Allowable Terms (in months)

The Allowable Terms are a list or range of terms that will be accepted by the credit union.  Decision Manager will not approve any term that is not found in the Allowable Terms field.  When an application is submitted with a Requested Term not found in this field, the system will try to qualify the applicant(s) at the next highest allowable term.  For example, if a term of 66 is requested, but only 60 and 72 are allowable, the system will attempt to qualify the applicant(s) for a 72 month term rather than countering the term to 60 months.  The Requested Term must also be less than or equal to the Maximum Term as defined in the Term Matrix.

 

Required field.  Up to 200 characters.

 

Term Matrix

The Term Matrix is used to assign the Maximum Term in months for repayment of the loan.  The Approved Term will be the lesser of the Requested Term and the Maximum Term and it will always be one of the Allowable Terms.

 

The Term Matrix is required.  If not completed, the product cannot be promoted.

 

To Create a Matrix

By default, the Approved Loan Amount is applied to the Term Matrix horizontal axis for use in assigning the Maximum Term.  You can exchange this variable for another if desired.  In addition, if you use other application characteristics to limit the maximum term (i.e. limiting the term by Vehicle Year or Approved Tier), you can create a two-dimensional matrix to assign the Maximum Term.

 

A matrix can be created by selecting a variable, and dragging the variable onto the vertical and/or the horizontal axis.  Once this has been completed, the desired values need to be entered into the matrix.

 

For additional information refer to Matrices.

 

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