Sale of Receivables

General Information

This program provides the capability to manage and track your customers as you sell them to either a Related Finance Company (RFC) or any other Finance Company.  The Sale of Receivables process initially requires you to establish companies in your FRAZER system that purchase receivables.  Additional companies can be entered as needed.   For information on entering companies that purchase receivables, click here:  Entering Companies That Purchase Receivables

The Sale of Receivables process is actually a two step process. 

Helpful Hints

After the Sale of Receivable is complete, the customer will have a resulting zero contract balance.  Depending on whether you include the sale of the repairs balance, this may or may not result with a zero balance.

When selling account to yourself as a Related Finance Company, the system will "sell off" the account that was sold by the dealership and then add it back again into your system using a different customer rating or location.  This will allow you to track the sale for each company separately.  The customer account that is held by the RFC will use the same stock number as your original sale, with the letter "S" on the end of it.

When using an RFC, the system will require that you use a different rating or location code.  This allows you to keep the books of the two companies separate.  For example, you may using location "A" as the main vehicle location code for all of your sales.  When you sell the account to the RFC then you can use location "B" for the RFC.  You can then print all reports for the car lot by printing for location "A" and all reports just for the RFC by printing just for location "B".

After a Sale of Receivables is complete, it is possible to cancel or reverse the sale for a customer.  Reversing Sale of Receivables

You can also print a report of your past sales of receivables, with an option to select a specific date range.  It is located on the Sale of Receivables main screen.

How Do I Get There?