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Lease Payoff Quote and Lease termination (Doc ID 2829920.1)

Last updated on DECEMBER 24, 2021

Applies to:

Oracle Financial Services Lending and Leasing - Version 14.8.0.0.0 and later
Information in this document applies to any platform.

Symptoms

Payoff Quote amount is higher than the payoff quote amount as per business calculation.

payoff quote amount is $57,526.18, which includes the 450 disposition fee. As per the business it should be $57285.36 which is $240.82 less than the payoff quote.

Capital 22042.94

Rent Charge 3823.84

Total 25866.78

Term 39

Due 663.35

Pay off quote generation - 11/01/2021 -- Contract date 09/19/2021 - 1 month 12 days lapsed from 39 months. Remaining term 37 months and 12 days

Lease Receivable = 25866.78 - 1326.70 (Payment Received) = 24540.08 - But we can see system posted Lease receivable as 23969.59 - Diff of 570.49

Tax Receivable = 139.29 - 46.43 (Payment Received) = 92.86 - Payoff quote posted same amount for tax.

Unearned Rent - how this is calculated to arrive 3271.76 ( Need to check this calculated based on the remaining term 37 months 18 days as on 11/1/2021)


EXPECTED BEHAVIOR
-----------------------
Payoff quote generate should be as per Lease industry business

STEPS
-----------------------
The issue can be reproduced at will with the following steps:
1. Take an Active lease account with contract information as mentioned in this SR
2. Post first payment with tax and second payment without tax
3. Generate pay off quote

BUSINESS IMPACT
-----------------------
The issue has the following business impact:

Due to this issue, users cannot service the lease account

Changes

 

Cause

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In this Document
Symptoms
Changes
Cause
Solution


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