Contract Items in ASPIRE can be either amortized or
recognized upfront. Certain contract
items can also be financed depending on the contract finance product type.
The most common contract item types are the following:
Each of these includes option to include the item in the internal amortization calculation and also includes other options on how they are calculated.
· Contract Credit - Reserved for Trade Ins. This reduced the amount financed.
· Funding Adjustment – Only used if licensed for Bank Funding module. This is an offset to the amount of the funding for items such as holdbacks or documentation fees withheld from the proceeds of the funding.
· Interim – Only used if licensed for the Interim module. Allows the system to calculate and amortize interim rent or interim interest.
· Points – Can only be added to a deal via configurable form. Unlike Commission, points impact the payment amount and increase it. Does not affect the amount financed.
· Pricing Option Fee – Used in conjunction with the ASPIRE Pricing Option Template. Allows for standard fees to be added into the deal when pricing using the ASPIRE pricing functions.
· Security Deposit – Used to identify and track security deposits received from the borrower.
Financed loan items are always included in the amount financed and setup by clicking on the multi-colored square icon: