Depending on the type of product you are working with during origination, the Tools screens enable you to calculate Lease and Vehicle value details.
Tools in the main menu are standalone and information calculated using them can only be viewed.
The lease calculator works in one of four modes, depending on which of the following options you select in the Lease Calculator section:
The Calculate Payment mode calculates the base monthly payment using the information provided: the gross capitalized cost, capitalized cost reduction, residual percentage, rate, and lease term.
The Calculate Rate mode calculates the rate and the rent factor using the gross capitalized cost, capitalized cost reduction, residual percent, lease term, and base monthly payment.
The Residual Percent mode calculates the residual percent using the gross capitalized cost, capitalized cost reduction, rate, lease term, and base monthly payment.
The Gross Capitalized Cost mode calculates the gross capitalized cost using the capitalized cost reduction, residual percent, rate, lease term, and base monthly payment.
Note
If you want to clear (or “refresh”) the lease calculator at any time, click Initialize in the Lease Calculator section.
To calculate a lease payment
Field: |
Do this: |
Contract Dt |
Enter the contract date. |
First Pmt Dt |
Enter the first payment date. |
Maturity Dt |
View the maturity date. |
Gross Capitalized Cost |
Enter the gross capitalized cost. |
Capitalized Cost Reduction |
Enter the capitalized cost reduction. |
Adjusted Capitalized Cost |
View the adjusted cap cost. |
Residual Value (-) |
View the residual value. |
Residual% |
Enter the residual percentage. |
Rent Charge (+) |
View the rent. |
Rate |
Enter the rate. |
Rent Factor |
View the rent factor. |
Total of Base Monthly Pmts (=) |
View the total of payments. |
Term |
Enter the term. |
Base Monthly Payment |
View the base monthly payment. |
The system calculates the Base Monthly Payment (=) field on the Lease Details section.
To calculate a rate
The system calculates the Rate field on the Lease Details section.
To calculate a residual percent
The system calculates the Residual% field on the Lease Details section.
To calculate a gross capitalized cost
The system calculates the Gross Capitalized Cost field on the Lease Details section.
You can generate a summarised report using the calculated lease details in the format of quote with lease details and charges.
In the Lease Calculator screen, click Print Quote. The system generates a PDF document to the default downloads repository consisting of the following information in the respective headers:
Lease Details
The Lease Details section consists of Contract Start Date, Contract End Date, First Payment Date, Total Lease Term, and Rate.
Payment/Finance Charge
The Payment/Finance Charge section consists of gross capitalized cost, adjusted capitalized cost, percentage of residual value, rent factor, base monthly payment, and total of base monthly payments including rental charges.
Depending on the screen from where you have accessed the tools sub tab, you can copy the calculated values to either Contract or Decision tab. If you are in Underwriting stage, you can copy the values to decision tab. Similarly during Funding stage, you can copy the values to contract tab.
Click Copy to Contract/Decision. The calculated details are copied to the respective fields in Contract/Decision tab.
The Vehicle Evaluator screen allows you to calculate the value of a vehicle. You can use the Vehicle Evaluator screen to calculate the value of either a vehicle you are entering as the new collateral or vehicle currently listed as the application’s collateral.
The Vehicle Evaluator screen can be cleared or refreshed at any time by clicking Clear.
To calculate a vehicle value
-or-
Complete the fields in the Vehicle section.
Field: |
View this: |
Year |
The asset year. |
Make |
The asset make. |
Model |
The asset model. |
Body |
The asset body style. |
Usage |
The asset usage or current mileage. |
Weight |
The asset weight. |
In the Valuation (Total Value) block, view the returned information:
Field: |
View this: |
MSRP |
Manufacturer’s suggested retail price value of the asset. |
Total |
Total value of the asset. |
Usage |
Adjusted usage value of the asset. |
In the Base and Attribute Value section, view the returned information:
Field: |
View this: |
Base Retail |
Total retail value of the asset. |
Base Loan |
Base loan value of the asset. |
Base Trade |
Base trade value of the asset. |
Retail |
Retail value of the asset attributes. |
Loan |
Loan value of the asset attributes. |
Trade |
Base trade value of the asset attributes. |
In the Attributes section, view the following information:
Field: |
View this: |
Attribute |
Asset attribute. |
Retail |
Attribute retail value. |
Loan |
Attribute loan value. |
Trade |
Attribute trade value. |
Standard |
Standard indicator. If selected, indicates that the attribute is a standard. |
Package Incl |
If selected, indicates that the attribute is inclusive. |
Selected |
If selected, indicates that the attribute is selected. |
If you want to re-calculate the values using other data in Total Value and Base and Attribute Value section, do the following:
The system updates the values in Total Value and Base and Attribute Value sections.
If you choose, use Attributes section to select or clear the Selected box for attributes of the vehicle. This automatically updates the values in Total Value and Base and Attribute Value sections. (Note: Attribute amounts within brackets reduce the amount in Totals field in the Total Value section.)
To copy the calculated value to the Collateral link
You can copy the calculated value to Collateral link only if you have accessed the tools tab either from Underwriting or Funding Tab. Accessing Tools from the main menu does not support this option.
The system uses calculations on the Vehicle Evaluator screen to complete Valuation sub screen on Collateral link. Any pre-existing collateral is no longer the primary collateral.