NOTE: If an account is delinquent, overpayment will go to the monthly payment and the past due amount before applying to any future payments.
What is considered an Overpayment?
An overpayment occurs when a consumers pays more than their required monthly payment amount.
How can the system handle the overpayment?
Keep Due Date - The consumers next monthly payment amount and due date remain the same. Any extra amount paid is applied to the outstanding principal, unless the account is delinquent.
EX: Monthly payment is $100, Payment made is $300. The next payment is still $100 and the due date will not change. The extra $200 goes to reducing the principal.
Push Due Date - The system will calculate how many monthly payments were covered by the payment and the next due date will be pushed out by that number of months.
EX: Monthly payment is $100, Payment made is $300. Three payments were made, the next due date will be pushed out two more months. (because one payment covers the current month and the additional two push the schedule forward).
Who decides how the overpayment is used?
The overpayment method is configured when the program was originally set up.
Can the consumer request for the overpayment to be applied differently?
Yes, the consumer can request for their overpayment to be applied either by Keep due date or Push due date.
If a consumer requests a different handling method than what is configured for their Finance Program:
UAS will create a support ticket.
A UAS representative will manually adjust the account as requested by the consumer.
Who should I contact if I have additional questions?
Please reach out to your client success point of contact for additional clarification or (888) 842-2461.