being returned to the customer?
• If set to YES, the user will be presented with the list of down payments that have been collected and given the option to partially refund or fully refund those payments.
• If set to NO, the down payment will be kept as income on the Buyback Deal.

Restocked Vehicle from a Buyback

If the dealer has chosen to restock the vehicle in the Buyback deal, the status of the vehicle sold on the original deal will be updated to Buyback, and a new vehicle record will be created for the restocked unit.

 

The total buyback amount will be carried over to the Vehicle’s cost (if the “Use Buyback Amount as cost of restocked unit” option was selected.

 

The Purchase Source of the restocked vehicle will but set to Buyback, and a link to the vehicle on the original deal will be available in the Purchase Info tab.

 

After the Buyback

The details of the completed buyback will be visible in the Post Sale Tab by clicking the View Buyback Details button.

 

The details entered during the Buyback process will be visible to the user.

 

If needed, the Buyback can be undone by clicking the Undo Buyback button. The Undo Buyback action will remove the restocked vehicle from inventory (if restocked), reverse the accounting transactions made during the Buyback, and return the deal to the Sold-Funded status.

 

Buyback Reporting

A new Lender Buybacks report has been created in Deal reports to allow users to track the buybacks that have been completed.