End of Lease

LeaseWave provides flexibility in the operational, billing and accounting treatment of terminations and extensions of leases. When a lease matures, it can be automatically extended (1) on a month to month basis, (2) for another designated fixed term, (3) terminated with return, (4) terminated with a trade-up, or (5) terminated with purchase of the unit. The accounting and operational implications are automated.

LeaseWave has a dedicated inventory management module that functions as a “virtual parking lot” for off-lease units, whether new or old. Units may be retrieved from inventory for re-leasing, refurbishing, reselling to customers, remarketing to third parties, writing-off, etc. The entire history of each unit is tracked individually, including maintenance work done, lease-related information of leases it was on, drivers associated with it, etc.

Over term management/extensions

• Set up the over-term treatment of the lease at the time of booking
• Automatically go into “ever-green” month-to-month structure on maturity
• Set up a different payment amount for over term payment, at the asset level
• Alternatively, keep payments and invoices looking exactly the same as during term
• Account for over term payments on a cash or accrual basis
• Determine the portion of over term payments to take to income, reduce residual exposure

Notifications management

• Set up rules behind notifications that are required from Lessee and Lessor
• Track the meeting of notification obligations
• Trigger notifications (email) to users/user groups when obligations are / are not met
• Set up conditions around termination based on status of notification obligations

Terminations

• Set up any number of payoff quotes against each lease, at any point during term
• Generate and send pro-forma invoices for terminations
• Activate desired quote and account for it on a cash or accrual basis
• Terminate with or without trade-up

Check-in management

• Vehicles are set up with full detail regarding model configuration, parts, accessories
• A comprehensive check can be carried out on check-in
• Charge-backs and any actual refurbishment done on returned units are fully managed
• Automatically carry out accounting behind write-ups and write-downs of net book values

Remarketing

• Refurbish vehicles, with purchase order approval processes
• Export information electronically to auction houses
• Bill to and collect from third party buyers of remarketed units
• Track the lifetime profitability of each unit, including remarketing proceeds