A.1.8 Payoff Quotes
A payoff quote is the amount still owed on account or amount needed to satisfy the Lease. It can be generated anytime and may be requested during a call from a customer, dealer, or insurance agent. A payoff quote can either be generated for current or future date, but not on a back date.
You can post payoff quote during the life of a Rental/Usage Rental Lease based on following conditions:
- If payoff quote is posted before maturity date, system calculates the early closure charges till the payoff valid up-to date using the available base Rental Charge Matrix.
- If payoff quote is posted after last due date or maturity date, system calculates the unbilled rental charges till the payoff valid up-to date using the available excess Rental Charge Matrix. Similarly, for usage based lease contracts, system calculates unprocessed usage history records and displays the amount in Unbilled Usage Charges.
The transaction processing details and new balances after posting payoff quote appears in Results section of Maintenance screen.
Table A-17 To generate a payoff quote for an account
| Transaction | Parameters |
|---|---|
| PAYOFF QUOTE LEASE | TXN DATE |
| PAYOFF QUOTE VALID UPTO DATE | |
| LEASE BUYOUT INDICATOR | |
| DISPOSITION FEE | |
| EARLY TERMINATION FEE | |
| OTHER FEE | |
| DEPRECIATION ADJUSTMENT | |
| CURRENT USAGE | |
| ASSESS PAYOFF QUOTE FEE | |
| PAYOFF QUOTE LTR PRINT | |
| COMMENT |
Parent topic: Monetary Transactions