By Amir Dabiri - December 3, 2013
What exactly are prepaid finance charges? Also known as closing costs, these are charges that are added on to a loan but are not included as part of the principal balance of the amount that is being borrowed. These charges can include a variety of items including, but not limited to, administrative fees and delivery fees.
In Deal Pack, prepaid charges can be used to adjust the loan finance charges as well as amount financed without affecting the payment amount. Once prepaid charges are added onto an account, the annual percentage rate will increase and the amount financed will decrease all while the payment amount remains the same.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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