Applying a Non-Serialized Loan to a Commitment
A non-serialized loan is a loan for a unit that does not have a serial number, such as a term loan. You can apply a non-serialized loan only to an approved general or specific commitment. When you apply a non-serialized loan to a commitment, XYZSoftwareâ„¢ adds the loan and either decreases the commitment amount by the amount of the loan if the loan amount is less than the commitment amount or deletes the commitment if the loan amount equals or exceeds the commitment amount. To apply a loan to a commitment, you must know the commitment approval number. You cannot apply loans to pending commitments.
When dealers are set up in XYZSoftware, they are associated with specific dealer collateral types. Each dealer collateral type is associated with a specific loan type. When you select the dealer for the record on which you are working, the associated dealer collateral and loan type combination determines certain fields and values available on the window.
- Open a batch if one is not already open.
- From Add on the main menu, click Manual New Loans, then click Non-Serialized Loans.
- From the search criteria list box, click the criteria, type the specific corresponding value in the text box, and then press Enter. The associated dealer collateral appears in the Dealer Collateral text boxes.
- From the Approval # list box, click the approval number for the commitment.
- On the Add Non-Serialized Loan window, complete the information as needed.
- Click Save.
- When XYZSoftware notifies you that a loan record has been created, click OK.
- To apply a non-serialized loan to a commitment for the same dealer, click New Loan and repeat steps 4-7.
- To apply a non-serialized loan to a commitment for a different dealer, click New Dealer and repeat steps 3-7.
- Click Close.
- Close the batch.
Note: If XYZSoftware notifies you that the dealer is on non-accrual status, click Yes to continue, or click No to select another dealer.