Provides your platform the tools to effectively manage and compute automotive finance-specific sales tax, registration, and dealer fees for the motor vehicle, RV, marine, trailer, and powersport industries. Gain access to lender programs, OEM rebates, and incentives to ensure you are offering end-users the best price available.

The most robust and configurable payment calculation engine available in the market. On top of having 1,000+ possible interest accrual calendar modifications at your disposal, this API computes the required payment, loan data, and contract disclosure values for a client’s defined loan products in each state of operation.

Computes the capitalized cost, residual value, and monthly lease payments, including the state-required sales tax and other items needed for Reg. M disclosures. The rent charge can be computed using a money factor, a simple interest rate, or a special method offered by the captive auto lenders.

Combines both the Loan Origination API and Compliance API in the same call. This results in precise and compliant payment computations, insurance, fees, ancillary products, and other components of a consumer loan transaction including all Federal Truth In Lending Act (TILA) disclosure requirements.

Computes the federal student lending disclosures. Support includes computing interim (in-school and grace) payments or deferral, graduated repayment, and origination fee calculations. The API will also compute the “single yield rate” deductible charge as required by the IRS for the 1098-E disclosure.

Supports all mortgage loan types including fixed rate, adjustable rate, graduated payment adjustable rate, buy-downs, equal principal reduction, construction, and construction with permanent financing using monthly payments, as well as other payment frequency payments. PMI and FHA insurance are also supported.

This validation component establishes and enhances contract disclosure compliance anywhere within your platform or workflow. Existing booked contract values (including TILA disclosures and associated loan amounts, payment schedules, interest rates, and fees) are compared against federal, state, and institutional requirements, and then outputs are returned directly to the calling application.

Federal Regulatory Compliance Features:

• TILA APR Validation by Actuarial or US Rule Method
• TILA ‘Fed Box’ Validation
• Payment Schedule and Maturity Date Validation
• Total Sale Price Validation

State Regulatory Compliance Features:

• Ability to implement internal policy checks
• State Maximum Interest/Usury Validation

This API will verify Truth in Lending APR values by the Actuarial or United States Rule methods as outlined in Regulation Z. It can compute APRs for transactions with multiple disbursements and fees charged at different points in time. The APR Validation API also provides additional flexibility and configurations to properly account for a variety of payment frequencies, odd first payment intervals, and last day of the month considerations.

Ability to compute refunds for interest/finance charges, fees, single premium credit life, accident & health, involuntary unemployment insurance, accidental death, and dismemberment, property, and GAP insurance.

This API supports all common refund methods such as the sum of the digits (rule of 78’s), actuarial, rule of anticipation, mean-between, and pro-rata. Multiple payment frequencies and loan types are also supported.

Allocate a payment between interest, principal, late fees, NSF fees, and other transaction components as defined by the institution. This API calculates the remaining balance, interest earned, and can track uncollected interest and fees. Carleton supports a wide variety of interest accrual time-counting calendars, daily rates, and rounding methods to compute the applicable interest charge for each period.

Compute late charges according to the rules defined by a state or institution. This API will support the statutory requirements nationwide for late charges such as “the greater of 5 percent of the unpaid installment or $15.00.” The number of allowed delinquent days, minimum charges, and maximum charges can be configured by state, institution, and product level.

Compute the non-sufficient funds charge according to state or institution-defined criteria. These NSF fees can be configured as a dollar charge and can also be tiered based on the payment amount.