Contents 

Welcome
Program Features
Document Processing Screens
Inventory and Cost Tracking
Automatic VIN Decoding
Document Printing
Easy Updates
Window Stickers
Menu Selling
Buy-Here/Pay-Here Processing
Web Site Integration
Inventory Advertising
Custom Reporting
Hardware Requirements
Setting up the Okidata 320/321 Turbo
Okidata 320/321 Printer Settings
Okidata 320/321 Form Alignment
Installing The Software
Initial Installation
Setting Up A Licensed System
Workstation Installations
Backing Up Your Data
Creating a Backup File
Maintaining System Informaton
Dealership Information
General Dealer Information
Other Dealership Information
Buy-Here/Pay-Here Options
Remote Dealerships
Additional State IDs
User Permissions and Security
Using Default Printers
Finance Information
Maintaining Salespeople
State Fees and Taxes
Outside Lienholders
Extended Warranty Maintenance
Insurance Agent Maintenance
Maintaining the Forms List
Maintaining Option Lists
Maintaining Floor Plan Rates
Automatic Stock Numbers
Credit Insurance
Modifying Insurance Types
Setting Credit Insurance Rates
Downloading Programs and Forms
Upload Inventory to Internet
Using The System
Basic Features
Drop Down Menus
File Menu
Options Menu
Tools Menu
Reports Menu
Dealer Financing Menu
Inventory Forms Menu
Pictures Menu
Maintenance Menu
Accounting Menu
Utilities Menu
Format Menu
Help Menu
Deal Processing
Menu Selling
Setting Up Menu Items
Arranging and Saving A Menu
Presenting the Menu to the Customer
Processing a New Deal
Step 1: Start New Deal
Step 1a: Enter Stock Number
Step 1b: Select Vehicle Use
Step 1c: Finance Source
Step 1d: Set the Sale Type
Step 1e: State Fee Schedule
Step 1f: Sale and 1st Payment Dates
Step 1g: Payment Information
Special Function Buttons
Calculate Payment Button
Rollback Button
Insurance Button
Warranty Button
Clear Button
Disclosure Button
Coverage Button
Marking Section Complete
Step 2: Customer Information
Customer Information
Terrorist Watch List
Title Information
Delivery Information
Step 3: Vehicle Information
Step 4: Trade Information
Step 5: Lienholder/Insurance Information
Step 6: Document Printing
Document Questions
Form Defaults
Configuring a Form
Printing the Form
Document Alignment
Clearing Form Settings
Step 7: Wrap Up
Cost and Profit Calculations
Collections At Delivery
Buy-Here/Pay-Here Collections
Calculating Salesperson Commissions
Deleting A Deal
Loading a Previous Deal
Deferred Down Payments
Scheduling Deferred Payments
Accepting Deferred Payments
Getting Credit Reports
Obtaining a Credit Report on a Customer
Viewing Past Reports
Deal History
Arranging Columns
List Filter
Standard Filter
Advanced Filter
Buy Here/Pay Here
Setting up Finance Source
List Filter
Printing Payment Coupons
Customer Payments
Payment And Call Log History
Tracking Phone Calls
Receiving Payments
Edit/Delete Payment
Loan Defaults
Adding Other Charges
Receivables Report
Payment Receipt Report
Missing Receipt Report
Recap Reports
Loan Statement
Projected Cash Flow
Payment Due Statements
Income Report
Commission Report
Modifying Due Dates
Calculating A Payoff
Entering Loans from Other Sources
Credit Reporting
Setting Up Metro 2 Reporting
Creating the Metro 2 File
Inventory Detail
Adding A Vehicle
Basic Detail Entry
Options/Web Tab
Adding Pictures
Entering Options
Tag Line
Excluding Vehicles From Web Sites
Other Information Tab
Standard Information
Custom Information
Supplier Information
Viewing Deal Information
On Hold Info Tab
Pricing Tab
Entering Prices and Costs
Repair Orders
Loading A Vehicle
Deleting A Vehicle
Inventory List
List Filters
Standard Filter
Advanced Filter
Advanced Features
Using Screen Filters
Standard Filter Options
Advanced Filter Options
Saved Filters
Standard Reports
Disclosure Report
Profit Report
Reserve Report
Salesperson Commissions
Vehicle Data Sheet
Sales Graph
Outstanding Deferred Pmts
Delivery Schedule
Custom Reports
Creating, Loading, and Deleting a Custom Report
Saving Custom Reports
Printing Custom reports
Creating a Paper Report
Title, Font and Paper Size
Adding and Deleting Fields
Report Preview
Sorting
Creating a Data Export File
Adding Fields
Creating Mailing Lables
Report Preview Screen
Letter Writer
Creating a New Letter
Printing a Custom Letter
Quick Payment
Payment Table
Finance Table
Insurance Table
Credit Insurance Coverage
Setting Defaults
QuickBooks Interface
Connecting to QuickBooks
Setting Up QuickBooks Accounts
Posting Deal Information To QuickBooks
Utilities Program
Sending Data To Friday Systems, Inc.
Retrieving Data From Friday Systems, Inc.
Compacting and Repairing The Database
Creating A Backup File
Retrieving A Backup File
Frequently Asked Questions

Lot Wizard Dealer Software Online Help Manual

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Finance Information



You can update bank and financing information easily within the software. When entering bank information here, be sure to only enter information on banks for which you will be printing loan paperwork. If you are also doing dealer financing (Buy-Here/Pay-Here), you will want to set up a bank with your dealership information and mark that bank as an in-house financing source.

