627B LeaseMaker®  Handheld Calculator (US Edition)

Frequently Asked LeaseMaker®Questions

 

How big is the LeaseMaker Calculator? 

The LeaseMaker Calculator is 5-1/4" long by 2-3/4" high by 1/2" thick, including the cover. The optional printer system is 7-3/4" by 6" high by 1-3/8" thick.


Can I do fuel cost comparisons?

Yes. A new routine is available with version M01.1.22 and later which compares the fuel operating costs of two vehicles. Earlier versions can be updated.


Where can I find the code numbers for the Setup Key?

Version M01.1.22 and later have a built-in help routine on the Setup Key. Simply enter a code of '1' to access it. Earlier versions can be upgraded.

You can also find the Setup Codes in the User's Guide and on this page.


Can I do 0% Loans with the LeaseMaker calculator?

Yes, version M01.1.9 and later can compute both retail and balloon loans with a 0% interest rate. Earlier versions can be updated.  See 0% Interest Loans.


Can I discount or buy-down 0% loans?  

Yes, the latest version (Series M01.1.9) dealer reserve routine has been enhanced to allow 0% retail and balloon loans to be discounted.


Can I exclude the sales tax on a Rebate used as Downpayment?

Yes, you can.


How do I apply a Rebate to reduce the payment?

Enter the entire Rebate amount at the REBATE? prompt, and then enter the portion (or all) of it that is being used as a downpayment at the CASH DOWN? prompt.  

The rebate can be used to pay other items in the Drive-off such as Security Deposit, advance payment, etc.  To use the rebate to reduce the payment, you have to specify the amount to be applied as a downpayment.

If the customer is also making a cash downpayment, enter the total of the cash plus the rebate at the CASH DOWN prompt.  For example, if a customer wants to put $500 down in cash and apply his $900 rebate to reduce the payment, enter $900 at the REBATE prompt and $1400 at the CASH DOWN prompt.


What types of leases can the LeaseMaker compute?

The LeaseMaker currently supports many lease companies and calculation methods including popular "money factor", and simple-interest leases (which use an interest rate percentage).


Can I do used car leases and loans?

Yes. The residual amount can be entered as a dollar amount. The LeaseMaker can calculate loans with monthly, weekly and biweekly payments.


Does the LeaseMaker print lease disclosures?

Yes. The LeaseMaker generates the numbers required by the Federal Regulation M. (The optional printer system is required to print the disclosure.)


I work in a state that taxes the price of the vehicle on leases.    Can the LeaseMaker do this?

Yes. The LeaseMaker has the sales tax rules for all 50 states. In those states where the sales tax is on the price of the vehicle, the customer has the option of paying the sales tax at signing or capitalizing it.


Can I include Extended Warranties and not tax them?

Yes, the LeaseMaker allows you to select on a state-by-state basis whether to apply sales tax to extended warranties, rebates used for downpayments, and amounts entered into the Other-2 field.


Can I get formulas for leases and early terminations?

Yes. Many formulas are printed in the LeaseMaker Supplement for Lenders & Lessors which is available at no charge.


Can I determine the money factor used on a lease?

Yes. The LeaseMaker LeaseChecker routine will calculate the money factor for ANY lease, even if you don’t know how the lease was originally calculated.


I work in a dealership in the New York metropolitan area and need to calculate the sales tax in three states, all of which use a different tax method. Can the LeaseMaker do this?

Yes. You can switch quickly from one state to the next by using the "Ask State" option.  The appropriate sales tax method (including the unusual New York State method) will be used.


How do I change the batteries? Will I lose the program?

Changing the batteries is easy and just requires a small screwdriver. You will not lose the program when you change the batteries. The program is stored on a Flash-memory card made especially for the LeaseMaker using state-of-the-art technology. It does not rely on batteries to retain the program.


Can I calculate Balloon or Residual Value loans?

Yes, the LeaseMaker does both a conventional balloon loan and the "Plus" balloon loans with an extra payment. You can compute conventional balloon payment loans, as well as the "n-payment" type used by BMW and others.  The LeaseMaker also calculates dealer reserve for balloon loans.


Can I change the credit insurance rates myself?

Yes. You can change the rates yourself and you can even change from one state to another. The LeaseMaker contains the credit-insurance formulas for all 50 states and the District of Columbia and can calculate credit life, disability and involuntary unemployment insurance on loans. The Guide to Credit Insurance has the detailed instructions.


Can I check the APR and compute dealer reserve?

Yes, the LeaseMaker includes an APRChecker routine. This routine verifies the APR and other disclosure items of a loan, and then computes the dealer reserve by any of several methods. The APRChecker program is also available as a PC program and you can download a demonstration copy from our web site www.promsoft.com.


Can I compute the vehicle price as well as the monthly payment?

Yes, the LeaseMaker allows you to compute the vehicle price as well as the monthly payment for both loans and leases.


Where can I get more information? 

There is detailed information available here, as well as a history of software updates, and you can read or download copies of the User's Guide, Supplement for Lenders and Lessors, Guide to Credit Insurance, and Detailed Battery Change Instructions.


How do I order a LeaseMaker?

Complete the order form and fax it to us, or email us at the address at the bottom of this page.


How do I update my LeaseMaker?

You can order an Instant Upgrade by telephone or over the web at www.promsoft.com.  We will send you a new Software Cartridge, the latest User's Guide, and a Battery Kit by FedEx Overnight Letter.

26 May 2011