This article will go over the additional information tab in account setup. While this tab is available in any type of loan, most of the options (like GAP Insurance and Dealer Profit) relate to automotive lending.
To navigate to additional information, you first will go inside any loan and click the tab 'Account Setup'. Additional information is included in both 'Setup Terms' and 'Setup Tools'.
There are five tabs you can choose in setup terms: loan terms, escrow calculator, additional information, advanced configuration, and late fee configuration.
Fields that are included in the additional information setup terms tab:
- Net Amount Down - The down payment made on the purchase of the loan collateral.
- Sales Price - The sales price of the collateral.
- Taxes - The taxes paid on the purchase of the collateral.
- GAP Insurance - The amount paid for GAP (guaranteed auto protection) insurance on the loan collateral.
- Dealer Profit - The amount the dealership made (gross profit) on the sale of the loan collateral.
- Reserve Amount - The amount held in reserve (part of the loan held back from the dealership) to insure against bad loans from a dealership.
There will be a three bar icon that will show a list of options. Down below will show how to navigate to additional information in setup tools.