Customer Service [U1601]: Lease Summary

Contents

• Lease Selection
  
  
• Lessee Tab
• Financial Tab
• Dates/Codes Tab
• Asset Tab
• Terms/Rates Tab
• Payment Tab
  
  • External File Attachments
• Original Information Tab

Introduction

The Lease Summary is part of the Customer Service Tracking module. It provides an on-line summary of all key data from the lease and asset records for any lease in the system, regardless of status or delinquency. Thus the Lease Summary is a useful tool for customer service representatives and others dealing with incoming, random inquiries from lessees. The customer service representative can understand an account and answer questions quickly using the information presented on the Lease Summary.

No data may be changed via the Lease Summary. It is strictly for inquiry.

When the Vehicle Finance module is purchased along with the Customer Service and/or the Collections modules, LeasePak will display the ALTERNATE LEASE SUMMARY screen. When the Collection Tracking module is selected, the user will have the option to select and view the Customer Summary and Lease Summary pertaining to the lease selected.

Additional parameters must be set in the Custom General update [U0712] for the Alternate Lease Summary screen to be displayed.

Note: In order to view this screen in its entirety, the PC must be able to run a desktop resolution of 1024 by 768 or higher.

After installation of the Customer Service Tracking module, the Lease Summary may be accessed in several ways:

• Press the <F5> key from anywhere in the system
• Select Options from the Main Menu, then select Lease Summary
• Select Tracking from the Main Menu, then Customer Service, then Lease Summary

All users may access the Lease Summary with the first 2 methods. To use the third method, a user must have a Customer Service User Profile established through update [U1631].

The Summary always appears on the terminal. If a printed version is needed, use the Print option from the File menu.

Lease Selection

Enter the lease number on the initial selection screen. Client Search is available to search for the number.

Click Retrieve after entering the lease number.

The Lease Summary consists of 6 tabs of information. Click on any tab to display its information, or use the right and left arrow keys on the keyboard to move through sequential tabs.

The Lease number, lessee short name, PCRO and Remit name (i.e., the name printed in the Remit To section of invoices for the lease, the entity to which payments are made), appear on every tab to identify the lease. Remit is highlighted in a distinct color.

Lessee Tab

The tab labeled Lessee contains the following information:

• LESSEE
  The lessee number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• REMIT
  The lessee’s remit address is displayed.

• CUSTOMER
  The customer number is displayed if the lessee is linked to a customer.

• NAME
  The name of the above CUSTOMER is displayed.

• CONTACT NAME
  The name of the contact person for the lessee is displayed.

• CONTACT TITLE
  The title of the contact person is displayed.

• WORK PHONE
  The business phone for the lessee contact person is displayed.

• HOME PHONE
  The home phone for the lessee contact person is displayed.

• OTHER WK PHONE
  The other work phone for the lessee contact person is displayed.

• ADDRESS 1 / 2
  The lessee’s street address is displayed as entered on the Lessee update [U0203]. If more than one line is required, ADDRESS 2 is used.

• CITY / STATE / ZIP
  The lessee’s city, state and ZIP or postal code are displayed as entered on the Lessee update [U0203].

• SIGNER
  The name of the person entered as the authorized signer of all lease documents is displayed.

• SIGNER TITLE
  The title of the authorized signer of all lease documents is displayed.

• GROUP
  If the lease is associated with a customer and group, the group number is displayed.

• TYPE OF BUSINESS
  The code indicating the type of business for this lessee is displayed (e.g., proprietorship, partnership, corporation, etc.).

• REMIT CODE
  The code corresponding the the lease’s Remit address is displayed. Remit address codes are established on the Auxiliary Address update [U0704].

Financial Tab

The tab labeled Financial contains the following information:

• LESSEE
  The lessee number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• REMIT
  The lessees remit address is displayed.

• ORIGINAL LEASE RECEIVABLE
  The total amount of all lease payments (payment amount(s) times payment frequencies) is displayed.

• ORIGINAL RESIDUAL
  The residual amount booked on New Lease [U0101] is displayed.

• LEASE RECEIVABLE BALANCE
  The sum of current contract balance plus any outstanding principal and interest receivables is displayed.

  Note: Depending on the accrual type, LeasePak will display: Lease Balance. Operating Balance or Loan Balance. Lease Receivable Balance is the default.

