Q: We are offering 0% interest to new customers if paid in 30 days.
If they borrow $300, they will only owe $300 + $18 title fee if they pay before the due date.
How do I waive the interest ($75 @ 25%) to show loan paid out?
A: One the transaction submission line below the Submit button, change the transaction Type field from Cash to Discount. Enter the total amount of interest being waived as a positive amount in the Amount field. In this example, you would enter 75.00 in the Amount field. Then press the Submit button. The Current Balance field on the loan screen should change back to the principal plus the title lien fee. Next, compose a second transaction for the client payment. For instance, if the client is paying $318 in cash, make sure the transaction Type is Cash, then enter 318.00 in the Amount field. Then press the Submit button. At this point the Current Balance field should be zero and the loan Status field should change to Paid In Full.