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Maclease has a couple of areas where they perform their calculation differently to other lenders. This article shows how to enter a balanced transaction for Maclease Below is a quote from Maclease, There are 2 financed fees (Shown in the red box) |
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The amount financed shown in their calcs is $140875 ((asset cost 140000) + (Lodgement fee 180 ) + (Origination fee 695) = 140875) Amount FinancedI recreate the application in TFS and add the two financed fees The Amount Financed (Excluding Brokerage) matches. BrokerageThe brokerage is shown as 2% and worked out to be 2800 Their brokerage is calculated on the (COGs-Deposit) excluding the financed fees TFS Calculation of brokerage includes the financed fees so by default it gets the following if you enter 2%
Interim SolutionCalculate the brokerage excluding financed fees and enter it manually (Total COG-Deposit = 140000) \ 100 * 2 = 2800
Balloon AnalysisThe Balloon is shown as 30% of the total cost of goods. TFS is calculating the balloon as 30% of the amount financed excluding brokerage Interim SolutionManually enter the residual value in the Amount field
Transaction OverviewBelow is the complete transaction entered for Maclease |
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