Lender Configurations
The Lender Configurations menu is designed to manage lender profiles efficiently, ensuring comprehensive tracking of lenders and facilitating smooth integration with other aspects of the system.
- Lender Profile: Manage lender profiles, including adding new lenders, inputting lender name, external code, finance types, pricing program and status. Existing records can be viewed, edited or deleted using the search bar and ellipsis menu options.
Lender Configurations
Lender Profile
The Lender Profile section allows you to create and manage multiple lenders by providing detailed information, ensuring that each lender's parameters align with your business needs. Users can configure various options, such as finance types, pricing programs and credit tier margins, while also managing existing profiles efficiently. This section will guide you through the steps to set up and maintain lender profiles.
Add New Lender
To manage lender profiles, follow these steps:
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Add New Lender: Click the Add New Lender button to create a new lender profile.
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Input Lender Name: Enter the name of the lender.
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Input External Code: Provide the unique external code for the lender.
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Select Options for Finance Type(s): Options available include Finance and Lease. Users can select both by checking both options.
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Select Option for Pricing Program: Choose from the following options: Internal Program Evaluation, External, Standard Rates or Standard Charts.
a. In the case of Internal Program Evaluation, select options for:
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Credit Decisioning: Choose from Internal or External. External options are configured under the Integrations tab in General Setups within Company Configurations.
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Contracting: Choose from Not Required, Internal or External. In case Not Required is selected, there will no other configuration for contracting. In Case Internal is selected then internal configuration for contracting will be applicable. External options are configured under the Integrations tab in General Setups within Company Configurations.
b. In the case of External, select options for:
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Pricing Program Provider: Select from the options available in the Integrations tab under General Setups within Company Configurations.
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Credit Decisioning: Choose from Internal or External. External options are configured under the Integrations tab in General Setups within Company Configurations.
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Contracting: Choose from Not Required, Internal or External. In case Not Required is selected, there will no other configuration for contracting. In Case Internal is selected then internal configuration for contracting will be applicable. External options are configured under the Integrations tab in General Setups within Company Configurations.
c. In the case of Standard Rates, select options for:
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Credit Decisioning: Choose from Internal or External. External options are configured under the Integrations tab in General Setups within Company Configurations.
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Contracting: Choose from Not Required, Internal or External.In case Not Required is selected, there will no other configuration for contracting. In Case Internal is selected then internal configuration for contracting will be applicable. External options are configured under the Integrations tab in General Setups within Company Configurations.
d. In the case of Standard Charts, select options for:
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Charts: The Charts section becomes enabled. Select from the charts defined in the Charts menu under Pricing Configurations.
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Credit Decisioning: Choose from Internal or External. External options are configured under the Integrations tab in General Setups within Company Configurations.
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Contracting: Choose from Not Required, Internal or External. In case Not Required is selected, there will no other configuration for contracting. In Case Internal is selected then internal configuration for contracting will be applicable. External options are configured under the Integrations tab in General Setups within Company Configurations.
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Select Lease Rate Type: Choose the applicable lease rate type for the lender. The available options are APR (Annual Percentage Rate), which represents the annualized interest rate applied to the lease amount, or Money Factor, which is the interest rate used to calculate lease payments, expressed as a decimal (e.g., 0.0025). Selecting the correct lease rate type ensures accurate calculations for lease deals.
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Select Down Payment Option: Choose the method for determining the down payment configuration. If Pricing is selected, the down payment values will follow the settings configured in the Pricing tab of the Company Profile, allowing centralized control at the company level. Alternatively, if Dealer Preferences is selected, the down payment settings will follow the configurations defined in the Dealer Preferences tab of the Dealer Profile, enabling customization based on dealer-specific needs. Select the option that best aligns with your operational strategy.
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Select Option Default: Choose Yes or No. If set to Yes, the lender will be marked as the default lender.
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Input Min Duration of Current Address: Enter the minimum number of months the lender requires for address duration.
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Select Option Status: Choose the status for the lender. Enabled status makes the lender available for future use, while Disabled restricts its access.
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Input Contact Person Details: Provide details such as Name, Email Address and Contact Number of the contact person.
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Add Credit Tier Margin: You can add multiple credit tier margin records for the lender. The system compares these configured tier values with those received in the credit application response. If a margin is set for a tier, the system adjusts the customer rate accordingly. Enter the Tier Name (options: PRPL, PROG), Finance Type (options: Lease, Finance) and Margin Rate (input percentage). Use the Delete option to remove a specific credit tier margin.
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View and Manage Existing Lender Profiles: Existing lender profiles are shown in a tabular format. Use the Search Bar to filter records and the ellipsis menu to Edit a profile.
Lender Profile