Credit Union Leasing of America Residual Web Users Guide Consumer Lease Program. January 2018

Transcription

1 Credit Union Leasing of America Residual Web Consumer Lease Program January 2018 i

2 CULA Residual Web - Consumer Lease Program Table of Contents Table of Contents Accessing CULA Residual Web... 3 Creating a Shortcut... 3 Overview... 5 Residual Info Tab... 6 Book Edition... 7 New or Used Model Vehicle... 8 Vehicle Data Residual Information New Vehicle Mileage Adjustments- New Vehicle Payment Info Tab Capitalizing Sales Tax Lease Payment Grid Additional Vehicle Info Tab Dealer & Lessee Info Tab Trade-In/Fees Tab Summary Tab Contract Printing Save and Retrieve the Contract Used Vehicle Residual Calculator Equipment Checkbox Printing Residual Information Page Program Documents (Forms) Lease Program Guide Program Forms ii

3 CULA Residual Web Consumer Lease Program Welcome to CULA Residual Web, a website that contains residual values to Credit Union Leasing of America s (CULA) Credit Union lease and balloon loan programs. Accessing CULA Residual Web The URL address for CULA Residual Web is: To access CULA Residual Web, simply type in the URL address to your web browser address bar and enter or click Go. Or you can copy and paste the link above into your web browser address bar and enter or click Go. Creating a Shortcut To create a shortcut to CULA Residual Web on your desktop: Open CULA Residual Web in your web browser From the File menu, click Favorites o The Favorites window will open, typically on the left side or your screen From the Favorites window, Click Add to Favorites In the name box, type CULA Residual Web Click Okay CULA Residual Web will be displayed in your favorites list in the Favorites window Highlight CULA Residual Web in the Favorites window and Right Click Highlight Send To and select Desktop An icon for CULA Residual Web will be placed on your desktop To access CULA Residual Web, simply double click the desktop icon 3.

4 The Welcome page of CULA s residual website appears as Figure 1 below. There are five different residual value websites: 1) Consumer Lease residuals 2) Standard Commercial residuals 3) Custom Commercial residuals 4) Consumer Balloon residuals 5) Multi-Lender Equipment Leases This guide specifically addresses the Consumer Vehicle Lease Program. Figure 1 4.

5 Overview When you click the link from the residual website welcome page, the residual calculator opens (Figure 2). There are six tabs/pages that must be completed in order to generate a lease agreement. These tabs must be done in order and the only way to get to the next tab is to click the next button at the bottom of each page. The only way to get to a previous tab is to click the previous button at the bottom of each page. Should you want to get a residual value only and not generate a lease agreement, simply fill out the residual info tab. Should you want to get a payment and not generate a lease agreement, simply fill out both the residual info tab and the payment info tab. If you want to save your data in order to come back to it, you have to also enter the VIN on the additional vehicle info tab. You can enter the last 7 of the VIN in order to retrieve your record by clicking the search by vin at the top of the page. The remainder of this document will walk you through each page of the website in detail. 5.

6 Residual Info Tab The calculator defaults to the current book edition year. Figure 2 To use the calculator, you need to know the following: Book Edition (this is 2 book months, such as March-April, or May-June) Intended Annual Mileage of the Lease Year, Make, Model and Trim Level of the vehicle Odometer at Inception MSRP 6.

7 Book Edition CULA Residuals are published every two months. Each two-month period is called a book edition, per lease industry standards. (Example, Jan-Feb, Mar-Apr, May-June, etc.) Click the down arrow on the book edition drop down list (Figure 3). Select the Book Edition Though all book editions are present in the drop down list, the CULA Residual Web calculator screen will only contain residuals for the current and previous book editions. Figure 3 7.

8 New or Used Model Vehicle You can select between a new or used vehicle residual. CULA Residual Web- Consumer Lease Click on the down arrow on the New/Used drop down list (Figure 4) Highlight New or Used and click. If you select NEW, you must also enter an MSRP. If you select Used, the application will inform you that the maximum advance is based on NADA Retail and to refer to Lender s rate sheet for maximum advance percentage. Figure 4 The following examples are for a new vehicle residual. Please see page 19 for used vehicle residuals. 8.

9 Miles Intended annual miles are selected to determine the residual value. Intended Annual Miles To select the annual mileage, click the down arrow on the mileage box (Figure 5). Click 10,000, 12,000, or 15,000 intended annual miles. If the lease is a 10,000 or 12,000 mile per year lease, the calculator will adjust the residual percentage according to the mileage enhancement. If the lease is to be written for more than 15,000 annual miles, click Other in the drop down list and then enter mileage in the Enter Miles:* (if over 15,000) field The calculator will calculate a residual dollar value adjustment and list that adjustment value with the residual percentage on the output page. You cannot data enter a value less than 10,000 miles, but you can enter any value greater than 15,000. Figure 5 9.

