The Payment Calculator is displayed within the normal Vehicle Quotation process within Pinewood DMS.
Once all the details of the Quotation have been entered, click on the Next button at the bottom of the screen.
If the user does not have access to the Calculator then the Stack button will be displayed. This button will set the status of the quote to ‘Awaiting Stacking’. This can then be found on the Offers report.
If the User does have access to the calculator, and providing Finance has been enabled (in CRM > Parameters > Finance) then the Finance button will be shown to be selected when doing a Vehicle Quote.
Click on the Finance button to open up the Payment Calculator.
When the calculator loads, the default schemes as set in Finance House Default Slots in Parameters are loaded and calculated automatically.
If any changes are made to any of the values within the quote, the calculate button will turn red again, denoting that the quote needs to be re-calculated.
The Balance to Finance amount is the total amount that will need to be funded. This is the total Selling Price of the vehicle but will not include any Non Finance Items (i.e. products ticked as ‘non-financeable’).
Final Payment is calculated as the Monthly Payment including the Last Fee from the Finance House Rules parameters. If the scheme is a PCP then the multiple of the Residual Value is also added to the Final Payment, and also reduces the Balance to Finance.
If at any point, any changes to the quote mean that the quote no longer conforms to the parameters set in the Finance House Rules parameters, the field will be highlighted in red and a tool tip will display helpful information to correct the error.
If the Cash option is chosen from the Finance House menu, the system will not calculate any monthly payments. The Deposit must be entered and the remaining amount is added to the Balance field for information.
The details of the sale can be amended at any time by expanding the pane with the Vehicle Details in.
Once the changes have been made, click on Save
Lock Icons
The lock icons give the ability to change certain elements of the quote. In the example below, the monthly and weekly payments are unlocked, therefore can be recalculated by changing the deposit and/or term the customer specifies.
Alternatively, he term and payments can be amended to recalculate the required deposit amount the customer would have to pay.
Additional Fields
Clicking on the right arrow will open up additional fields to amend further elements of the finance quote, including the interest rate, which will in turn recalculate the APR.
If the quote is for a HP product then the Rate or the APR can be amended by selecting the relevant value from the menu.
If these fields are amended the quote will need to be recalculated. This section can only be viewed if the user has appropriate access, as set in the Finance Parameters. If the user has access to the Profit section then the Profit section will also be displayed automatically.
This section will also include the ability to add a dealer deposit and subsidy values. Each Subsidy Value field has an associated Months field. When entering the subsidy details, a number of months must also be selected to calculate the total subsidy. Any values entered into these fields will be added to a new notes section in the bottom left hand corner of the screen.
Cashback is not currently used and should remain blank.
Profit
The vehicle profit is based upon the current sales (the values entered on the quotation) and cost of sales of the vehicle, including any write down and costs that have already been posted to the vehicle. The finance profit will be calculated using the Finance House Rules created in the Finance parameters. This section can only be viewed if the user has appropriate access, as set in the Finance Parameters.
Fill in the information required.
Shortcut Icons
There are a series of icons provided within the Payment Calculator screen to quickly perform common changes to the Finance quote.
- Finance Ranking – Displays a list of all the available funders and their rate and commission information. Any schemes that match the Finance Type and Term will be displayed in Commission Value order. Double-clicking on one of these lines will modify the Finance quote to use that scheme and its appropriate defaults. The quote must be recalculated if a different scheme is chosen
- Flat Rate - Sets the interest rate (Rate) to the minimum allowed rate from the Finance House Rules parameters and recalculates the quote.
- High Pound – Clicking this icon will subject the quote to High Pound, this means it will round the figure up to the next £9.99. Any changes that are then made to the quote and subsequent recalculation will automatically switch ‘High Pound’ back on.
- Term Reduce - Reduces the term of the quote by 1 month and adds 1 month
- Optimise - Sets the interest rate (Rate) to the maximum allowed rate from the Finance House Rules parameters and recalculates the quote.
- Reset to Defaults - Resets the fields to their default
Presenting the Quote
Once calculated the quotes can then be presented. Any number of the three quotations can be presented to the customer. For the quotes that are to be presented, select the Present tick underneath the quote.
Once the quotes have been selected to present click the Present button.
Once you click the present button it will show a pop up containing all the relevant details of the vehicle, known as the vehicle summary.
The deal summary will be shown when selecting next. This outlines the specific details of the deal and gives the overall total balance.
Proceeding forward you will view the finance deals which were selected. From this point you can select the desirable deal and select a quote or order.
Once selected - hit Complete.