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Liquid Latitude Help
Maintain Lease Information
Use the Lease tab in the Collateral panel to maintain lease information for a vehicle.
To maintain lease information
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In the Reference Panel navigation bar, click Available Panels and then click Collateral.
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Click the tab for the collateral to modify and then click the Lease tab.
Term (Months): Length of the lease, in months.
Effective Date: Date the lease became effective.
Maturity Date: Date the lease matured.
Return Date: Date the leasing agency received the vehicle.
Disposition Date: Date the leasing agency determined the status of the returned vehicle.
Inspection Received Date: Date the leasing agency inspected the vehicle.
Original Miles: Original mileage on the leased vehicle.
Inception Miles: Mileage at the beginning of the lease term.
Contract Miles: Mileage allowed under the leasing contract.
Purchase Miles: Number of extra miles purchased.
End of Term Miles: Mileage at the end of the lease term.
Excess Miles: Number of miles over the contract and purchased miles.
Unused Miles: Number of unused contract and purchased miles.
Contract Obligation: Total amount due under the lease agreement. This amount excludes the security deposit, sales tax, and any other fees and taxes paid to a third party.
Security Deposit: Amount the lessee paid as a security deposit.
Residual: Lease-end value of the vehicle.
Residual Gain/Loss: Difference between the residual value and the end-of-lease purchase price.
Disposal Assessed Amount: Amount charged to dispose of the vehicle.
Unpaid Month Payment: Number of months during the lease term that the lessee did not make a payment.
Unpaid Tax: Amount in unpaid taxes that the lessee owes.
Wear and Tear: Total amount charged for wear and tear on the vehicle.
Minor Wear Charge: Amount charged for minor wear on the vehicle.
Major Wear Charge: Amount charged for major wear on the vehicle.
End of Term Tax Assessed: Tax assessed at the end of the lease.
Excess Mileage: Amount charged for each mile over the mileage limit.
Mileage Credit: Amount credited for unused mileage.
Other Tax Assessed: Amount charged for other taxes (for example, property tax).
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Complete the information and then click Save.