Deal Pack Blog

When Do You Defer a Payment, Reschedule the Loan, or Refinance?

Often, for whatever reason, Deal Pack Pro users call in and want to change the original deal that was contracted for their customer. There are a few ways to do this, but each way is designed more specifically to fit the needs of the situation. Let’s start with the simplest deal change and move to the more complicated as we go.


A deferment is used when you only want to move a customer’s next due date. Note that there is no limit to how many days forward you defer your customer’s payment, but remember, the customer’s scheduled payments will continue forward normally from this deferment date. For example, if the customer payment was due monthly on the 5th, and you deferred the payment to the 16th, the customer’s payments will now be due every month on the 16th going forward.


Reschedule Loan
Use the Loan Reschedule Utility when you want to change only the Payment Schedule (Weekly, Bi-Weekly, Semi-Monthly, or Monthly) and/or the Payment Amount. After changing the Payment Amount and/or Payment Schedule, the Number of Payments, Maturity Date, and Final Payment Amount recalculate accordingly. All other terms of the deal are still the same. Deal Pack Pro will print out an updated payment schedule for the customer to sign.


Only refinance a deal when you want to completely restructure the deal, and are going to print a new retail installment contract. Unlike the first two methods of changing a deal, this method allows you to change the interest rate, increase the principal balance of the loan, or allow a new customer to assume the loan. So if you find that you have simply entered in a deal incorrectly, or want to change anything on a deal you just posted, voiding the deal and reposting it is the best way to go.


If you have any further questions about these methods, or need help setting them up, please do not hesitate to call in to our Support Team at 1-800-526-5832.

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