How Financial Records Work Together in Automotive Cloud

Company Requirements

Neo Financials is a captive finance subsidiary of Neo Motors. Finance managers want to get a comprehensive view of all vehicle loans and leases for their customers.

Service representatives engage with customers to resolve their payment issues, upsell and cross-sell financial products, and address frequent queries related to title transfers, fee reversals, and overdue accounts.

Here’s how a financial manager creates sample records.

Accounts and Contacts

The customers at Neo Financials are a mix of businesses and individuals. The manager creates person accounts to model individual customers and business accounts to model customer groups like households and companies.

For each business account, the manager also creates multiple contacts. A corresponding contact record is automatically created for each person account.

Loans and Leases

Each automotive loan and lease is modeled as a financial account. Finance managers can also create financial accounts for asset loans and leases for products other than vehicles, such as car accessories, peripheral items, and automotive infrastructure.

Here are two sample financial account records with some key details.

Loan and Lease Participants

Each financial account can have multiple accounts or multiple contacts from the same account as participants. Finance managers want to track the role and the association dates for each relationship.

Transactions, Fees, and Statements

Based on the payment schedule, multiple transactions can be related to a financial account. Here are some sample transactions for a lease account.

Different charges and fees can be levied on a financial account and finance managers want to track the frequency and amount for these fees. Here are some sample fees for financial accounts.

Finance managers also need to track periodic statements for a loan or lease. Here are some sample billing statements for financial accounts. Typically, a PDF attachment is linked to these records.

Customers can also request a financial account balance summary. Finance managers want to track these on-demand requests. Here are a few sample balance records related to financial accounts.

Loan and Lease Assets and Titles

There can be multiple vehicles financed through the same loan or lease. And for each vehicle, there can be multiple titles whenever there’s a change in ownership. Finance managers can first create party financial assets to identify all financial assets, and then link each party financial asset to a financial account. Finally, they can create asset titles for each financial asset, and then add title participants to specify the role.

Here are a few sample party financial asset records and their key details:

Here are a few sample financial account party financial asset records and their key details:

Here are a few sample asset title records for a specific vehicle and their key details:

Here are a few sample asset title party records and their key details: