|
| | 520A APRChecker PC
& Dealer Reserve
|
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.
BACK
TOP
HOME
|
Main Input Dialog
 |
This is the main input dialog. Help is
available on each field by dragging the "?" mark from the upper right
corner to the field you want help on and then clicking on that field.
The prepaid charge field is optional, and can be
disabled by using the Setup Dialog.
The Lender Buy Rate is the lender's required
rate. It can be greater or lesser than the loan interest rate. If it
is greater, the program computes an interest rate buy-down
amount.
The disclosure items are checked
mathematically to make sure that they "add up" and that the product of
the number of payments times the payment amount equals the total of payments.
To check the loan, click on the [Compute] button.
BACK TOP
HOME
DOWNLOAD DEMO
|
|
Calendar for Picking Loan and First Due Dates
The loan date and first payment due dates are easily
picked off month calendars by just clicking on the desired date.
BACK
TOP HOME
|
Setup Dialog
 |
The Setup Dialog allows you to select the
calendar system to measure the first period, and to optionally limit the number
of days to the first payment (the limit, if imposed, is 100 days).
You can set the APR Tolerance and Precision -- a
warning appears
if a loan's APR falls outside of the specified tolerance.
The prepaid finance charge option is enabled on
this dialog, and the dealer reserve method, percent paid, and minimum reserve
are also set on this dialog.
BACK
TOP HOME
|
Output Window
 |
In order to provide a complete record of a loan,
all the input data is displayed.
Then the computed APR is displayed and the amount
by which it deviates from the disclosed APR. If it deviates by more than
the specified tolerance, an additional warning dialog box appears, and the
message "APR WARNING" appears in this window.
The equivalent add-on rate
can be computed based on
the term and finance charge. Some states still legislate the maximum
interest charge for new and/or used cars using add-on rates and this computation
quickly reveals the add-on rate used to compute the loan..
If a dealer reserve method is enabled, the name
appears together with the lender's buy rate and percentage paid. In this
example, the lender is buying the loan at 8.00%, and is advancing the dealer 75%
of the computed dealer reserve amount.
The total dealer advance (note amount plus
dealer reserve) is shown.
BACK
TOP HOME
|
Download Demonstration Copy
|
Click here to
download a demonstration version of this program (File size is 268 K -- takes
about 2 minutes at 28.8K).
This version is for test and evaluation
purposes only, and is limited to checking loans with an Amount Financed of
$5,000.00.
You can check any term, interest rate, days to first payment,
and so forth, but the Amount Financed is automatically set at $5,000.
Lenders can request a fully-functional
demonstration copy of this program by emailing us at the address at the bottom
of this page.
Please include your name, institution name,
address, telephone number, and email address.
BACK
TOP HOME
|
520A Software Updates
|
This is a list of the most recent changes
together with the date they were made and the PC
Software Version number.
The most recent version is at the top
of the following list.
BACK
TOP HOME
|
| Date |
Version |
Changes |
| Oct 2001 |
1.0.7.18 |
Add ability to check &
discount 0% loans. |
| Feb 2001 |
1.0.6.16 |
Add option for APR calculations
to 2 or 3 decimal places. |
| Feb 2001 |
1.0.6.14 |
Add Actual/365 and
Actual-to-First calendar systems. Add
option to use simple or compound A.P.R. calculations in first period for
Fed calendar. |
| Apr 2000 |
1.0.0.5 |
Add password option to protect
Setup Dialog. Change default A.P.R. tolerance to 0.02%. |
| Feb 2000 |
1.0.0.4 |
Updated to run on Windows
NT/2000 as well as Windows 9x. |
| Dec 1999 |
1.0.0.1 |
Add calculation of Equivalent
Add-on Rate.
|
| Oct 1999 |
1.0.0.0 |
Initial release. |
|
