Create a consumer lease application

You can create a lease application in two ways:

• Convert a quick quote into an application using the Convert to Application option on the quick quote page. This creates a lease application with the details you entered while creating the quick quote. You can edit the application details at this stage if needed.

• Create a lease application in Q2 Origination

A lease can be extended to both individuals and businesses. Creating a lease comprises of creating a contact, a party and subsequently, creating the lease application. Parties allow you to define the people involved in the lease. For example, lessor, lessee, vendor, dealer, guarantor, the insurance provider. You can create multiple parties for an application.

You can create the following types of lease applications:

• Finance Lease - Payment streams are generated through the Lease Pricing tab in the application.

• Operating Lease - Payment streams are generated through the Lease Pricing tab in the application.

• Loan - Payment schedules are generated through the Amortization tab of the application instead of the Lease Pricing tab as in the other lease types. You can specify parameters like payment holidays and the repayment procedure. For a Flexible repayment procedure, you can specify a flexible repayment plan. 
  

Prerequisites

The following are the prerequisites to creating a lease application:

• Contact or account is set up

• Parties are set up

• CL Product is defined

• CL Product of type Loan is associated to a Loan Rate Card (to create lease application of type Loan)

• The Vendor setup must be defined.

Steps

Perform the following steps to create a lease application:

1. Login to your Salesforce account.

2. Go to Applications and select New.

3. Specify the Record Type of the New Record as Lease and select Continue.

4. In the New Application page, go to the  Select Product section and specify the required  CL Product to identify the lease product. For example, Vehicle Lease. Your organization may have defined lease products for vehicles, equipment, or commercial vehicles like trucks.
   

   The Asset Class Name is displayed identifying the type of lease. For example, Consumer(Unsecured), Consumer(Secured) or Consumer(Real Estate).
   

5. In the Borrower Information section, do one of the following:

   1. Select the New Contact checkbox if the borrower is a new customer.

   2. For existing customers, select on the search icon in the Contact field and select the account or business name.

6. For existing contact, you can modify the displayed information, if needed. 

7. If you have selected the New Contact checkbox, specify the field values as described in the Individual Borrowing Entity section of the field reference table.

   1. Specify the field values as described in the Current Address section of the field reference table.

   2. Specify the field values as described in the Mailing Address section of the field reference table.

   3. Specify the field values as described in the Time at Current Address section of the field reference table.

   4. Specify the field values as described in the Previous Address section of the field reference table.
      This section is available if time at the current address is less than or equal to 1 year.

8. Specify the field values as described in the Additional Information section of the field reference table.

9. Specify the field values as described in the Lease Information section of the field reference table.

10. Select Save. An application is created with the status New-Entered. Note the application ID at the top left of the page.
    

After you create the lease application, you must perform the underwriting tasks and credit decisioning for the lessee. You can collect the documents required to process the lease application through the Deal Room, and create the application processing workflow by defining the Deal Flow through the Lease Dashboard. Refer to subsequent chapters for information on how to set these up and complete the application processing.

Field reference