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Loan Termination
Main Menu - Loan - Termination
This screen is used to terminate a loan as complete or repossessed. It may also be used to flag/unflag a loan for repossession.
Note: If future payments have been made, you will not be able to terminate the loan until the future payment date has been reached.
Layout / How To
If you only wish to flag/unflag a loan for repossession, then simply check the Repossession in Progress box. There is no save button to click; your change will be reflected immediately.
Post all outstanding payments before terminating the loan.
All terminations on this screen will go to a zero dollar balance. ALMSys will post an adjustment, if necessary, to get the loan to a zero balance. If this is not what you want, then do not terminate the loan.
Balance information will be shown for the date provided by the Termination Date field. If you change this date, always press the Calculate button to obtain a new balance.
For normal terminations, use the Terminate Loan to Zero Balance button. For repossessions, use the Terminate Loan to Zero Balance and Mark as Repossessed button.