Processing a retail installment contract

Time to start the day:

Pull inventory packets for units sold the previous day.

Review the Outstanding units delivered in Axcessa or current tool used by the organization.

Match inventory packets to deals as received in accounting.

Time to process deals:

Starting with the basics, does the serial number on the paperwork match the title or MSO in hand?

Do you have all the monies due for each deal?

Note: refer to the organization’s rules for the process on 8300’s

Match the monies on the sales agreement against the DMS system or safe log.

Using the checklist, make sure all the required documents are in the deal with authorized signatures and complete.

Depending on the organization the required documents, should include:

  1. What is required by the lender for funding?
  2. What is required for compliance?
  3. What is required by the organization?
  4. What is required by the state for all sales transactions?

Please refer to the checklist as a guideline.

Processing the retail installment contract:

Assign the MSO (manufacturer’s statement of origin) or Title to the new customer, get it notarized.

Complete the lien packet according to the lender and organization guidelines.

Make copies of all paperwork for the packet, or depending on the organization to be scanned.

Combine and review paperwork for the retail installment contract (look for additional docs or necessary requirements on the callback sheet)

Get the contract signed.

Upon receipt of lien filing depending on the state, lender and organization guidelines.

Attach the signed retail installment contract, lien entry form, and additional documents.

Before sending out the contract.

Log the outgoing retail installment contract by name, customer number, stock number and date to follow-up.

The packet is Complete to be fed-ex or delivered by courier (check organization rules or guidelines).