The APRChecker checks the Annual Percentage Rate and Federal Box Disclosure of retail contracts, and to
compute the dealer reserve by three different methods.
0% loans can be checked and discounted. The program automatically adjusts the final payment, if necessary,
to make sure the sum of the payments exactly equals the Total of Payments.
The various disclosure items are entered on the Main Input Dialog: APR, Finance Charge,
Amount Financed, Total of Payments, Payment Schedule, etc. These numbers are checked for mathematical
accuracy. If any error or deviation is detected, it is reported.
Extensive help is built into the program. Just click on the small "?" at the upper-right corner of any
dialog, and then click on the field you want help on.
The entered data and results are displayed in a separate Output Window and can be printed
or copied to the clipboard. Multiple output windows can be generated making it easy to compare one
loan to another.
The Setup Dialog allows you to configure the program options: set the calendar system used to measure the first period of the loan, set the APR tolerance
(from 0.00% to 0.12% deviation), and to select the dealer reserve
method. You can select the percentage of the dealer reserve paid, and a minimum dealer reserve
amount to be paid. See How Dealer Reserve is Calculated.
The program also computes interest rate buy-down amounts. This
enables a dealer to advertise a very low (even 0%) finance rate to attract customers, and then sell the loan
contract to a lender at the lender's required rate. The routine computes the additional amount the
dealer needs to give the lender.