OverVue
Balloon deals provide lower monthly payments with a large one-time payment due at the end of the loan. The balloon loan is offered at many automotive dealers and can be an effective tool to convert cash buyers into finance buyers.
Be sure to submit Balloon-specific contracts to the VUE Support Forms department for setup before any proposal to the customer.
Lender Set up
Each Balloon Finance Lender must be enabled separately.
Navigate to Sales > Maintenance > Sales > Lenders.
- Enable the Balloon Functionality by selecting Yes from the Balloon dropdown for each Lender.
Desks & Deals
Navigate to Sales > F&I > Desks or Deals
Inside the Primary Grid:
- Filter/sort the primary grid to locate the Sales Desk.
- Select the Sales Desk by clicking on the corresponding line.
Within the Sales Desk screen:
- Select the Finance scenario tab.
- Select a Lender that has Balloon financing enabled.
- Select Balloon from the dropdown to the right of the Term field.
- Input Residual percentage. The resulting amount is displayed.
- Click on the Residual hyperlink to open the Residual window.
- Fill in all necessary fields, and click [OK].
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