• RESIDUAL BALANCE
  This will match ORIGINAL RESIDUAL during the lease term. If the lease has gone into an extension term, some payments may have been credited against residual, leaving the balance shown here.

• REMAINING NET INVESTMENT
  This fields calculations are customizable through a stored procedure and therefore has external call routines and allows for adhoc reporting.
  
  Lease Balance: SYB_MP_LSE_REC_BAL.SQL
  Remaining Net Balance: SYB_MP_REM_NET_INV.SQL
  

• FIXED PRICE PURCHASE
  The fixed price purchase option amount, if any, is displayed. A dollar amount will be displayed only if the Lease Form code has a purchase option method of 1DOL, BY10, FMV, or PFIX.
  
  If a lease with fixed price purchase has not yet matured, the PAYOFF CALCULATION METHOD is used to calculate an early payoff amount. At maturity, the fixed price purchase option is the base payoff amount. It is billed to the lessee, due on the lease maturity date.

• ACQUISITION COST
  The original equipment cost is displayed.

• SUSPENSE BALANCE
  The sum of all suspense amounts for the lease is displayed.

• SECURITY DEPOSIT
  The security deposit being held for the lease is displayed.

• GUARANTOR AND CO-LESSEE NUMBERS
  This box will display all the Guarantors and/or Co-Lessees numbers associated with the lease.

• BROKERAGE
  This field displays the Broker Fee amount that was entered for the lease.

• IDC1
  This field displays the IDC1-INSURANCE PREMIUM amount that was entered for the lease.

• IDC2
  This field displays the IDC2- NOTARY FEE amount that was entered for the lease.

Dates/Codes Tab

The tab labeled Dates/Codes contains the following information:

• LESSEE
  The lessee number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• REMIT
  The lessees remit address is displayed.

• COMMENCEMENT DATE
  The commencement date of the lease is displayed. The commencement date to the maturity date equals the lease term.

• ACCRUED TO DATE
  The date to which income has been accrued for the lease is displayed.

• MATURITY DATE
  The date the lease is scheduled to mature is displayed.

• ACTIVITY STATUS DATE
  The date of the last activity status change is displayed. Examples of activity status are active normal, active renegotiated, active assigned for repossession, non- accrual hold, etc. Refer to Status Codes for a list of all lease activity status codes and their meanings.

• PAID THRU DATE
  The most recent due date on which no outstanding balance was unpaid is displayed.

• LAST PAYMENT DATE
  The most recent payment effective date is displayed.

• ACTIVITY STATUS CODE / DESCRIPTION
  The 4-character code which represents the current status of the lease and a brief description of the status are displayed. Refer to Status Codes for a list of all lease activity status codes and their meanings.

• PURCHASE OPTION CODE
  The purchase price calculation method (e.g., percentage, calculated, fixed, etc.) is displayed.

• PURCHASE OPTION OWNER
  The purchase option owner (e.g., investor, lessor, etc.) is displayed.

• STATEMENT CODE
  The statement format is displayed:

  I = individual invoice
  F = group invoice
  C = coupon book
  N = no invoice produced by LeasePak

• LATE CHARGES WAIVED
  The number of times late charges have been waived on the lease is displayed.

• ENTITY FILING CODE
  This field is generally used for municipal leasing. The department or agency within the municipality using the asset (e.g., hospital, police, city, etc.) is displayed. This code is customizable through the Custom Code update [U0722] and informational only, so it could be used for other purposes.

• TOTAL NUMBER OF LEASES
  The total number of leases in LeasePak for the lessee associated with this lease is displayed.

• VENDOR CODE
  The vendor code number is displayed.

• BROKER
  The Broker number is displayed

• BROKER NAME
  The Broker’s name is displayed.

• BROKER STATUS
  The Broker’s Status is displayed.

• ACCRUAL METHOD
  The Accrual method is displayed

• PAP (Y/N)
  If PAP is used a Y or N will be displayed.

• SALESPERSON CODE
  The salesperson code number is displayed.

Asset Tab

The tab labeled Asset contains a list of all assets on the lease. If there are more than 3 assets, a scroll bar appears to the right of the list. Use it to view the fourth and subsequent assets.

In the Asset Details box appears information on one asset, the one which is highlighted in the list.

