Quote Finance & Fees: Finance — Operating Lease Residual

Finance calculations, rates, commissions, and fee configuration

Operating Lease Residual

Total Residual Inc GST (Number) — Displays the gross residual value. This can be edited, which will re-calculate the net and gst values for residual. This field may be updated via the Refresh Base Rate feature. This field can be role restricted.

Total Residual Exc GST (Number) — Displays the net value. This field may be updated via the Refresh Base Rate feature. This field can be role restricted.

Finance Application Details

This section displays Finance Application details which may be added via a Financier Interface or entered manually by users. Once an "Application Reference" exists, only an 'Admin' user can edit these fields, e.g. the information might be deleted so you can re-submit an application. These fields can all be role restricted.

Originator (Drop List) — Choose an appropriate Originator if one has been set up. Only active originators can be selected. When submitting an application for Angle Auto Finance this field is mandatory and must be populated to display the 'Apply' button.

Application Reference (Number) — Records the Financier's Reference Number. Quotes can be configured to require the "Application Reference" field to be populated for specific Contract Types.

Application Date (Date) — The date the application was made to Financier for funds approval.

Status (Text) — Shows whether the submission of the finance application to the financier via the web-service has failed or whether it was successful.

Application Status (Text) — Will allow users to store the progress of the finance application (eg. pending or waiting on additional information etc). This field cannot be directly edited from the screen.

View, Edit and Actions

View

  • The Apply button is enabled when a financier interface can be used to send a credit application to the nominated financier. An interface is currently available for Angle Auto Finance.

  • The Resubmit button is shown if you have made an Angle Auto Finance credit application and the application was 'PartiallySuccessful'. Review the issues documented in the most recently stored Quotes / Events 'Angle Application' pdf, correct the issues and try again.

  • Click to edit the selected record.

Edit

  • When you have finished editing the record, click to save.

  • Cancel if you don't want to save your current edits.

Refresh Base Rate

You can recalculate the Monthly Rental Finance component of a quote if certain conditions are met. Go to the Refresh Base Rate page for full details.

Field Entry Validations

  • Term must be greater than Months Deferred — A quote's "Term" must be greater than the number of "Months Deferred". Edit either the "Term" or "Months Deferred" field to correct this.

  • fmfinancierrate is missing — Refer Setup / Reference Data → fmfinancierrates to enter Finance Rates for the entered Financier. When financier rates are not populated, the system will default in the value from Setup / Reference Data → gbcontrols "interestbase_rate". If this value is also missing, 0.0000% will be the entered Base Rate. Contact your Account Manager for more information on how to set this up.

  • Maximum Base Rate exceeded. Please amend below 100% — Reduce the value of the reported field.

  • Maximum Client Margin exceeded. Please amend below 100% — Reduce the value of the reported field.

  • Maximum Finance Rate (Base Rate + Client Margin) exceeded. Please amend Base Rate and/or Client Margin as required below 100% — Reduce the value of the reported field.

  • Maximum Broker Rate exceeded. Please amend below 100% — Reduce the value of the reported field.

  • Maximum Commission Rate exceeded. Please amend below 100% — Reduce the value of the reported field.

  • Maximum Residual Rate exceeded. Please amend to less than or equal to 100% — Reduce the value of the reported field to 100% or less.

  • Maximum Usage Adjustment exceeded. Please amend below 100% — Reduce the value of the reported field.

  • Maximum Variant Adjustment exceed. Please amend to less than or equal to 100% — Reduce the value of the reported field to 100% or less.

Save Validations

  • Annual Insurance must be more than $0.00! — Your insurance selections or a change in the selections have caused the Insurance profile to calculate with an "Annual Ins" of 0. Click OK and you will be navigated to Quotes / Lease to update this field.

  • Client Margin must be 0 or a positive number — Quotes / Finance "Client Margin" cannot be negative. You will be alerted on Save, or when you try to navigate away from the Finance tab. This is managed by a setting and this can be updated after quotes have been created with negative margins. In these cases, these quotes cannot be updated unless the margin is updated to a positive value.

  • This vehicle does not qualify for the FBT exemption — Click OK to exit the alert. The quote is saved with the following: "FBT Treatment Type" is 'Standard', "Use ECM?" reverts to the Client's setting (usually checked). The required conditions to use 'EV Exempt Reportable' have not been met. In this situation, the Base Price is greater than the calculation threshold.

  • This vehicle no longer qualifies for the FBT exemption — Click OK to exit the alert. The quote is saved with the following: "FBT Treatment Type" is 'Standard', "Use ECM?" reverts to the Client's setting (usually checked). The required conditions to use 'EV Exempt Reportable' have not been met. If the vehicle is 'Used' or 'Demonstrator', check that the "Date First Held" and "Luxury Car Tax Paid" fields have been populated appropriately.

  • This vehicle qualifies for the FBT exemption — OK to save the quote with the following changes: "FBT Treatment Type" reverts to 'EV Exempt Reportable', "Use ECM?" flag is checked OFF. Cancel to save the quote without changes: "FBT Treatment Type" remains unchanged as 'Standard'.

  • Vehicle Type is not FBT Payable Exempt - are you sure? — When "FBT Treatment Type" is set to 'EV Exempt Reportable' and the linked is not 'yes', this alert will appear. Accept the warning and Save. Leave "FBT Treatment Type" unchanged and Save.

Apply - Maclease

  • USERNOTAUTHORISED — Your signon to Maclease is not correct. Visit the Maclease Partner page to see the set-up steps that are needed.

  • Various — Various errors will be displayed if data is missing from the application. Visit the Maclease Partner Interface Validation Errors which documents these all in detail.

Apply - Angle

Create Application Failed

  • invalidOriginator — Originator is not selected. Quotes / Finance "Originator" is blank. Select the originator and try again.

  • Angle Finance Create Application failed — The application can fail for a range of reasons. Go to the Angle Interface page for more details.

Troubleshooting

Tip: Visit the main Troubleshooting page for a list of all the available problem-solving tips.

APIs

  • createQuotes

  • patchQuote

  • RefreshQuoteBaseRate