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.
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
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
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
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
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