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Lender Management

The Lender Management section under the Dealer Configurations menu enables dealers to manage their associated lenders, allowing for a customized selection of financing options. This feature provides a structured way to view and integrate lenders based on dealership needs. The Lenders tab displays pre-configured lenders from the Lender Profile under Lender Configurations, which remain read-only. However, dealers with provider-enabled integrations can import additional lenders to enhance financing flexibility. The Markup tab is used to define markup parameters for individual lenders, ensuring optimized financial terms for both the dealer and the customer.

Lender Management

Dealer’s Lender Management

Lenders

The Lenders tab allows dealers to view and manage lender relationships by providing access to company-defined lenders and enabling the import of additional lenders from integrated providers.

Lender Management

Dealer’s Lenders

To manage dealer-specific lender options, follow these steps:

  1. Select Option Dealer: Choose a dealer from the Dealer drop-down list, which includes all enabled dealers from Dealer Management.
  2. View Existing Lenders: The screen displays a list of lenders pre-configured by the company in the Lender Profile menu. This list is read-only, allowing users to view but not edit lender details. Click the Ellipsis menu to View lender information.
  3. Import Lender: Click Import Lender to import lenders associated with an integrated provider. Dealers with an enabled integration can retrieve provider-listed lenders from the Integrations tab in the Dealer Profile. Imported lenders are unique to the selected dealer, though other dealers can configure the same lender with different settings. The lender’s source will be marked as ‘Provider.’
    • Import Lenders through Provider (API):
      • Click Import Lenders to retrieve lenders via the Get Lenders API from the dealer’s integrated provider.
      • A drawer opens with pre-populated fields for lender details, including:
        • Lender Name (pre-filled).
        • Lender External Code (pre-filled).
        • Finance Types: Select applicable finance types (multi-select enabled).
        • Pricing Program: Defaults to Standard Rates.
      • Additional fields per Finance Type include:
        • Customer Rate %: Enter a rate (up to 6 decimal places) for final calculations (optional).
        • Down Payment %: Specify the down payment percentage (optional).
        • RV/Balloon %: Define the residual value percentage (optional).
        • Credit Decisioning: Pre-set to External.
        • Credit Decisioning Provider: Select from available providers (e.g., Dealer Track or RouteOne).
        • Contracting: Set to Not Required.
        • Default Lender: Choose Yes or No.
        • Status: Defaults to Enabled (the default lender cannot be disabled).
      • The system adds new lenders from the provider while retaining existing lenders unaffected by the import. Lenders no longer available with the provider will be removed.
  4. Note: Only one lender can be set as the default at a time. If a company-defined default lender is displayed, the dealer cannot change it. Otherwise, the dealer must designate one imported lender as the default.
  5. Default Lender Restrictions: The default lender cannot be removed or disabled.
  6. Managing Existing Records: Configured lenders are displayed in a tabular format for easy review. Use the Search Bar to filter lenders and the Ellipsis menu next to each record to Edit or Delete lenders as needed.

Markup

The Markup tab allows dealers to configure interest rate markups for individual lenders based on credit score ranges, ensuring better financial control and optimized pricing.

Add New Markup Record for Lender

Add New Markup Record for Lender

To manage markup parameters for lenders, follow these steps:

  1. Add New Markup: Click Add New Markup to configure a new markup setting.
  2. Select Option Credit Score Range: Choose a credit score range from the drop-down list. This list is populated with credit score ranges defined under the Credit Score tab in Program Setups.
  3. Select Option Status: Choose Enabled or Disabled to activate or deactivate the markup.
  4. Input Markup Slabs: Define markup details for the selected lender and credit score range.
    • Input Interest Rate From %: Enter the starting interest rate percentage.
    • Input Interest Rate To %: Enter the ending interest rate percentage.
    • Input Markup %: Specify the markup percentage applied.
    • Input Lender Fee: Enter the applicable lender fee amount.
    • Click on Add New Markup Slab: Add another markup slab if needed.
  5. Managing Existing Records: Configured markup records are displayed in a table for easy reference. Use the Search Bar to filter records, and access the Ellipsis menu to Edit or Delete markup entries.

Markup Record for Lender

Markup Record for Lender

This setup enables dealers to efficiently manage lender configurations and markup settings, ensuring seamless financing processes tailored to dealership needs.

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