• LESSEE
  The lessee number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• REMIT
  The lessees remit address is displayed.

• ASSET
  The Asset number is displayed.

• IDENTIFICATION
  Usually a serial number is entered as identification when an asset is added, if applicable. Whatever was entered for the asset is displayed.

• LICENSE NUMBER
  The License or VIN number for the asset is displayed, if any.

• DESCRIPTION
  The description entered for the asset is displayed.

• STATUS
  The asset’s activity status is displayed. Refer to Status Codes for a complete list of valid statuses.

• STREET ADDRESS
  The asset’s location is displayed.

• CITY / STATE / ZIP
  The city, state and ZIP or postal code of the asset’s location are displayed. Property tax is determined based on the city and state shown.

• PROPERTY TAX (Y/N)
  This field indicates whether the asset appears on the Property Tax Assessor report [R0305].

• VENDOR NUMBER
  The Vendor number of the dealer who sold the asset is displayed.

• VENDOR NAME
  The vendor’s name is displayed.

• ACQUISITION COST
  The original cost of the asset is displayed.

• INVENTORY VALUE
  The Inventory Value of the asset is displayed.

• RESIDUAL
  The anticipated value of the asset at the end of the lease term is displayed.

• UCC TYPE
  At lease one ownership filing must be recorded for an asset, and a maximum of 5 may be recorded. The Lease Summary shows the type and status of the first filing entered. The following filing types are available:

  UCC

  U11 UCC search

  U11 financing statement

  UC1 amendment, continuation

  UC2 amendment, continuation

  UC3 amendment, continuation

  SI security interest filing

  FIX fixture filing

  PPSA personal property security act

  LAND land

NONE no filing information

• SALES TAX CODE
  The SALES (USE) TAX CODE indicates which taxing entities are in effect for the asset, based on the asset’s city and state location. The following are valid Sales Tax Codes:
  
  
  • ALL State, county, and city tax
    The asset is subject to tax in all 3 taxing entities, regardless of whether there is a tax rate present at the current time.
    
    
  • PERM Permanent tax rate
    The asset is subject to the tax rates in effect on the commencement date of the lease. The rates apply throughout the term of the lease, regardless of any tax rate changes for the location that may occur during the lease term.
    
    
  • NOPF Up front sales tax and not calculated at payoff
    The lessee has paid sales tax on the equipment cost on the commencement date of the lease. Use/sales tax can be assessed during the term of the lease on applicable other assessments only. Use/ sales tax is never charged on the rental payment or the payoff.
    
    
  • NOUT Sales tax paid up front and calculated at payoff
    The lessee has paid sales tax on the equipment cost on the commencement date of the lease. Use/sales tax can be assessed during the term of the lease on applicable other assessments and on the payoff. Use/sales tax is never charged on the rental payment.
    
    
  • NOEX No use/sales tax
    The lessee is legally exempt from paying use/sales tax.
    
    
  • NONR No use/sales tax and non-reportable on Use Tax Disbursal Report
    The lessee is legally exempt from paying any use/sales tax. Tax release information will be reported on the Use Tax Disbursal Non- Reportable Reports.
    
    
  • ALL OTHERS Specific taxing entities
    The asset is exempt from use/sales tax from one or more taxing entities (state, county, or city). The code indicates the specific taxing entities in effect.
    
    
• SALES TAX RATE
  The sum of the state, county and city rates applicable for the asset.

• UCC STATUS
  The following filing codes are available:

  FILE filed
  FLPN filing pending
  FLNW filed, new owner
  FPNW filing pending, new owner
  RFPN refiling pending
  EXP expired

• ACQUISITION DATE
  The acquisition date entered for the asset is displayed. This is the date the asset was acquired by the lessor. It is the date the lessor became liable for property tax, if applicable.

• IN-SERVICE DATE
  The date on which the asset was placed in service is displayed. The IN-SERVICE DATE is the starting date for all depreciation except book depreciation and manufacturer’s depreciation.

• DISPOSITION DATE
  If the asset is paid off, the disposition date usually matches the payoff effective date. It may be a later date if the lessor continued depreciating the asset beyond the payoff date, but it cannot be later than the fiscal year end following the payoff effective date.

• STATE CODE
  The state location code of the asset is displayed.

