Quick Quotes
This section describes the procedure to create a quick quote for a customer applying for a lease. You can use the quick quote financing option to estimate pricing for lease based on existing pricing policies. Quick quotes do not require you to identify a prospect or do thorough due diligence. The sales representatives or dealers may generate a quick quote for any customer or asset to provide sample payment amounts and lease term options available before pulling a customer’s credit.
Based on the terms you have set up while configuring quick quote financing options, a quick quote is generated for the values you enter. For example, you may specify the maximum financed amount as 60% of the equipment value in the quick quote setup, for all leases originating from a dealer.
See the Financing Options section of the Q2 Origination Administration Guide for information on setting up quick quotes.
The following table describes the statuses that a quick quote may have:
| Status | Indicates that |
|---|---|
| Entered | The account details and the customer details have been entered in the quick quote. |
| Generated | The pricing options have been generated. |
| Converted to Application | The quick quote has been successfully converted to an application. |
The quick quote is converted to an application when a customer confirms the deal. The conversion into an application results in Credit pull, Credit evaluation, and Collateral valuation.
Generate Quick Quotes
This section describes the procedure for generating quick quotes. Currently, in Q2 Origination, you can generate a quick quote only for a vehicle lease.
Prerequisites
Before you proceed to generate a quick quote, ensure that the following prerequisites are met:
Quotes are enabled for your organization for the expected start date of the application.
Quick quote options are set up.
A rate card is set up in order to generate the pricing options.
You must define the Rate Card-Based pricing for your dealers to generate quick quotes in front of a customer using their mobile phones. These quick quotes can be automatically converted into applications for credit review and valuation of assets financed or collateralized, as applicable.
For information on configuring the quick quote options and setting up the rate card, see the Origination Configuration, User and Data Setups, Financing Options sections of the Q2 Origination Administration Guide.
Steps
To generate a quick quote:
Log in to your Salesforce account.
Select Quick Quotes.
The Quick Quotes home page is displayed, where you can create quick quotes and view existing quotes.
You can customize your application view to add the Quick Quotes tab if it is not displayed by default.
To create a quote, on the Quick Quote home page, select New.
On the quick quotes details page, the name of your Company is displayed in the Funding Source Information section.
In the Product Information section, specify the CL Product of the company for whom you are generating the quick quote.
In the Account Details section, specify the Business Name of the company for whom you are generating the quick quote.
In the Contact Details section, specify the optional details of the primary contact or the business partner in case of a company lease, if the customer provides these details for the quick quote.
Specify the First name, Last name, and Social Security Number.
The Social Security Number is a nine-digit number assigned to citizens, temporary residents, and permanent residents in the US, to track their income and determine benefit entitlements. It consists of nine digits divided into three parts, with each part usually separated by a hyphen, and it has the format: 999-99-9999.
Enter the Address Line 1, City, and the State or Province.
Enter the Postal Code.
Select Save.
The page is refreshed to display the quick quote form with a few default details like payment frequency and pricing method. You can update these fields if required.
Under the Action Sequence — irrespective of the section of the Quick Quote that you are in, based on the information you are required to enter, the appropriate box is highlighted.
For example, if you have to enter the details under Vehicle Price details, the corresponding box is highlighted. This helps you in understanding the sequence in which you must proceed in order to generate a quick quote.
The Financed amount is always displayed in a yellow box toward the bottom right corner of the page.
To add Equipment, see Equipment.
Select Select Pricing to generate the pricing options for the lease.
The pricing options are derived from the rate card setup for this lease product through the Origination Configuration tab. While generating pricing options, the following criteria are taken into consideration:
The Financed Amount lies within the Maximum Financed Amount and the Minimum Financed Amount range as specified during the rate card setup.
The Payment Frequency (Monthly, Quarterly, Annually).
The Rate Card is enabled.
The Expected Start Date of the Quick Quote lies within the Start Date and the End Date specified in the rate card setup.
The Product Type (Lease or Loan).
Review the pricing options that are generated.
A pricing option for each type of Residual, with residual term and as per fair market value, is generated. In addition,
The dealer fee, tax amount, and estimated selling price together form the total dealer charges.
The documentation charges and down payment under Lease Terms are automatically calculated from the Financing Options setup under Origination Configuration.
The down payment that the applicant needs to be made is automatically displayed.
In the Lease Terms section, specify the lease Term Selected by the applicant from the drop down. These values are linked to the terms generated in the pricing options and indicate the term of the lease and the duration of the residual term if applicable.
Select If the Applicant Term Residual wants to acquire the equipment at the end of the lease term by paying up the residual value within the defined residual time frame in months. Fair Market Value does not want to acquire the equipment at the end of the lease. A fair market value of the equipment at the end of the lease term is calculated and the lease payments are calculated based on it. Select Select Term.
