Rate Settings Panel
The Rate Settings panel is used to define the finance rate for new and used vehicle proposals generated in the XtreamService application.
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The Rate Settings panel displays on the Proposal Generation Settings screen. To access the Proposal Generation Settings screen, click the |
(More) icon and then click the Proposal Generation Settings link in the 
The finance rate for a vehicle proposal is defined based on the finance rate of a customer's current vehicle deal. This panel can be used to define finance rates for customers who do not currently qualify for an incentivized finance rate. The rate from a customer's current vehicle deal can also be applied to a newly generated proposal using the fields on this panel.
For example, if the incentivized rate should not be applied for proposed vehicle deals for customers whose current finance rate is higher than 9%, select the Use Current Rate on Proposed Deal if over check box and enter 9% in the corresponding field. If a customer's current vehicle deal has a finance rate higher than 9%, the current finance rate is applied to proposed vehicle deals for that customer.
To define a default rate for customers whose current finance rate is lower than 3%, select the Use Rate check box and enter a rate, such as 4.3%, in the corresponding field. Enter 3% in the if current rate is under field. Based on these entries, customers whose current finance rate is lower than 3% will automatically be assigned a 4.3% finance rate on proposed vehicle deals if a lower incentivized rate is not available.
Note - If a customer's current finance rate is less than the entry in the Use Current Rate on Proposed Deal if over field and greater than the entry in the if current rate is under field, an interest rate for proposed vehicle deals is calculated based on rates, residuals, and incentives from the manufacturer.
In addition, when a client is pre-screened, a probable interest rate can be generated for the client. If the probable interest rate is lower than the interest rate generated using the Rate Settings panel, the probable interest rate is used on proposed deals. The probable interest rate is based on the client's credit score and is maintained by 700Credit. To define settings for probable interest rates, contact 700Credit.
The following items are available in the Rate Settings panel.
Use Current Rate on Proposed Deal if over: Select this check box to apply the finance rate from a customer's current vehicle deal to the proposed vehicle deal. The customer's current finance rate must be higher than the rate entered in the corresponding field to be applied to the proposed vehicle deal.
Use Rate: Select this check box and enter a finance rate in the corresponding field to define a minimum finance rate for proposed vehicle deals. This finance rate is only applied if the customer's current finance rate is lower than rate entered in the if current rate is under field and no lower incentive rate is available.
if current rate is under: After selecting the Use Rate check box, enter a minimum finance rate for a customer's current vehicle deal. If a customer's current finance rate is lower than the rate entered in this field and no lower incentive rate is available, the rate entered in the Use Rate field is automatically applied to the proposed deal.
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