• COUNTY CODE
  The county location code for the asset is displayed.

• CITY CODE
  The city code for the asset is displayed.

• MTD/YTD/LTD BOOK DEPRECIATION
  The MTD, YTD, and LTD book depreciation of the asset is displayed.

Terms/Rates Tab

The Terms/Rates tab contains the following information:

• LEASE
  The lease number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• REMIT
  The lessees remit address is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• ORIGINAL TERM
  The number of months in the original lease term is displayed.

• REMAINING TERM
  The number of months for which payment has not been received is displayed. REMAINING TERM is determined as follows:

Lease Term - Number of Payments Accrued

• BEGINNING ADVANCE PMTS
  The number of payments from the beginning of the lease term to be collected in advance is displayed.
  
  
• ENDING ADVANCE PMTS
  The number of payments from the end of the lease term to be collected in advance is displayed.

• ADD-ON RATE
  For simple floating accrual methods, the add-on rate is added to the daily FLOAT RATE to calculate the monthly rental income. It may be positive, zero or a negative number.

• LATE CHARGE RATE
  If a percentage is a factor in calculating late charges, the percentage used for this lease is displayed. For example, late charge methods PERC, PMNX, PMIN, etc. all involve a percentage of the delinquent payment. Methods FIX, NONE and OUTF do not involve a percentage.

• INTEREST RATE
  For floating rate accrual methods, today’s prime rate from the Base Rate update [U0705] is displayed. For fixed rate accrual methods, the lessor’s rental simple rate is displayed.

• LATE CHARGE METHOD
  The Late Charge Method is displayed.

• YIELD
  The lessor yield factor is displayed.

• CUSTOMER RATE
  The Customer Rate is displayed.

• SALES TAX RATE
  The average, weighted sales tax rate for the lease is displayed. Each asset’s sales tax rate is multiplied by the percentage of the total acquisition cost that the asset represents on the lease. The resulting products are added together to calculate the lease’s Sales Tax Rate.

• PAYMENT SCHEDULE
  The payment schedule of the lease is displayed.

Payment Tab

The Payment tab contains the following information:

• LESSEE
  The lessee number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.

• REMIT
  The lessees remit address is displayed.

• CURRENT PAYMENT AMOUNT
  The amount displayed includes all unpaid principal and interest with a payment due date on or after the accrued to date.

• CURRENT SALES TAX AMOUNT
  The amount displayed includes all unpaid sales tax with a payment due date on or after the accrued to date.

• CURRENT OTHER AMOUNT
  The amount displayed includes all unpaid other charges with a payment due date on or after the accrued to date.

• TOTAL CURRENT AMOUNT
  The sum of CURRENT PAYMENT AMOUNT, CURRENT SALES TAX and CURRENT OTHER CHARGES is displayed.

• DELINQUENT PAYMENT AMOUNT
  The amount displayed includes all unpaid principal and interest with a payment due date before the accrued to date.

• DELINQUENT SALES TAX AMOUNT
  The amount displayed includes all unpaid sales tax with a payment due date before the accrued to date.

• DELINQUENT OTHER AMOUNT
  The amount displayed includes all unpaid other charges with a payment due date before the accrued to date.

• TOTAL DELINQUENT AMOUNT
  The sum of DELINQUENT PAYMENT AMOUNT, DELINQUENT SALES TAX and DELINQUENT OTHER CHARGES is displayed.

• TIMES DELINQUENT
  The number of times payments have been delinquent is shown. Four delinquency categories are displayed. The DELINQUENCY CATEGORY BOUNDARIES displayed are entered in the Miscellaneous Customizations option of the Portfolio update [U0212].

• INVOICES (scrolled area)
  Highlight the invoice(s) one by one to view more detail. Click on the Invoice Detail button.

• DUE DATE
  The invoice payment due date is displayed.

• ASSESSMENT
  The total assessment amount billed for the invoice is displayed.

• PAYMENT
  The invoice payment amount is displayed. This amount includes the interest calculated.

• TOTAL BILL
  The total amount billed for the invoice is displayed.

• NET DUE
  The net due for the invoice is calculated by subtracting the total amount paid for the total amount billed.

Invoice Detail

This screen shows the detail for the selected invoice. Only the first 100 outstanding invoices will be available for viewing. The invoice number and due date appear on the top of the window.

