Buy-Here/Pay-Here Collections

If your current deal is a Buy-Here/Pay-Here deal, you will be able to see the amount of money you have "out on the street" in the section labeled Buy Here/Pay Here.

Calculating the Amount "On The Street"

The software will display any payment collected to date (if any) in the Payments Collected box. Clicking the down arrow will display a small window giving you a breakdown of these payments.

The Vehicle Costs box displays a sum of what it cost the Buy-Here/Pay-Here finance source, usually the dealer, to cover any outstanding amounts. This will also reflect any monies from outstanding deferred down payments.

The Added BHPH Costs box displays additional Buy-Here/Pay-Here costs entered beyond the original costs of the deal.

The Difference box displays the net sum of the boxes above. This is, in effect, the amount of money "on the street." If this figure is negative, you have not yet brought in enough money on this deal to cover the amount you lent the customer. If this number is positive, you have passed the "break even point" and covered your potential losses.

Saving the Income Stream Source

If you wish to track any source, outside or otherwise, which supplies your Buy-Here/Pay-Here monies to finance deals, you may enter the name of that source in the Income Stream Source box.

Calculating Salesman Profits On Payments Collected

You can enter a percentage of commission you wish to pay your salespersons on the amount of money collected from a Buy-Here/Pay-Here deal. You can then view the amount paid to each salesperson by viewing the Commission Report under the Dealer Financing menu in the Dealer Financing tab.

Note: The software will only calculate commissions on money that is above and beyond the "break even point." That means the commission will come from the amount in the Difference box once the amount in the box has reached a positive value and all principal monies lent to the customer have been recovered.