The Refinancing process in PREO is currently a "work-around" process, rather than a fully-supported workflow. However, following the steps below should get you the results needed to generate paperwork and submit.
When handling refinancing units, always use the "buyout to keep" quote to ensure accurate terms and values throughout the process. Additionally, note that refinancing units require manual admin entry to prevent errors and unexpected costs.
Start your Refinance proposal by adding a Lease Payoff. It's important to get the most recent buyout value using a buyout request and populate this in PREO. This is the primary expense on a refinance. When preparing this step, always use the "buyout to keep" quote to ensure correctness.
Use the Equipment Page to add a "Third Party Item". Set your Item Name to "REFINANCE" and give an accurate description for the order paperwork (include Model Type and Serial Number). The cost/MSRP should be $0. Additionally, ensure you enter the buyout amount for third-party items correctly, include matching sales costs, and refresh the purchase request by clicking 'add' again to update the system as needed.
Refinancing units require manual entry by an administrator, as they cannot be processed using the standard add-unit mechanism. Failure to do so may trigger unintended added costs or errors. Always confirm admin entries to avoid discrepancies.
You can now set the new Lease Payment in PREO and generate documents.