[click logo to return to home]

RELEASE NOTES

NEWS BULLETINS

Click here for the latest TFS bulletins

TFS MANUALS

Documentation Disclaimer

FREQUENTLY ASKED QUESTIONS

Documentation Disclaimer

OTHER RESOURCES

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)

The amount financed shown in their calcs is $140875 ((asset cost 140000) + (Lodgement fee 180 ) + (Origination fee 695) = 140875)

Amount Financed

I recreate the application in TFS and add the two financed fees

The Amount Financed (Excluding Brokerage) matches.

Brokerage

The 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 Solution

Calculate the brokerage excluding financed fees and enter it manually

(Total COG-Deposit = 140000) \ 100 * 2 = 2800

Balloon Analysis

The 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 Solution

Manually enter the residual value in the Amount field

Transaction Overview

Below is the complete transaction entered for Maclease

Browser not supported