U0103 Payoff Method
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Contract Cancellation

Contract Cancellation

U0103 Payoff Method

Credit Bureau Reporting symbol Credit Bureau Extract Metro 2 Format users.

When the User must completely remove a lease from the system, either because it was booked in error or because of fraud.

LeasePak Updates/Processes

  • U0102 Payments
  • U0103 Payoff
  • U0105 Assessment
  • U0239 Credit Bureau Lease/API
  • U0709 Activity Status/Substatus
  • U0722 Custom Code
  • U0462 Credit Bureau Extract

Relevant LeasePak Interface Fields

  • U0103 Payoff
    • "Payoff Source"/"Termin Source"
    • "Payoff Reason"/"Termin Reason"
  • U0239 Credit Bureau Lease/API
    • "Activity Substatus"
  • U0709 Activity Status/Substatus
    • "Activity Status"
    • "Activity Substatus"
    • "Processing task"
  • U0722 Custom Code
    • "Code Category"
    • "Code Value"
    • "Code Description"
Metro 2 Impacted Fields Relevant Code Values
Account Status – User sets "Payoff Reason"/"Termin Reason" in U0103 Payoff. LP will report DA for reason 'ERRO' or DF for reason 'FRAD'; LP will report once, then cease reporting DA – Delete entire account (for reasons other than fraud)
DF – Delete entire account due to confirmed fraud (fraud investigation completed)
Date Closed – If user deletes using U0103 Payoff, LP will report Date Closed once with Account Status of DA or DF, then cease reporting N/A

Process Overview

When the User:

  • Uses U0103 Payoff to pay off or terminate the erroneous lease and sets the "Payoff Reason"/"Termin Reason" to 'ERRO' or 'FRAD'
  • Waives, pays, or reverses any open AR through U0102 Payments and/or U0105 Assessment

LP will override the Account Status with either DA (for payoff reason 'ERRO')or DF (for payoff reason 'FRAD'), depending on the payoff/termination reason used, mark the lease as closed, report DA or DF, then cease reporting (stop creating RXL/RXC records).

  • If the User enters a "Payoff Source"/"Termin Source" of 'FLTC' 'Flat Cancel' (contract cancellation), U0103 Payoff will require that the User also enter a "Payoff Reason"/"Termin Reason"

Also, when the User:

  • Sets up an "Activity Substatus" through U0722 Custom Code
  • Uses the designated "Activity Substatus" in U0709 Activity Status/Substatus to select/check the processing task "Require payoff reason code" (set to 'Y')
  • Uses U0239 Credit Bureau Lease/API to set "Activity Substatus" to the designated value

U0103 Payoff will check for an Activity Status/Substatus match when the User first selects the lease for payoff/termination. If a match is found, U0103 will require that the User enter a "Payoff Reason"/"Termin Reason" before completing the update.

LeasePak User Process

To set up the process to have an Activity Status/Substatus combination require a "Payoff Reason"/"Termin Reason":

  • Use U0722 Custom Code to create a new code for "Code Category" 'ACTSUBSTAT' (Activity Substatus). For example:
    • "Code Value" 'IFRD', "Code Description" 'XB Invstg fraud'
  • Use U0709 Activity Status/Substatus to create one or more "Activity Status"/"Activity Substatus" combinations, matching likely (according to your business practices) statuses to substatus 'IFRD'. For example:
    • Match 'ANOR' (Active Normal) to 'IFRD'
    • Match 'NSKP' (Suspended Skip) to 'IFRD'
  • For each combination, set the following rule under "Processing task":
    • Require payoff reason code

To trigger requiring a "Payoff Reason"/"Termin Reason":

  • Use interactive U0239 Credit Bureau Lease or third-party interface via API to set the "Activity Substatus" to 'IFRD'

To cancel a contract through U0103 Payoff:

  • Use U0103 Payoff to pay off/terminate the lease or loan
  • During payoff/termination, set the "Payoff Reason"/"Termin Reason" to 'ERRO' or 'FRAD'
  • Use U0102 Payments and/or U0105 Assessment to pay, reverse, or waive any open AR