10 Vehicle Data Enter the vehicle description from the following drop down lists (Figure 6). Click on the down arrow of each drop down: o Select Year o Select Make- you can enter the first letter of the vehicle make and the program will take you to the part of the vehicle list that begins with that letter. o Select Model o Select Trim Level o Enter Odometer at Inception Mileage if there are more than 300 miles at inception, the calculator will calculate a residual dollar value adjustment (reduction). If there is an option for No A/C or Manual Transmission, and these items are not listed on the MSRP of the vehicle, then check the appropriate box. The calculator will deduct the proper deductions for the missing equipment. Click Calculate Residual If the MSRP amount data entered exceeds MRM (MRM is displayed next to MSRP) then you will receive the following error messages: o MSRP Value must be < or = to the MRM displayed to the left o Must enter a numeric value for MSRP that is not greater than MRM ($32,900 in the print screen below) 10.

11 Figure 6 11.

12 Residual Information New Vehicle The Residual Information opens after clicking calculate residual (Figure 7): Figure 7 The information page lists: Vehicle Information Pricing Information- MSRP Mileage Information Residual Information- a grid showing all residuals for all terms including any mileage adjustments Mileage Adjustments- New Vehicle There are two ways a residual dollar value for mileage is calculated; if the vehicle has more than 300 miles at inception or if the lessee will drive more than 15,000 miles per year. If the vehicle has more than 300 miles at inception the calculator will calculate a dollar value residual adjustment (reduction) based on CULA lease program parameters. 12.

13 If the vehicle has both a residual dollar reduction for miles at inception, and more than 15,000 intended annual miles, the calculator will compute both residual value dollar reductions and add them together. These adjustments will be listed in the residual value output page. Payment Info Tab Located on the Payment Info Tab is a Lease Payment Calculator (Figure 8). To use the calculator: Enter the following fields: o Credit Union- selecting the credit union will allow the calculator to determine the current acquisition fee required for the lease. o Contract date o Agreed Upon Value $- the sales price of the vehicle o MBP Contract/Warranty $- sales price of the warranty, if applicable o Prior Credit Or Lease Balance $- Enter this as a positive number. If the lessee has trade equity, enter that number in the Cap Cost Reduction box o Other Capitalized Fields- use these fields to add other amounts you want included in the gross capitalized cost of the vehicle. o Cap Cost Reduction $- if the member has traded equity, a rebate or a cash reduction, enter that number here as a positive number. o Sales tax % on lease payment o Capitalize Sales Tax Checkbox- if the sales tax on the payment stream will be paid entirely at lease inception (as in Ohio); click this box to have the sales tax capitalized. o Money Factor- this is found on the lender s rate sheet o Acquisition Fee will auto-populate based on the MSRP amount. Click Calculate Lease Payment Capitalizing Sales Tax In some states, sales tax on the payment is collected entirely at lease signing. When this occurs, the sales tax amount is included in the gross capitalized cost of the vehicle. Should a lessee desire to pay this tax upfront, it is treated as a cap reduction. To capitalize sales tax, click the checkbox below the sales tax field in the Payment Calculator section. When the payment is calculated, the grid will show the correct payment including capitalized sales tax, but the sales tax field will be $0.00. To capitalize sales tax on the capitalized cost reduction enter the tax amount in Other (Capitalized) field under section 4) Calculate Payment. 13.

14 Figure 8 Lease Payment Grid Upon clicking the calculate button a payment grid is displayed (Figure 9) containing the following: Term Cap Cost Residual Base Payment Sales Tax Total Payment If you fail to enter any required fields you will get an error message in the Input Errors box. If you enter a Cap Cost of greater than maximum % of MSRP per lender s guidelines, you will receive an error message and the payment will not calculate. 14.

15 Figure 9 15.

16 You may now select a term for the lease, the remaining fields will auto populate with the information for that term. (Figure 10) Click next to proceed to the next tab. Figure 10 Additional Vehicle Info Tab A majority of the Vehicle Information fields copy over from the residual website (Figure 11) Enter the following fields. These fields can be entered lower-case or capitals, as the printed document will convert all data entry to all capital letters. Enter the color of the vehicle from the MSRP or Invoice Enter the VIN License Number, if applicable Added equipment (dealer hard adds) if applicable Trade-In- If lessee had a trade in, enter the vehicle year, make and model here. Mechanical Breakdown Protection/Warranty- If the lessee purchased a warranty, enter the terms of the warranty here. Any field with a red asterisk next to it is required to save the information and any field with a green asterisk is required for the contract. Click save & next to proceed. 16.

17 Figure 11 Dealer & Lessee Info Tab The credit union name copies over from the residual website. Enter the following information (Figure 12): From the drop down, select the dealership name. The address of the dealership auto-populates. The address can also be typed in if necessary. If you do not see your name in the drop down, contact your credit union. The lessee information section is where you enter the customer name and address (Figure 12). 17. Enter the lessees first and last name Enter the complete registration address for the business or the lessee Enter co-lessee if applicable Life and Disability Insurance- If the lessee purchases Credit Life and Disability, document the policy in this section

18 Click save & next to proceed CULA Residual Web- Consumer Lease Figure 12 Trade-In/Fees Tab The lease information contains all of the lease financial data related to residual and payment. A majority of this information is copied over from the residual website. It has four sections: (Figure 13) Itemization of Amounts Due at Lease Signing or Delivery o Data enter tax amount on cap cost reduction o Data enter the registration, license and/or title fees o If the lessee is purchasing a warranty upfront, enter the description in the Other Fee Description field. Enter the price of the warranty in the Other Fee field. 18.

