Recourse

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Recourse

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Are you dealing with a Recourse Buy Back situation? Frazer has a button for that!
 
To perform a Recourse Buy Back click Customers at the top of Frazer, then select 9. Recourse Buy Back
 

 
NRecourseBuyBackCustomers

 

This next screen will pop up.

 

CustomersNRecourseBuyBack
 

From here, click
selectasale
 
Only Outside Financed Customers and Customers who have been sold to a Finance Company will
appear in the next list.
 

EligibleRecourseCustomers

 
Select the customer you need to Buy Back.
 
NRecourseBuyBack
 
From here there are two possible scenarios you need to consider :
 
A. The customer made payments prior to the Recourse.
 
If so, you will need the customer’s Current Principal Balance, the total Interest they paid to the Lien Holder, and the date of the customer’s last payment.
 
If you don't have the required information, contact your Recourse/Buy Back Lien holder for it.
 
BuyBackDetails2

 

 

 

 
Or B. The customer did NOT make payments prior to the Recourse.
 
If this is the case, just click the “No payment made to Lien Holder” checkbox.
Frazer will fill in the customer’s original contract balance for you and the date of their last payment.
If no payments were made, there should be nothing to enter in the “Interest paid to lienholder box”
 

BuyBackDetails1

 
From here, in the Buy Back Cost field, enter the total amount you had to pay the Lien Holder for this recourse customer.
Then enter the date you performed the Buy Back.
 

BuyBackDetails3

 
Once all of the info on this screen is correct, click “Complete”.

 

C9FilledIn

 

 
Frazer will respond that the Recourse process completed successfully.
 
C9Completed
 
From here, Click Customer Activity Button to open your list of customers.
 
Once you complete the Recourse Buy Back process, Frazer will create a new Customer account for your recourse customer.
The stock number of this new account is the same as the old with an R at the end of it.
 
NewRecourseStockNum

If you access this new account, it will now indicate the customer’s balance, next due date and their original payment schedule, as if they were a normal sale that was financed in-house.

 
However, the Recourse Customer will have a new Sale Type : Recourse Buy Back.
 
NewRecourseCustomerActivity
 
From here, you may handle your customer as if they were financed in-house, or if you need to perform a repossession and write-off of the account you may do so. Repossessions/Write-Offs in Frazer.