Floor It Solutions

Floor It Solutions provides inventory financing to car dealers. Dealers can make payments and view their finances through Floor It Solutions.

Challenge

Floor It Solutions provides financing to car dealers. Each loan a dealer receives is broken up into different pay periods which requires a fee, interest payment period, and principal fee. The challenge was to collaborate with the team to help interpret the multiple ways a dealer can incur a fee and providing a clear explanation of how the interest was applied to a fee. Another challenge was to add a “fund” feature for an administrator to generate email statements detailing loans and invoices to dealers with this platform.

Solution

After learning the inventory financial process of loan terms, interest and payment periods, I collaborated with my team to understand each step that needed to be calculated to determine the final amount owed. For the “fund” feature, I created a way to generate email statements detailing loans and invoices to dealers with this platform.

Process

1. ANALYSIS

We needed to understand how each curtailment is calculated with various interests, balances, and other fees that can incur. By drawing diagrams outlining how each payment period can incur a fee, we were able to account for each scenario that might need a explanation for that payment and outlining their next curtailment.

2. added features

One of the last features to add was “fund.” An administrator can generate email statements detailing loans and invoices and send them to dealers.