New Floor Planning Tab
Floor Plan Companies
You can store information for more than one Floor Plan company in the system.
You can access your Floor Plan company list the “Vehicles” drop-down menu on the main Frazer screen and then selecting item 4 – Floor Plan Companies.
Another way to access this list is from the “Floor Planning” tab from within the “Changing Vehicle” screen inside the inventory file.
When adding or editing a floor plan company, you can save basic information about your vendor including an address:
Default Rates and Fees:
On this screen you can also set default fees. You can set the description for a fee, the amount, as well as whether the fee is static or as a percentage of the principal. Finally you can select whether the fee should be applied one time or on each curtailment payment. Frazer will remember this fee schedule whenever you select this particular Floor Plan Company.
In step 3, you can add “Default Plan Terms” including the length of the floor plan in days as well as the percentage of the principal due. General Note: You will NOT need to enter in a curtailment for the “closing day” (last) as this will automatically be scheduled for you based on the Term Length. You are only required to enter in the curtailments between the floor plan opening and the floor plan closing.
Finally, Frazer will give you one last chance to review everything before saving it to the system. (Don’t worry if you discover an issue or need to make a change down the road as you can always come back in and edit an existing company!)
From this tab you will also have the ability to select a default Floor Plan Company. When selected as a default, the company you are setting up will be selected on every floor plan that you open on the vehicle file going forward.
Once saved, you will see the company listed as one of your Floor Plan vendors:
Adding a Floor Plan to a vehicle:
You can start by selecting a vehicle that you have entered in inventory or you can start entering a new vehicle. Once you’ve entered in the vehicle’s VIN and original cost you may then proceed to the “Floor Planning” tab.
Click on “Add Floor Plan”. Once clicked a window will pop-up that will allow you to select your Floor Plan company as well as the pertinent details (including the actual amount floored, the interest rate, the date of opening, and the length of the term).
On the “Fee & Term Details” tab you will have the ability to add fees (ex: Setup Fee) as well as modify the curtailment dates should they differ from what your current floor plan is offering.
Once the floor plan is saved to the vehicle, you will see some stats for the floor plan on that vehicle.
As time passes, soon it will become time to pay a curtailment. Click on the “Add Payment” button at the bottom. This will pull up a screen where you can enter in your payment total as well as the breakdown of where your payment went.
Special Note: The “projections” are an estimate and should be close to the actual payment total and breakdown but may not actually reflect your payment amounts OR the amounts being broken down between principal, interest, or fees. (though Fees is a calculated amount and can’t be changed). Should everything match exactly, you will have the option to “Use Projections” on the Floor Plan payment screen.
Once you’ve entered the payment details, click “Save”. This will add the payment to your settlement box.
Once you’ve sold the vehicle (or the vehicle has been in inventory long enough to outlast the floor plan term) and it’s time to close the floor plan, the floor plan closing is as simple as just adding another payment into the system. Make sure you check the box to designate “This payment closes the floor plan”! An "X" will denote that a particular payment is the final payment.
Once a vehicle has a closed floor plan, you do have the ability in our improved floor plan tab to add a second floor plan to the vehicle. To do this simply navigate to the “Floor Planning” tab and click “Add Floor Plan” and then follow the same steps to setup a new floor plan.
By simply selecting the floor plan from the drop-down menu you wish to review you can toggle back and forth between the two.
Additionally, the floor plan tab's main screen will give you the ability to view stats for only the floor plan you are viewing or for all floor plans.