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This article will explain how to add and adjust financing terms. This includes how to read what is currently there, and what types of financing terms we can and cannot accommodate. |
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Where to Setup
The financing terms area is located under the domain node’s Pricing tab. Scroll down, and you’ll reach an area called “Finance Options”.
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If you want to edit the default terms, or the dealer already has terms in place but is asking for a small change, you’ll want to edit the appropriate term by clicking “Edit”.
Financing Terms Field Overview
This section will review each field in one of the boxes for the finance options to help you better understand how the terms work. The only fields that are absolutely required when setting up a new term are the Interest Rate and Term in Months fields.
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Fees: This refers to any additional fees the dealer may apply to the purchase (i.e. registration fee, delivery fee, etc – whatever is applicable for the dealer). This must be added as a whole number, not a percentage (ex. if the additional fees total up to $2000, then you would add 2000 in the field).
Feature Limitations
This section will delve into some common requests that we get from dealers that we cannot accommodate.
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Terms with a percentage fee - We can not express additional fees as a percentage, only as a whole number. We also can not bake a percentage in to the payment calculator if the dealer requests it. At maximum, currently all we can do is add a disclaimer to let the buyer know that they should add on X% in fees.
Terms Examples
Here, I will show a few examples of existing financing terms dealers are using, and “translate” what can be seen in the Pricing tab to what the dealer sent over to be added.
Example 1
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The terms the dealer would have sent us for this example would have likely looked like this:
$0 - $10,000 - 10% down, 11.74% APR, 84 months
$10,000 - $25,000 - 20% down, 8.99% APR, 180 months
$25,000 - $50,000 - 20% down, 8.99% APR, 240 months
$50,000 - $150,000 - 20% down, 8.49% APR, 240 months
$150,000 and up - 20% down, 7.99% APR, 240 months
Example 2
Coming soon!
Saving Terms
Once you’ve filled out the fields in each box (you may need to set up several separate boxes to cover all of the terms provided to you) according to the terms provided (or updated the specific numbers that needed to be changed for existing terms), simply hit “Save and Publish” at the bottom of the page.
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