Periodic Payment Is Different Depending on Start Date When Creating a Lease Quote (Doc ID 2189344.1)

Last updated on OCTOBER 03, 2016

Applies to:

Oracle Lease and Finance Management - Version 12.1.3 and later
Information in this document applies to any platform.

Symptoms


ACTUAL BEHAVIOR
---------------
When creating a Lease Quote using Solve for Payment the payments are different depending on the start date.  If the start date is in the first 27 days of the month then all periodic rents are the same. However, if the contract starts on the 28th or later a different rent amount is being calculated.

For example, here using 30/360, Cost 39,504.47, Term 66 months, Monthly, Solve for Payment, Rate 8.9 these are the resulting Payment Amounts with their respective Start Dates:

 

Start Date Rent
1-May through 27-May 753.53
28-May 753.04
29-May 752.87
30-May 752.87
31-May 752.87

 



EXPECTED BEHAVIOR
-----------------------
Expect that the monthly rent calculated would be the same regardless of the start date.

STEPS
-----------------------
The issue can be reproduced at will with the following steps:
1. Enter mulitple Lease Quotes using the same parameters as noted above, only changing the start date between each.

BUSINESS IMPACT
-----------------------
The issue has the following business impact:
Due to this issue, users cannot pricing quotes as expected.

Cause

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