General Description of the Feature
This feature deals with the re-design of the Financing Templates and Financing Calculation only.
A set of new fields has been developed and enhanced both the Financing Templates form and the Financing calculation form in the Offer.
The fields included in the Vehicle Financing Template form are:
Field Name | Field Type | Info |
|---|---|---|
| Description | free text | |
| Financing Company | free text | This field replaced the previous Bank field. The bank names of pre-existing financing template values are migrated to this field. |
| Annual Percentage Rate (%) | Decimal | |
| Duration | Integer | This field replaced the previous "Runtime in Months" field and represents the No. of Installments. |
| Down Payment (%) | Decimal | This field replaced the previous "Deposit (%)" field |
| Residual Rate (%) | Decimal | |
| Type | drop-down | Possible values (hard coded): New vehicles / Used vehicles |
| Installment Period | drop-down | Possible values (hard coded): 1 Month, 1 Year, 2 Years, 6 Months |
| Financing Type | drop-down | Option Field EntityName: Document / Field: FinancingType |
| Quota Type | drop-down | Option Field EntityName: Finance / Field: QuotaType |
| Max Mileage | Decimal | |
| Service Amount | Decimal | |
| Bank Fee | Decimal | New field holding the amount of the Bank fee (is involved in the financing calculations) |
| Is Standard | Boolean |
The fields included in the Financing calculation form are:
| Filters Section | ||
Field Name | Field Data | Info |
|---|---|---|
| Payment | Decimal | This filter is based on the values of the calculation of the field "Down Payment". |
| Duration | Integer | This filter is based on the values of the field "Duration (Months)". |
| Monthly Cost | Decimal | This filter is based on the values of the calculation for the "PMT (Monthly Cost)" |
When the user changes one of the above 3 fields (Payment, Duration or Monthly Cost), the ordering of the templates is calculated, as follow:
- First, the system finds any exact matches based on the filter values and will be presented at the top of the list
- Then, the system finds fluctuations of the given filtered values:
- For Payment, +-20%
- For Duration, +-12 (months)
- For Monthly Payment, +-30%
- For example, if the user enters for Monthly Payment the value 1000, then, based on the +-30% range, the template’s Monthly Payment will be between 700 (minimum fluctuation) and 1300 (maximum fluctuation)
- These results are presented right after the exact matches
- Any templates that do not match the above conditions, are presented last
If more that one template is part of a filtering result, then they are ordered based on the template description.
| Fields | |||
Field Name | Field Type | Field status | Info |
|---|---|---|---|
| Gross Total Price | Decimal | editable | Equal with "Gross Basic Price" if opened from vehicle Inventory |
Trade In | Decimal | read-only | Equal with 0.00 amount if opened from vehicle Inventory OR with trade-In "Final Price with Benefit" if opened from Offer |
Start Date | Date | editable | Start Date input from the User |
| End Date | Date - read-only | read-only | Equal with: Start Date + Duration |
| Down Payment | Decimal | editable | Equal with: Gross Total Price * Down Payment (%) from the selected template |
| Down Payment (%) | Decimal | editable | Equal with: Down Payment (%) from the selected template |
Residual Amount | Decimal | editable | Equal with: Gross Total Price * Residual Rate (%) from the selected template |
| Residual Rate (%) | Decimal | editable | Equal with: Residual Rate (%) from the selected template |
| Duration (months) | Integer | editable | Equal with the field "Duration" from the selected template |
| Number of Payments | Decimal | read-only | Equal with the value of the "Duration (month)"field |
| Annual Rate (%) | Decimal | editable | Equal with the field "Annual Rate (%)" from the selected template |
| Payment | Decimal | read-only | Equal with: Monthly Cost + (Service Amount / Duration (months)) + Bank Fee |
| Total | Decimal | read-only | Equal with: (Payment * Duration) + Down Payment + Residual Amount |
Amount Of Refunding | Decimal | read-only | Equal with: Gross Total Price - Down Payment - Residual Amount |
| Financing Type | string | drop-down editable | Equal with the field "Financing Type" from the selected template |
| Quota Type | string | drop-down editable | Equal with the field "Quota Type" from the selected template |
Max Mileage | Decimal | editable | Equal with the field "Max Mileage" from the selected template |
Service Amount | Decimal | editable | Equal with the field "Service Amount" from the selected template |
Bank Fee | Decimal | editable | Equal with the field "Bank Fee" from the selected template |
| Monthly Cost | Decimal | read-only | Equal with the PMT excel function calculation. =PMT((Annual Rate (%)/12);Duration (months);-Amount Of Refunding) |
| Interest Rate per Month (%) | Decimal | read-only | Equal with the RATE excel function calculation. =RATE(Duration (months);(Monthly Cost+Bank Fee);(-Amount Of Refunding+Service Amount)) |
| Effective Interest Rate (%) | Decimal | read-only | Equal with the POWER excel function calculation. =POWER((1+Interest Rate per Month (%));12)-1 |
| Effective Credit Cost | Decimal | read-only | Equal with: Payment * Duration (months) - Amount Of Refunding |
After selecting a Financing Template (mandatory) the system will automatically calculate all the above fields based on the values of the selected template and fill all the relevant fields of the form.
The users are able to change the values of any of the "editable" fields and this way trigger a new calculation each time. If a manual calculation is triggered this way, the system deselects automatically the previously selected template and the calculations are not based on this template any more, neither the Bank description.
After selecting "Next" the "Add Finance" form is displayed. Here in this form:
- all the calculations previously made are included and displayed in the relevant fields
- all the available fields are editable
- no calculations are performed in the form
So, in the final form users are able to make further changes in the values that are not triggering any calculation and thus do not affect values in the other fields. This form can be mainly used from customers that do not wish to use the Financing Templates and thus the automated calculation.
The "Add Finance" form has 3 possible actions:
- Save: After the finalization of the financing, it can be added in the Offer by selecting the Save button
- Back: Return back to the "Vehicle Financing Template" form, all previously made calculations are removed and the form is initialized empty.
- Cancel: Completely cancel the process of adding a Financing in the Offer.
Feature Relation
The current feature is a redesign of 2.65.3 - Finance Calculation: Vehicle and Offer/Order and in this documentation the full process is included.
All related functionalities are still relevant.
Vehicle Print-Out
The Financing Vehicle Print-out calculation, from within the Vehicle Inventory, was not part of this redesign. So, all values are calculated based on the development described in the above article.
Business Benefit
Provide enhanced calculations on preparing financings in the Offer.
Configuration
Administration and Process pages:
- Vehicle Financing templates ~/Inventory/VehicleFinancingTemplatesGridList
Setup Keys:
Setup Key | Default values | Infos |
|---|---|---|
| EnableFinancingList | True | True/False - Enable the "Finance" & "Payment" section within the Offer page |
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