Additional Information
Updated 6 months ago
Complexity:
Audience: Loan Servicer or Collector, Accounting, Loan Servicing/Collections Managers, Compliance
Introduction
If you're looking for certain information relating to automotive lending, such GAP insurance or dealer profit information, the Additional Information tab is where you'll find it. You can find the Additional Information tab in both Setup Terms and Setup Tools when configuring a loan. While this tab is available in any type of loan, most of the options relate to automotive lending.
How does the Additional Information tab work?
To locate Additional Information, navigate to a specific loan and click Account Setup. The Additional Information tab is found in both Setup Terms and Setup Tools, and should contain the same fields regardless of whether you're looking at Setup Terms or Setup Tools.
The Additional Information tab includes that following fields:
Field | Description |
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. |
If you're looking for the Additional Information tab in Setup Terms, you'll click Account Setup > Setup Terms. There are five tabs you can choose in Setup Terms; Additional Information should be the third option.
If you're looking for the Additional Information in Setup Tools, you'll click Account Setup > Setup Tools. On this page, you will be shown a 3 bar horizontal icon in the top left, and clicking it will allow you to navigate to the Additional Information screen. The image shown below will illustrate the steps to navigating to additional information in Setup Tools.
This Feature is Not
This feature will most likely not contain all information you might look for regarding an auto loan. It also doesn't contain all of a loan's information that might be considered 'additional information.' However, you will find a lot of the information included in the setup of an auto loan such as sales price, taxes, GAP insurance, and dealer profit.
What's Next?
Now that you know more about Additional Information, you might also be interested in learning more about Setup Tools, Setup Terms, and the other tabs available under Setup Terms, such as: