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The Statements Tab are normally only used by companies doing LOC (Line of Credit) loans which are Virginia, Kansas and Iowa.
If you would like to use this for any other state, it may not work properly and this feature is an additional $500.00. If you think you need to use Statements, please contact AOCG. If you are in one of the above listed states or have contacted AOCG and had Statements configured for your state, you will need to set the following setttings: Create statements for all title loans? - Should be |
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checked.
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Initial statement due date will be the loan date plus how many days? This should be "15". Do not use a number "30" or higher since it will confuse the program. It should be under "25".
Initial statement Minimum Payment will be all fees due plus what percentage of the principal balance? This will normally be 0.00%. Be sure and include the "%" sign. Subsequent statement due dates will be the system due date plus how many days? Normally the loan cycle will be based on the loan length in days in the Title Loan setup. The normal entry here is "5". Use the statement due date as the system due date? This should normally be checked. Subsequent statement Minimum Payments will be all fees and interest due plus what percentage of the principal balance? If you are going to require principal with interest statement this would be 5.00% or 10.00% or if no principal 0.00%. Payment Application Method: Current Period adds all fees and interest applied during the current period then applies any payments made. This balance plus any unpaid fees and interest from previous periods is the minimum payment. Previous Period adds all interest and fees charged during the current period plus any unpaid interest and fees from previous periods. This balance or the account balance if it is less than interest and fees charged for the period is the minimum payment. Payoff Calculation Method Should be "Average Daily Balance" With this method no interest accrues until the end of the period. If the person pays the loan before the end of the period, the customer pays no interest. Grace period in days - This would be left blank Use the statement payment due as the system minimum payment? This should be checked. Select the statement you want to use - Most customers use Statement 1. Please check them carefully to make sure they are setup the way you want them to be. Statement Message (Leave blank to use the default message.) - There is a default message that will appear if you leave this field blank or you can type a message here and it will replace the default message on the statement. | |