Bailment ESR Profile Details

Bailment ESR Profile Details

Purpose

Distributors may provide an incentive to a Dealer to sell a bailed asset as quickly as possible.  This incentive is a percentage rebate on the purchase price of the asset. It is known as an Early Settlement Rebate (ESR). If the Bailment Account is paid out in full within the specified period from the account open date the Bailment Dealer is entitled to the rebate. 

The rebate reduces the amount the dealer is required to pay to terminate the Bailment Account. The Financier claims this rebate back from the Distributor.

For Example:
A Distributor offers a rebate to Dealers of 2% of the purchase price if the Bailment Account is repaid within the first 7 days and 1.25% if the Bailment Account is repaid within the following 7 days.  In this scenario the completed Early Settlement Rebate would look like: 

Access

  1. Setup | Early Settlement Rebate Profiles
  2. Bailment Account Details | Account Details Tab at the ES Rebate Profile field

Dialog Details


Details Specific Buttons

[Button]Explanation

The following dialog will be presented:


Use the up and down arrows to determine the number of days in the ESR period, or type the number of days

Enter the Rebate percentage that is to apply to this rebate period


Continue to  for each rebate detail line required


These buttons will keep the same duration and rebate % of the Rebate Period record but alter the start and end day fields so the period moves up or down in the list

For example:




The Rebate % of 1.5 will now be for the period of day 8 to day 14 instead of the period of day 15 to day 21

A completed dialog would appear similar to the below:


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