Finance Level / MMP Table

Access

Use this routine to establish and maintain a revolving finance MMP (Minimum Monthly Payment) table, which is used only with fixed MMP (table-driven) revolving plans. This table must be built in ascending Financing Level order and is required if you select the As a Fixed MMP Amount option at the Calculate MMP field in the revolving payment plans.

For each plan that you create with the Calculate MMP field set to As a Fixed MMP Amount, you must establish a table containing at least one Finance Level and MMP Amount. The first level must be entered as zero (0.00), with each subsequent setting increasing both the level and MMP Amount. The level represents the minimum that the finance amount must be in order to charge the corresponding MMP.

 Example: The customer's finance amount is $250.00. Your table is set as follows: first level = 0.00, MMP = $10.00; second level = $200.00, MMP = $20.00; third level = $300.00, MMP = $30. Since the revolving amount ($250 ) is more than the 2nd level amount but less than the 3rd level, the MMP for this customer's plan is $20.00.

To establish a plan with one static MMP amount, you can create only one level, with the Finance Level = 0.00 and the MMP Amount equal to the MMP amount you want to default for that plan.

Finance LevelEnter or edit the level (amount) that represents the minimum that the revolving finance amount must be in order to be charged the corresponding MMP. If the revolving plan is set to calculate As a Fixed MMP Amount, at least one Finance Level must be established. The first level must be entered as zero (0.00), with each subsequent setting increasing both the level and MMP Amount.

MMP AmountEnter or edit the Minimum Monthly Payment (MMP) amount for the selected finance level. This amount includes the principal amount, interest and insurance amounts. Once you have entered or edited the level and amount, click the Add button to update the grid.