The Quick Payment window allows you to quickly calculate payments, estimate finance amounts, or create payment and financing charts without interfering with the deal you are currently processing.
The Quick Payment window can be opened clicking Tools in the menu bar and selecting Quick Payment from the drop-down menu. You can also access the Quick Payment window by pressing the F3 key on your keyboard or by clicking File in the Quick Payment window's menu bar and selecting New Quote from the drop-down menu. You may open multiple copies of the Quick Payment window at the same time.
Once loaded, the Quick Payment window will display as a finance source the first bank listed in the Bank Maintenance window. The listing from the Bank Maintenance window is used to fill in the Finance Source pull-down menu at the top of the Quick Payment window. Generally, you will not need to change this finance source unless you wish to change the financing type (i.e., conventional loan, balloon, lease). Friday Systems recommends you make your first bank listed in the Bank Maintenance window (not "Cash") a convention retail loan and not set to be "CASH" source. Only non-cash finance sources are displayed in the pull-down list.
When making calculations with the Quick Payment window, you must highlight the field you want to calculate. You do this by clicking the radio button beside the field to be calculated. The field will then be highlighted with a RED background. This highlighted field will be calculated based on your inputs in the other fields.
Calculating a Payment: Make sure the Payment box is highlighted. If it is not, click on the radio button next to the Payment box. Enter the finance amount, term, and interest rate. Click the Calculate button. The payment will be calculated to include default insurance or warranty amounts you may have entered in the insurance section.
Calculating how much can be financed: Make sure the Financed box is highlighted. If it is not, click on the radio button next to the Financed box. Enter the term, finance rate and desired payment. Click the Calculate button. The amount available for financing will be calculated. Any insurance coverage or warranty amounts will have been deducted from this financed amount. That is, the total amount financed will be equal to the displayed financed amount plus insurance coverage amounts.
Estimating a term or finance rate: Using the same process as above, you can also approximate a required term or interest rate to achieve a certain payment. Simply highlight the Term or Finance Rate box and fill in the other entries. An estimated term or finance rate will be calculated.
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