Asset Rollover - Loan

Asset Rollover - Loan

Asset Rollover

This document will explain the process to roll an asset from a terminated contract onto a new contract.

 

Create the New Contract

       1.       A new contract needs to be created before an asset can be rolled over onto it. The new contract requires:

a.       A Finance Company

b.       A Customer

c.       A Contract ID

d.       A Finance Program.

 

            This is an example of the new contract.

 


Terminate the Original Contract

       1.       On the old contract choose a rewrite type of Termination or Asset Disposal.

a.       Termination – requires disposing of all assets

b.       Asset Disposal – allows disposing of one or some of the assets and leaves the contract active

        2.       If you want the loan item on the new contract to also be created, select the Rollover Principal checkbox

        3.       Then Click the Asset Disposal button on the toolbar.

 

 

        4.       Select the asset

        5.       Choose the Disposal Type of Rollover and input the Principal Balance you want the asset to rollover at.

        6.       Select the Contract ID of the contract to roll over to.

        7.       Then click OK.

 

 

        8.       Click the Post icon on the toolbar and the Posting Confirmation popup will display the Termination GL entries

        9.       Click OK to post the termination

 

 

        10.   Navigate to the new Contract to see the rolled over asset on the Contract Explorer - Collateral tab

 

        11.   Navigate to the Contract Explorer – Main screen - Financing and Adjustment tab to view the Principal Balance

 

 


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