Step 1e: Entering Payment Information

Once the Preliminary Information section has been completed, you complete the remaining fields of the Payment Information section. As you enter information, the calculated payment will be updated automatically and will be highlighted and displayed near the bottom of the window.

The softare will calculate two different finance rates for your deal. The first, shown on the disclosure sheet as A.P.R., is the percentage rate charged on the amount borrowed or principal. The second, shown on the disclosure sheet as Fed A.P.R., is the annual percentage rate as calculated under the Federal Government's Truth In Lending Act.

For CA and TX dealers: you will also see a third finance rate on your disclosure sheet. This rate is the add-on rate as required by your state's financing regulations, and it is labeled as Add-On Rate on the disclosure statement.

The software also allows you to schedule and accept deferred down payments (also known as "pick-up" notes).

To aid you in entering data, the software has various special function buttons at the right-hand side of the window. These buttons are:

• Calc Pmt: Forces the software to calculate payment information based upon your entries in the Payment Information section.
• Rollback: Allows you to adjust certain deal information in order to achieve a desired payment or profit margin.
• Insurance: Displays a table containing montly payments for a variety of credit insurance coverage options. To add or change credit insurance options without using this button, use the boxes at the bottom of the window and below the calculated payment.
• Warranty: Displays the Warranty Disclosure window so you can easily select a warranty for your deal simply by clicking on it.
• Clear: Clears and resets all fields in the Payment Information section.
• Disclosure: Prepares a disclosure report and displays it in a report preview window.
• Coverage: Displays the Presentation Menu window to present a customer with a list of additional option packages.