Financiers Interest Margin Rates

The Financiers screen allows multiple financiers to be linked to the client. Each financier can have an interest rate margin applied to the client per term (months). The base rate is looked up by the system from the fmfinancierrates table and added to the client margin rate (where the term matches) to display a final effective interest rate.

During the quote process the base interest rate is looked up and the client margin rate is also looked up if available.

The Interest Margin Rates section can only be edited or created by 'Admin' and 'Procurement' role users. All other users have read-only access. Additionally, if the client has a 'child' relationship to a 'Parent' client, then create and edit is not available. It is available only to 'Parent' clients.

Where a client record has a 'Parent Code', the child Client Financier Margin records are always identical to those of the Parent records.

The "Financier Margin" is only used in the XML output for the 255Finance interface.

Parents and Children

If you have rates that apply to a group of clients that are related entities, create parent and child links between these records to mirror the parent's rates into each child record. Visit the Parents and Children page for these details.

The following notes describe what happens to the Interest Margin Rate records when the Clients / Contact "Parent Code" is added, edited, or removed.

Parent Clients

• When a parent client's Interest Margin Rates records are edited, all child records are updated to match on Save

Child Clients

• When a client becomes a child (the "Parent Code" has been populated), pre-existing Interest Margin Rates records will be deleted. The parent's Interest Margin Rates records will be mirrored into the child client's records

• If a child's "Parent Code" is changed, the new parent Interest Margin Rates records will be mirrored into the child client's records

• If a child is copied, the new client will also have the same "Parent Code" and mirrored Interest Margin Rates records

• If a child's "Parent Code" is removed, the child's existing Interest Margin Rates records will be left intact. The records will now be editable for 'Admin' or 'Procurement' role users

Action Buttons

• New - Create a new finance allotment with relevant Interest Margin Rates. Only 'Admin' and 'Procurement' users have access to this action button. All other users have read-only access. Additionally, if the client has a 'child' relationship to a 'Parent' client, then this action button is not available. It is available only to 'Parent' clients

• Edit - Used to edit any existing finance allotments and/or Interest Rate setup. Only 'Admin' and 'Procurement' users have access to this action button. All other users have read-only access. Additionally, if the client has a 'child' relationship to a 'Parent' client, then this action button is not available. It is available only to 'Parent' clients

Create Financier Interest Rate Records

Qualifiers

• The financier's Suppliers / Financier Finance Method field must be set

Process

1. Navigate to Setup / Reference Data

2. Table - select 'fmfinancierrates'

3. Click on New

4. Financier - enter the Financier's supplier code

5. Term - enter a term that the interest rate is for

6. Lower Limit - enter the lowest amount that can be financed using this rate. Say 1.0

7. Upper Limit - enter the highest amount that can be financed using this rate. Say 999999.00

8. Interest Rate - enter the rate in percentages. Example: 7.5300 is 7.53%

9. Effective - leave blank

10. Repeat the steps above until you have all the rates you need. Only enter one record for each Financier / Term / Interest Rate combination. There is no functionality to split this further into different finance amount levels

11. Click on Save

Create Default Quote Fees for a Financier by Contract Type

Qualifiers

• The financier's Suppliers / Financier Finance Method field must be set

• The financier should have interest rates stored in the Setup / Reference Data 'fmfinancierrates' table

Process

1. Navigate to Setup / Reference Data

2. Table - select 'qtfinancierpostingmapdefaults'

3. Click on New

4. Financier - enter the Financier's supplier code

5. Contract Type - enter the Contract Type that the fees are for

6. Term - enter a term that the fees are for, or if the fees are for any term, leave this as '0'

7. Advance / Arrears - pick one if you want to apply different fees for each situation, otherwise leave this field blank

8. Finance Budget Term Deferred - pick one if you want to apply different fees for each situation, otherwise leave this field blank

9. Est / Admin Fee - enter the fee, or leave blank

10. Originator Fee - enter the fee, or leave blank

11. REVS / PPSR - enter the Fee, or leave blank

12. Mortgage Duty - enter the Duty, or leave blank

13. Fee - enter the Fee, or leave blank. Record the GST Exclusive amount. A fee may be applicable to your Angle Auto Finance applications

14. Novated Commission % - enter the %, or leave blank

15. Novated Commission Max - enter the Max, or leave blank

16. Effective - leave blank

17. Click on Save

255 Finance

The scheduler job export255FinanceData generates contract settlement data for multiple contracts in an xml format. This is transferred by sftp to 255 Finance.

Contracts are selected into the file based on the criteria below.

Contract Selection Criteria

1. The Contracts / Vehicle "Supplier" must be populated

2. The Contract must be linked to a Quote

3. The Contracts / Finance "Financier" must have their Suppliers / Account "Interface Type" field set to '255Finance'

4. A Contract Event created on the Contract with the "Completed" check box un-checked. The Event "Type" must match the "Event Code" on the scheduler job

5. The Contracts / Vehicle - "Supplier" ABN, BSB Number, Bank Account Number, Address, Area, State / Postcode are all mandatory fields

6. If the Quote contains 'Aftermarket' Options, the corresponding Aftermarket - "Supplier" ABN, BSB Number, Bank Account Number, Address, Area, State / Postcode are all mandatory fields

7. The Clients ABN is mandatory

Set-Up Steps

1. For the nominated Financier, set the Suppliers / Account "Interface Type" field to be '255finance'

2. Go to the Posting Classes / Details tab and check or create a record for this process. A suggested "Class Code" and "Name" for this record are '255' and '255 Finance Data Complete'. Make sure "Event Completed" is left un-checked, so that when new events are created, the "Completed" field is also un-checked

3. Create an active Scheduler / Job where the "Method" is export255FinanceData. Populate "Event Code" with the one created here. Visit the export255FinanceData page for the full set-up details for the job

XML Details

Note: Last section repeated for multiple aftermarket suppliers.