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Trade-In Finance Settlement

Trade-In Finance Settlement

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Trade-In Finance Settlement

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When Purchasing a Used Unit or taking a Trade-In with an outstanding finance amount, you can specify how much is outstanding and who the Finance Company is at the point of entering the Trade In. A settlement is needed if the customer still owes money to a finance company for the vehicle they are trading in. The finance company name and balance owing is recorded and this amount should be deducted from the agreed trade-in amount (e.g. if they were offered 5,000 trade-in for their vehicle but still owed 2,000 to a finance company, we would only take 3,000 off the price of the new vehicle as we will have 'settle' the loan from the finance company).

On this screen, just tick Finance settlement on trade in to add the outstanding amount and the finance company name.

This then creates a Purchase Invoice for the Finance Company in Accounts – Purchases, which you can pay when you settle the finance agreement.

Finance on the actual sale is handled differently by selecting the finance company on the Sales Finish screen. See Finishing a Transaction