A.2.51 Terminate Single/Multi Lease Account(s)
You can terminate single or multiple lease accounts for any combination of Master and its associated accounts in a single transaction. During this process, either some or all assets leased under one master contract can be terminated. However, termination transaction is allowed only for Lease Closed-ended accounts only.
While initiating a lease contract termination transaction before the maturity date, system validates and allows termination only if either the Billed Term or Lease Amount Recovered % is met.
Single/Multi Lease Account(s) Termination transaction can be generated anytime by posting TERMINATE MULTI ACCOUNT (TERMINATE_MULTI) non-monetary transaction in Servicing > Customer Credit Limit > Transactions tab.
Table A-152 To generate Single/Multi Lease Account(s) Termination transaction
| Transaction | Parameters |
|---|---|
| TERMINATE MULTI ACCOUNT |
TXN DATE Select the transaction date from adjoining calendar. |
|
LEASE BUYOUT INDICATOR Select either YES or NO from drop-down list to indicate if the lease contract is available for buyout option. |
|
|
ACCOUNT NUMBER Specify the required accounts separated by comma. This can have a combination of both Master and its Associated accounts. |
|
|
COMMENTS Specify additional information (if any). |
On successfully posting the transaction, a confirmation message is displayed in the Results section indicating the status of Success/Failed transaction(s) posted. In case of Failed transactions, the reason is indicated separately.
Parent topic: Nonmonetary Transactions