Calculate Payoff and Rebate Amounts

Receivables > Installment Receivables> Manage and Adjust Installment Contracts > Review Contract Details > Search button next to Payoff Valid field

Use this routine to calculate the payoff and rebate amounts for the contract, based on a specified date.

When you access this screen the payoff calculations default using the system date, which displays automatically. When you select a different date, the payoff amount and rebates are recalculated and displayed in the grid. The date selection field is the only active field on this screen. You can use the calendar icon at this field to select a date.

Eligible for Rebate - This column lists all of the allocations that are eligible for rebate including: Principal, Fees, Interest, Late Fees, and a TOTAL line.
$ Amount - This column lists the amount remaining on the contract for each allocation based on the payoff date.
$ Rebate - This column lists the amount (if any) that is eligible for a rebate for each allocation based on the payoff date.
$ Charged - This column lists the total amount charged for each allocation after any rebate amounts have been deducted.