Financing
Configure financing and lease options
When a buyer finances their purchase, DealerSpot tracks all the details of the financing arrangement.
Purchase Methods
Cash
No additional financing fields needed. The buyer pays the full amount at time of sale.
Finance Internal
Dealer-provided financing (Buy Here Pay Here). You are the lienholder.
Finance External
Third-party lender financing. A bank, credit union, or finance company provides the loan.
Lease
Leasing arrangement with monthly payments and return/buyout options.
Financing Fields
When the purchase method is Finance Internal or Finance External, these fields become available:
Loan Terms
| Field | Description |
|---|---|
| APR | Annual Percentage Rate |
| Down Payment | Amount paid upfront |
| Finance Charge | Total interest over loan term |
| Number of Payments | Total payment count |
| Payment Amount | Regular payment amount |
| Payment Frequency | Weekly, Bi-weekly, Monthly |
| First Payment Date | When payments begin |
| Final Payment Amount | Last payment (if different) |
APR Calculation
APR (Annual Percentage Rate) represents the yearly cost of borrowing, including interest and fees. DealerSpot uses the standard APR calculation:
APR = ((Finance Charge / Amount Financed) / Number of Payments) × 12 × 100Where:
- Amount Financed = Sale Price - Down Payment
- Finance Charge = (Payment Amount × Number of Payments) - Amount Financed
Late Charges
| Field | Description |
|---|---|
| Late Charge Days | Days after due date before late fee applies |
| Late Charge Amount | Fee per day past due |
Lienholder Information
Primary Lienholder
| Field | Description |
|---|---|
| Lienholder Name | Financial institution name |
| Lienholder Address | Mailing address |
For internal financing, this is typically your dealership.
Second Lienholder
If there's a secondary lien:
| Field | Description |
|---|---|
| Second Lienholder Name | Institution name |
| Second Lienholder Address | Mailing address |
External Lender
For external financing:
| Field | Description |
|---|---|
| External Lender Name | Bank or finance company name |
This is the entity providing the loan, which may differ from the lienholder.
Lease Specifics
Leasing uses the same payment structure but typically includes:
- Lower monthly payments than financing
- Mileage limits
- End-of-lease options (return, buy out, or lease new)
Track lease-specific terms in the notes or custom fields.
Example: Internal Financing
A $25,000 vehicle with internal financing:
| Field | Value |
|---|---|
| Sale Price | $25,000 |
| Down Payment | $5,000 |
| APR | 8.9% |
| Number of Payments | 48 |
| Payment Amount | $497.25 |
| Payment Frequency | Monthly |
| Finance Charge | $3,868 |
Amount Financed: $20,000
Example: External Financing
A $35,000 vehicle financed through a bank:
| Field | Value |
|---|---|
| Sale Price | $35,000 |
| Down Payment | $7,000 |
| External Lender | First National Bank |
| APR | 5.9% |
| Number of Payments | 60 |
| Lienholder | First National Bank |
Tips
- Always verify APR calculations meet state requirements
- Document all financing terms clearly
- For external financing, wait for lender approval before completing the sale
- Keep copies of all financing documents