RTO Pro Help File

Feature to track extra money paid down separately

Feature to track extra money paid down separately

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Feature to track extra money paid down separately

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This feature (enabled in Store Setup under the "Contracts" tab, Shed Specific section) when enabled will track extra money paid down separately. An example of what this means is described below.

 

Rent to own Terms:

If EPO is calculated cash - 60% of rent paid = EPO

$2659.90 cash price

$500 extra down

$100 normal down

then 35 pmts x $100.00

 

With this feature enabled:

The F8 screen from payments would show 36 total payments, with 35 remaining.

If you calculate EPO by cash - % of rent = EPO, the EPO breakdown would show:

Cash = 2659.90

- Extra Down: 500

Net cash: 2159.90

rent paid: 100.00

rent paid X .60= 60.00

EPO = 2,099.90

 

EPOextradown

 

For other EPO method (EPO = balance x discount %) the breakdown would not change for EPO whether this feature is enabled or not, since that method uses the balance minus a discount to calculate EPO, the balance should already have credit for the extra money paid down.

 

 

Without this feature enabled:

The F8 screen from payments would show 41 total payments, with 35 remaining.

If you calculate EPO by cash - % of rent = EPO, the EPO breakdown would show:

Cash = 2459.90 (this would have been reduced by extra down X .40 at load to give full credit for extra down)

rent paid: 600.00

rent paid X .60= 360.00

EPO = 2,099.90

 

EPOextradown2

 

 

 

 

 

NOTICE:

RTO Pro Software does not provide legal advice and makes no representation nor assurance as to the legality or adequacy of any of the features in RTO Pro. RTO Pro Software urges you to obtain a legal opinion from your counsel as to specific regulations in the states and country in which you operate. This advice should be updated annually.

 

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