Balance Forward
- Revolving account similar to a credit card.
- Greater of either $50 or 20% of statement balance due each month.
- Payments are applied to the statement balance and interest will accrue on the remaining balance.
- Monthly activity is listed on the statement but is not invoice specific.
- Customers can turn on 3rd level statement detail through MyFinancial
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Open Item Billing/ Pay by Invoice
- Open invoice details listed on each statement
- Can see individual dealer invoice(s) that show as “due” each month.
- Payment dollars are directed to specific invoices – designated by the customer
- Any unpaid invoices will show as “Past Due” and next statement will have accrued interest and late fees
- Original invoices are maintained at the dealership
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