19 o If the lessee is paying for any additional items such as tire tax, up front tax, etc at lease signing; enter the description in the Other Fee Description field. Enter the amount of the tax in the Other Fee Field. o Click Calculate Total How Amounts Due at Lease Signing or Delivery will be paid o Enter how the amounts due at lease signing will be paid. Either by a trade-in allowance, rebates and non-cash credits or cash. Payments and Fees o Enter the Second Payment Due Date o Enter Other Charge description and amount if applicable. Estimated Official fees and taxes- This is a calculation field that automatically populates on the lease agreement after all other fees have been entered. It is an estimate of all taxes that will be paid through the course of the lease Click save & next to proceed Figure

20 Summary Tab If any of the required fields to print a lease agreement are missing, the items will show on this tab. All required fields must be met in order to generate the lease agreement. Figure

21 Contract Printing The Contract prints from a laser printer on standard letter-sized paper. Important: to print the contract properly, you must use IE 7.0 or greater and use the following print settings: 1. Click File, Page Setup 2. Delete all content in the Header and Footer text boxes 3. Set all margins to 0.5 inches 4. Click Enable Shrink to Fit if not checked already The Contract opens in a new IE window. To print the contract: From the File menu click File, Print From the print dialog click print The contract will print on multiple 8 1/2 x 11 pages Print 2 copies, one for the lessee and one from the credit union You must get an original signature on both copies of the contract Save and Retrieve the Contract If you are not ready to print the contract, you can also save the contract and retrieve it at a later time. To retrieve an existing contract, navigate to the Residual Value Website Welcome Page, and click on the link, click here. Once the contract has been saved, you can choose search by VIN from the Consumer Vehicle Lease Residuals page. When clicking this button, you will be prompted to data enter the last 7 of the VIN in order to retrieve an existing contract. Used Vehicle Residual Calculator The Used Vehicle section of the residual calculator works differently than the new vehicle residual calculator. When you select a used vehicle from the New/Used drop down menu, and you enter the vehicle year, make, model and trim level, an equipment options box appears (Figure 19). 21.

22 Figure 15 Equipment Checkbox As seen above in Figure 15, the equipment checkbox lists all equipment that may be available on the vehicle. Check the equipment that applies; Odometer at Inception, used retail value. Click calculate residual Residual Information Page Used Vehicle The residual information for a used vehicle contains a wide variety of information (Figure 16). This document is inclusive of: 1. Vehicle Information 2. Maximum Funding Information 3. Mileage Information a. Intended Annual Miles b. Odometer at Inception 4. Residual Information Per Term (calculations) a. Base Residual b. Equipment Adjustments c. Inception Mileage Adjustment d. Excess Mileage Adjustment e. Adjusted Residual 22.

23 5. Equipment Adjustment- list separately the optional equipment you selected in the vehicle data page (calculation) 6. Lease Payment Calculator Link Figure 16 For information on the lease payment calculator see page 10. Printing Residual Information Page You will need to print this page and include it with your funding package to your lender. To print the vehicle data page, in the web browser window: Click File Click Print Select any print parameters needed in your printer window The Vehicle Data Page prints on letter size paper, portrait orientation To return back to the main calculation page, click Home. 23.

24 Program Documents (Forms) All documents and many forms related to the CULA Credit Union Lease program are available on the website. To access documents and forms, click on the Program Documents link at the top of the calculator (default) screen. The program will open the program documents page which lists all documents related to the program. (See Figure 17 below.) Figure 17 Lease Program Guide The Lease Program Guide is available on the site. It contains all policies for the lease program related to the dealer. To navigate through the program guide, select the headings (underlined) in the table of contents (at the top of the window). Clicking a heading will take you to that section of the pages. Click the browser Back button to be returned to the table of contents. Or, you can right click on the Program Pages link and from the menu click Open in New Window. The Program pages will open in a new window and the calculator will remain open as well. 24.

25 To print the Program Pages, from the browser window, click File, Print. Program Forms The following program forms are available on the site: 1. CULA Odometer Disclosure and Acceptance From (ODA) - Two (2) original signed copies are required of the ODA (one copy for the credit union and one copy for the member). 2. CULA Odometer Delivery & Acceptance Certificate (ODA) - (HTML - for data entry) 3. Generic Insurance Verification Form (IVF) - (HTML - for data entry) 4. Generic Insurance Verification Form (IVF) - (PDF - for DMS Printing) 5. Dealer Worksheet 6. Vehicle Turn In Receipt & Odometer Form- at lease/loan end, member/buyer will need to fill in two of these forms. One copy is for the member/buyer and the other copy is to be returned to CULA. For technical questions please call , or at support@cula.com. 25.