Note: On occasion, a customer may obtain outside financing on his or her own and possibly come to you with a cashier's check in-hand. In situations like this, you would not enter the financing bank's information into this window. Since the customer has already obtained financing, you will not need to print any bank contracts on behalf of the lender. You may, however, want to list the lender as a lienholder on the vehicle. In this case, you would enter the lender's information into the Outside Lienholders section of the software.

Click on Maintenance in the menu bar and select Banks from the drop-down menu.


The software will open the Bank Maintenance screen. Within this screen you can add new lending institutions, delete lending institutions, or edit existing ones.


On the left-hand side of the window is a listing of financial institutions which were already entered into the software. You may re-arrange this list by selecting and highlighting an institution name and clicking the up or down arrows above the listing to move your selection up or down the list.

Deleting an institution from the listing

To delete an institution from the list, highlight and select an institution and click the Delete Bank button.

Adding an institution to the listing

To add a new institution to the list, click the Add Bank button. The software will display a new window asking for a short name to describe the institution to be added. This short name will appear in the listing at the left-hand side of the window and will also be used in other pull-down menus within the program.


Next, select the loan type this institution will provide. The loan types available for selection are:

  • CASH: Select this option when the customer is paying cash or is financing the vehicle from an outside source.
  • RETAIL: Conventional loan financing using a conventional bank through your dealership.
  • BALLOON: Same as retail except there is a Balloon Payment due at the end of the loan.
  • WEEKLY: Generally used for in-house financing (Buy-Here/Pay-Here) where a Weekly, Bi-Weekly, or Monthly payment is required.
  • FIXED PAYMENT: Customer wishes to pay a set amount. The loan term is adjusted to accommodate the payment.
  • Various Leases: Various lease calculations will be listed depending on what leases are available in your state.

Next, select whether or not this instiution is for in-house financing -- also known as Buy-Here/Pay-Here. If this institution is for in-house financing, click in the box marked In-House Financing (Buy-Here/Pay-Here), and a check mark will appear. If the check mark is visible, the institution has been marked as an in-house lender. It is common for a dealership to enter their own information when setting up an institution for in-house financing since the dealership will be the lender.

Next, select if the final payment must match all other payments in the loan. Normally, this is used for Buy-Here/Pay-Here loans with zero-percent financing. During many of these loan calculations, the final payment may be slightly less than the other payments. If you wish all payments to be the same, check the Final Payment Must Be Same as Others option.

Next, select whether or not to use the Federal calendar when calculating a loan with this finance source. The Federal calendar option forces a loan to be calculated as if all months were 30 days long. Generally, the Use Federal Calendar option is left unchecked.

Next, select whether or not you want the institution name and address to show in the lienholder section of forms when printing. This is used primarily for leases. If you do not want to show the institution information, click in the box marked Don't Print in Lienholder Section. If the check mark is visible, the institution information is not printed on forms.

Enter the institution's full name, address, phone number, and financial institution number.

Enter the reserve calculation in the Reserve Calculation box. Click the down arrow to display a pull-down menu listing the different methods banks use to calculate a dealer's reserve on a loan. Select the one appropriate for this institution. If you are entering a Buy-Here/Pay-Here bank, you generally do not use reserve calculations as you are keeping all of the interest paid and can therefore leave this section blank. There are several types of reserve calculations available:

  • Actuarial
  • Fair Ratio
  • % of Amt Fin
  • Lease FIU
  • Rate Spread

Next, enter the percentage of the reserve paid to the dealership. Enter this amount as a percentage in the % of Reserve box.

If the dealership will receive a minimum reserve amount, you can enter it in the Min Reserve box.

The Prepaid Fin Charge box is for the entry of a default prepaid finance charge. This value will be entered automatically in various screens within the software; however, you may override this value on those other screens if necessary.

Enter a bank fee into the Bank Fee box. This is a fee, application or otherwise, charged by the bank to the customer in order to process the loan.

Setting Up Late Charges

When you set up a Buy-Here/Pay-Here finance source, you may want to collect late fees on delinquent payments. You can set up the delinquency charge amount on the Bank Maintenance screen into a special section that is only visible when you check the box marked In-House Financing (Buy-Here/Pay-Here). This section is located at the right-hand side of the window.


Enter the desired amount for a late charge, the time period for which each charge is assessed, and the grace period for each payment. The data you enter here will be added to each Buy-Here/Pay-Here deal, but you may override this information directly on the deal screens.

   
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