• ASSESSMENT
  The type of charge billed (i.e. principal, interest, sales tax, etc.) appears in this column.

• AMOUNT BILLED
  The amount billed on the selected invoice for each type of charge is displayed.

• AMOUNT PAID
  The amount paid is displayed.

• AMOUNT DUE
  The amount currently due is displayed. This is calculated by subtracting the amount of the assessment paid from the amount of assessment due.

External File Attachments

The External File Attachment is a separately purchasable module of LeasePak.

This screen appears when Attachment is selected. This screen allows the user to add, edit, delete or open an external file attachment to a lease. The description, file name, date, time and operator initials will be displayed for the external file attachment. Any file type may be attached to a lease, it is the users’ responsibility to verify and configure the file type association properly on their machine. The following are supported file types: MS Word. Excel, JPG, BMP and PDF file types. Attachment records will be removed from the RFA table during EOP, Close Lease Clean-up [U0419].

• ADD
  Select Add to enter the attachment information.

• EDIT
  Select Edit to modify the external file attachment information.

• DELETE
  Select Delete to unattach the external file from the lease. This option does not delete the external file from its shared location, it only removes the record from the LeasePak table (RFA).

• OPEN
  This option executes the program associated with the file type of the attachment and displays the attachment on the users screen.

Attachments/links can be added by entering the filename including the drive and path of an existing file as well as the optional description in the screen below.

Enter the description of the file/link attachment and the file name. Attachment information will be saved on the RFA table. External files and/or links to leases must be maintained on a common drive that is shared by a network drive.

• DESCRIPTION
  Enter the attachment description that will be associated with the lease. The maximum number of character that may be entered is 50.

• FILE NAME
  Enter the filename of the attachment. This field is input required. Use the browse button to select the file name. Selecting the browse button, will display the shared directory and its contents.

• SAVE
  Select Save to attach the external file to the lease number.

This screen is an example of where the attachment files can be located.

Original Information

This tab allows the user to view the original financial information of the lease and the extension information, if any. The fields on this tab will display values when the initial lease was matured. Rebooks and midterm adjustments; such as Payment Reschedule, Acquisition Cost and changes to the Residual processed prior to the maturity are also taken into account. However, if none of these adjustments are performed the fields will display information at the time of booking.

• LEASE
  The lease number is displayed.

• NAME
  The full lessee name is displayed.

• DBA
  The DBA, Doing Business As name for the lessee is displayed.
  
  
• REMIT
  The lessees remit address is displayed.

• P/C/R/O
  The P/C/R/O of the lease is displayed.
  
  

• ACQUISITION COST
  The original acquisition cost of the equipment.
  

• ORIGINAL RESIDUAL
  The original residual amount of the lease.
  
  

• ORIGINAL LEASE RECEIVABLE
  The total amount of all lease payments processed during the initial lease.
  

• TOTAL RUN OF EXTENDED MONTHS
  The number of months extended since initial lease maturity date to the current lease accrued to date. If the lease selected is still on initial term and has not reached NMAT status or has not been extended, this field will default to '0'.

  Example 1
  

  Lease Commence Date = January 1, 2000, with a six month term.
  Maturity Date of the original lease = July 1, 2000 and at the time of maturity the lease is extended on a month-to-month basis.
  Accrual to date is October 1, 2000.
  Current date is October 25, 2000.

  "Total Run of Extended Months" field = 3, the difference in months between accrual to date and initial term lease maturity date.

  Example 2

  Lease Commenced Date = January 1, 2000, with a six month term.
  Maturity Date = July 1, 2000, the lease is rescheduled for the 8-month term, and
  Rescheduled Maturity Date = August 1, 2000, the lease is extended for 3 months.
  Additional Lease Extension processed for 6 months.
  Current date is 02/25/01.
  Accrual to date is 02/01/00.

  "Total Run of Extended Months" field = 5, the difference in months between accrual to date and initial term lease maturity date (August 1, 2000, the Reschedule is taken into account).

© 2001 by McCue Systems Incorporated.
All rights reserved.

The information contained in this document is the property of McCue Systems, Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. McCue Systems, Inc. assumes no liability for any inaccuracy that may appear in this document; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of McCue Systems, Inc. is prohibited.