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What is Payment Leeway?

Payment Leeway is an option in Dealer Solutions to consider an account current if it is within so many dollars of being paid in full.  It's a good idea to make this amount at least as high as the maximum late fee to save yourself from accidentally leaving an account past due because your collected the late fee before the installment (See this article for more info), but it that is not necessary.  We recommend at least $1, but it MUST be at least $0.01.  The reason is that interest rounding can cause accounts to be considered past due by a fraction of a cent, so leaving at least 1 cent of leeway will prevent that from happening. 

$5 is the default setting.




Note for NC Dealers:  Now that the late fee can be a flat $15, you have to consider how much of an unpaid installment you really want to apply that fee for.  Charging a $15 fee for being just a few dollars past due may dampen customer morale and loyalty.

 

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