If you were tracking a loan in another system, you may move that loan's information into this software and begin tracking the loan from the date the customer made their last payment. The software will continue to calculate the payment along with the proper amount of interest accrued. This option is disabled by default, but you can enable it by clicking the Enable BHPH Transfer Balances checkbox on the Dealership Information screen.
The first step to entering loans from another system is to enter the basic loan information into the software. You must do this by creating a new deal record for this customer using the deal screens.
Note: It is recommended that you create a new Buy-Here/Pay-Here deal record while using a finance source with a Fixed Payment loan type. This will allow you to ensure that the payment amount is set correctly within the software. If you do not have a Buy-Here/Pay-Here finance source which uses a Fixed Payment loan type, you must first set up your finance source in the software.
When you create your new deal record, ensure that you have the deal date, payment amount, finance rate, loan term, amount financed, and customer information set correctly. You can view these financial numbers using the Disclosure button on the deal screens. These data are essential to properly calculating and tracking any loan.
Once you have created your new deal record, be sure to finish and save the deal. This will create a new loan record under your Dealer Financing tab. Now that you have created the deal and loan records, we can modify the loan record to reflect the payments which were already made under your old system. To modify the loan record, click to select and highlight a customer's name within the customer loan list as described in the Customer Payments section of this manual. Once the customer has been selected, click on the Dealer Financing menu at the top of the screen and select Edit Beginning Balances from the pull-down menu. The software will then display the Transfer Starting Balance Entries options window.
Enter the date of the last payment as it was made in your old system. Next, enter the date that the customer's next payment is due. Also, enter the balance of the loan as it stood in your old system after the customer made their last payment.
Once you have this information set, the software will take over and calculate the customer's loan from this point forward. Simply click the OK button to apply the data changes to the selected loan.
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