Select Save.
Enter the Additional Customer Cash if required.
This is the additional cash paid by the customer to reduce the financed amount and the payment amount.
Select Update Quick Quote.
You can choose to close the quote or convert it to an application. On selecting Update Quick Quote, you can see the Convert to Application button.
Optionally, enhance the application by attaching a note or a file to the quote on the Notes and Attachments tab.
When you convert the quote to an application, you are able to see the notes and attachments you have added.
Note:You cannot add notes or attachments after the quick quote has been converted to an application.
Select New Note.
Select the Private checkbox to make the note accessible only to the owner and the system administrator. For this, Select Setup. Go to Administer, Users, and then the required User. Select Profile under System Detail. Select System Permissions, View All Data and Modify All Data.
System administrators require the View All Data permission to view the private attachments.
System administrators require the Modify All Data permission to edit the private attachments.
Select Convert to Application.
The quick quote is converted and the Status of the Quick Quote changes to Converted to Application.
Refresh the page to display the details of the newly created application with the status as New - Entered.
Field Reference
The following table provides a brief description of the fields related to setting up a quick quote:
| Field Name | Information |
|---|---|
| Funding Source Information | |
| Company | This is a view-only field. |
| Account Details | |
| Business Name | The name of the company applying for a lease. This is a mandatory field. |
| Customer Details | |
| Social Security Number | The social security number of the primary contact who will be the main signatory in the lease. |
Quote Information | |
| Quote Number | This is auto-generated. |
| Expected Start Date | The date from which the lease is expected to start and interest will begin to be accrued. |
| Application Number | The application number is generated upon saving the quick quote. |
| Product Type | The type of funding being requested For a lease application, this is Lease. |
| Pricing Method | The method that is used to calculate the pricing and payment options for the lease. For example, Rate Card. |
| Payment Frequency | The frequency at which the lease installments are paid by the customer. |
| Quote Source | The source from where the contact details originated. Contact can come directly to the funding organization or come through a dealer. Possible values for this field are Direct and Dealer. |
| Status | This is auto-generated based on the stage of the quick quote generation activity. |
| Account Details | |
| Business Name | The name of the business of the contact. |
| Vehicle Price Details | |
| Number of Pieces of Equipment | The number of pieces of equipment being leased. |
Collateral Value (Auction Price) | The value of the collateral being pledged for the lease. Normally this is the same as the equipment being leased. This is a mandatory field. |
| Estimated Selling Price | The expected market price of the equipment at the time of creating the lease. This is a mandatory field. |
| Dealer Fees | The fee charged by the dealer to process the lease and arrange for the funding. |
| Tax Amount | Tax amount applicable on the equipment or vehicle |
| Other Financed Fees | Any other fee that is applicable in the processing of the lease application |
Pricing Options (Pricing options are derived from the rate cards set up under Origination Configuration.) | |
| Term | The duration of the lease in months as proposed by the lending organization based on the rate card, financed amount, and so on. |
| Residual | The number of months at the end of the lease duration in which the customer must arrange for the residual value of the equipment in order to purchase it. |
| Monthly Payment | The installment amount for the lease |
| Residual type | The method by which the equipment will be treated at the end of the lease tenure. Term Residual is selected if a customer wants to purchase the equipment by paying up the residual value of the equipment. Fair Market Value is selected if the lease payment installments are calculated based on an estimated market value of the equipment when the lease would end. In this case, the customer does not purchase the equipment at the end of the lease. |
| Lease Terms | |
| Terms Selected | The payment method selected for the lease from the different pricing options that are generated. This defines the remaining fields of the Lease Terms section. |
| Payment Amount | The monthly installment amount. |
#of Payments Required Upfront | The number of payments required upfront if any. |
| Total Upfront Payments | The total amount to be paid upfront. |
| Documentation Charges | These are automatically generated based on the lease details provided initially. |
| Down Payment | The part amount that the customer must pay in order to acquire the equipment. The balance is funded through the lease. The down payment is automatically calculated from the Financing Options setup under Origination Configuration. |
| Required Customer Cash | This is the sum total of the upfront payment, documentation charges, and the down payment which the customer must pay. |
| Customer Cash | |
| Additional Customer Cash | This is the additional cash paid by the customer to reduce the financed amount and the periodic payment amount. |
| Total Cash Due from Customer | This includes capital reduction and documentation charges. |
| Customer Cash Used For | Indicates what the customer cash may be used for, apart from the upfront charges and documentation charges. |
| Dealer Settlement | |
| Cash Collected by Dealer | This is the down payment made by the customer. |
| Payable to Dealer | This is the selling price minus the down payment already made by the customer, which is payable to the dealer. |
| Total Dealer Charges | This is the sum of the selling price of the equipment and the dealer fees and tax amount that is payable to the dealer. |