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            Track Vehicles Related to Financial Accounts in Automotive Cloud

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            Track Vehicles Related to Financial Accounts in Automotive Cloud

            A customer can have multiple vehicles financed through different loans and leases. Captive finance sales managers can track all vehicles and other assets related to each financial account for a customer’s account. Use Party Financial Asset to list all vehicles financed by a customer, and use Financial Account Party Financial Asset to relate the vehicle to the relevant financing option. You can also use Party Financial Asset Additional Owner records to track shared ownership of financed vehicles.

            Required Editions

            Available in: Enterprise, Unlimited, and Developer Editions.
            User Permissions Needed
            To create party financial assets and financial account party financial assets: Use Vehicle and Asset Finance

            Typically, you import your data for party financial assets and financial account party financial assets from external captive dealer management systems or banking applications.

            1. To create a party financial asset:
              1. From the App Launcher, find and select Party Financial Assets.
              2. Click New.
              3. Search for and select an asset.
              4. For Party, search for and select an Account or a Contact record.
              5. For Ownership Start Date Time, select the date from when the party started owning the vehicle.
              6. For Ownership End Date Time, select the date till when the party owns the vehicle.
              7. For Valuation Date Time, select the last date when the vehicle was valued by the captive finance company.
              8. For Declaration Date Time, select the date when the vehicle was declared as a financial asset.
              9. For Type, specify the type of asset such as a new vehicle, an exchanged asset, or a rebuilt vehicle.
              10. For Status, select Active or Inactive.
              11. For Type, specify the condition of the vehicle or asset, such as clean, clear, salvaged, or rebuilt.
              12. For Ownership Percent, enter the share owned by the party.
              13. Click Save.
            2. To add additional owners for a financial asset:
              1. Open the Party Financial Asset record and go to the Related tab.
              2. Click New on the Party Financial Asset Additional Owners related list.
              3. Search for and select an account.
              4. Search for and select a contact.
              5. For Ownership Share Percent, enter the share of asset ownership for the account.
              6. Click Save.
            3. To relate a financial account with a party financial asset:
              1. From the App Launcher, find and select Financial Accounts.
              2. Open a record and go to the Vehicles and Assets tab.
              3. Click New on the Financial Account Party Financial Asset related list.
              4. Search for and select the party financial asset.
              5. For Association Type, specify how the asset is related to the loan or lease, such as collateral, or trade-in.
              6. For Association Start Date, select the date from when the asset is related to the financial account.
              7. For Association End Date, select the date until when the asset is related to the financial account.
              8. For Pledged Amount, enter the monetary value of the asset pledged as collateral for a loan or lease.
              9. Click Save.

            In the Finance Console for Automotive app, you can view the vehicles related to a loan or lease on the Vehicles and Assets tab of a Financial Account record. And on the Account page in the console, you can view the list of assets related to each financial account for a customer.

             
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