CPI (Collateral Protection Insurance)

This document covers CPI at a high level, while also providing instructions on how to configure CPI within the DeskManager interface. CPI is a BHPH only feature and is there to protect the Dealership in instances where the vehicle is damaged, stolen or totaled while uninsured. CPI helps cover the dealer's collateral, reducing financial risk and protecting the loan portfolio from uninsured losses.

Creating a CPI Fee Schedule

In any finalized BHPH deal > go to the Account Summary > click CPI > Create CPI

In the Create CPI dialog, you will be able to assign a CPI Fee Amount

NOTE: The Start Date, Term, Payment Frequency are all computed based on the construction of the deal itself. We do not want to deviate away from the Amortization schedule. CPI can be added at any time after the deal has been sold\finalized and the account is active. If CPI started after multiple payment periods. the Term will show a lower number to match the remaining length of the loan.

Clicking Create CPI will schedule the Fee Amount to be payable in accordance with the amortization schedule

CPI Payment Collections

There are 2 ways to collect a CPI payment. You can use the Collect Payment option which will show all due amounts, or collect a CPI only payment by clicking on the green pay icon in the Receivable Balances Details

Collect Payment:

CPI Only Payment:

Once the amount is applied to the Payment Amount field, click Apply

Note: In the Collect Payment path, the CPI Fee amount is added on top of the Contact Due Amount. In the example image above, a Contract Payment of $402.54 becomes $452.54 including the CPI Fee.

Clicking on the green pay icon for CPI will take you into the Payment Collection screen and auto populate the Payment Amount and allocate the amount to CPI

Note: this lets you collect CPI separately in situations where the customer would make an early or late CPI payment

Edit CPI Fee Amount

In situations where the CPI fee amount was not set correctly, you can edit the Fee amount by clicking on the CPI button in the command bar then click Edit CPI

In the Edit CPI dialog, you can also see how much has been collected, the potential total of all CPI collections, how many CPI payments have been made, and how many remain.

Checking CPI History

Clicking the CPI History, will give you insight into the creation, editing and collections of CPI Payments 

Cancel CPI Payment Schedule 

If the customer gets insurance and the CPI fee is no longer applicable to the deal. the CPI payment schedule can be canceled, by clicking Cancel CPI

When attempting to cancel the CPI payment schedule, you will be prompted and required to provide a note on why the CPI plan was canceled

Clicking Submit will cancel the CPI payment schedule, preventing DeskManager from asking for any more CPI payments.