The system supports in-house dealer financing, also known as Buy Here/Pay Here.
To access Buy Here/Pay Here functions, click on the Buy Here Pay Here tab as shown below. From this screen, you can:
➢View all active accounts.
➢Print reports and Payment Coupons.
For in-house dealer financing, you process a customer’s paperwork exactly like any other financed deal with one exception -- you select the finance source that you designated as your in-house financing source. Interest charges are calculated on a daily basis on the existing balance. This method is generally referred to as the simple interest method.
Once a deal is completed and saved using an in-house financing source, all relevant financial information will be transferred over to the system's Buy-Here/Pay-Here module.
The Buy-Here/Pay-Here module also allows your dealership to:
➢Set finance rates, terms and payment frequencies.
➢Assess late fees.
The left side of the screen lists several commands. Scroll down to see a summary of the function of each of these commands, and links to more information.
Special function commands are located on the left side:
•Receive Payment -- allows you to enter a payment for a selected customer account.
•Reconcile Web BHPB -- (Optional) Allows you to retrieve and apply customer payments made from your website.
•Receivable Report -- prints a report of monies currently due to you, the Buy-Here/Pay-Here bank and doubles as a late-payment report.
•Print Pmt Receipt -- re-prints a receipt for a selected payment.
•Receipt Report -- prints a report of all receipts issued/payments collected within a specified time period.
•Edit Payment -- allows you to change the details for a selected payment.
•Recap Report -- prints a report showing the main details of a loan such as vehicle sold, customer name, gross profit, balance, etc.
•Statement -- prints a statement of a selected account's payment history.
•Cash Flow Report -- prints a report projecting the monies you will receive in a specified time period for active loans.
•Pmt Due Statement -- prints coupons for payments that are currently due for customer reminders.
•Income Report -- prints a report which breaks down the main financial components of your deals and shows the expected profit from each deal.
•Pmt Coupons -- prints payment coupons for a selected loan.
•View Deal -- loads the selected loan's deal information and displays the deal screens.
•Edit Letters -- displays the Letter Writer Window which allows you to write and edit customized letters such as late notices or thank-you notes.
•Print Letter -- prints a customized letter for a selected loan.