Business Processes

Term Extension

Credit Bureau Extract Metro 2 Format users.

Also known as lease extension or lease renewal, where the client continues to make monthly lease payments after the end of the original term.

LeasePak Updates/Processes

• U0108 Lease Extension/API
• U0709 Activity Status/Substatus
• U0462 Credit Bureau Extract

Relevant LeasePak Interface Fields

• U0709 Activity Status/Substatus
  • "Activity Status"
  • "Activity Substatus"
  • "Processing task"

Process Overview

LP automatically marks leases in term extension with one of the following activity statuses:

• 'AEXT Active extended lease' – Lease extended for a fixed term
• 'AEXM Active extended month-to-month' – Lease extended month-to-month

By default, U0462 Credit Bureau Extract will continue to report these leases with updated Terms Duration and SMPA unless the User creates rules through U0709 Activity Status/Substatus to stop credit bureau reporting for extended-term leases. Terms Duration, SMPA, and other values cannot be overridden except under conditions where values have been frozen.

If stopped from reporting, U0462 will instead write the lease to the exclusion file.

LeasePak User Process

To stop reporting fixed-term extended-term leases:

• Use U0709 Activity Status/Substatus to create a combination of "Activity Status" 'AEXT' and empty "Activity Substatus". For this combination, set the following "Processing task":
  • Stop CB Reporting = 'Y'

To stop reporting month-to-month extended-term leases, create a combination of "Activity Status" 'AEXM' and empty "Activity Substatus" and set the same "Processing task" as above.

When the lease is extended, either through interactive U0108 Lease Extension, Automatic Lease Extension, or third-party interface via API, these U0709 settings will stop U0462 from reporting extended-term leases, instead writing them to the exclusion file.