GENERAL What s changing? AHFC is providing an optional ACH payment method that dealers can use to pay off any type of customer account.

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1 GENERAL What s changing? AHFC is providing an optional ACH payment method that dealers can use to pay off any type of customer account. What s not changing? Do dealers have to sign up or enroll to use ACH Payoff? Is there anything that I need to set up with my bank to allow ACH Payoffs? Can ACH Payoff be used for loaner car or floorplan payoffs? Do I have to mail or fax the odometer disclosure form for leases? Can I make payments on an account without paying the account off in full? I'm experiencing unexpected issues (e.g., cannot add a bank account, have to accept Terms of Use at each log in, etc.) No changes have been made to existing payoff methods. Currently, dealers can mail a payoff check to Honda Finance Exchange, Inc. or make a payoff in VIPS. These payoff methods will remain unchanged. No, dealers can begin using ACH Payoff at any time. There are no forms to fill out. Training to set up and use ACH Payoff is available at the in Online University. Search the course catalog for Honda ACH Payoff for Customer Accounts. Please see your HFS Dealer Relations Manager (DRM) if you need assistance. Yes, check with your bank to be sure that your account is set up to receive debits. If your account has a restriction, your bank may request a company ID to allow debits to your account from Honda Finance Exchange, Inc. Contact your HFS DRM to obtain this company ID. No, ACH Payoff is used only for payoff of any customer lease, retail or balloon accounts. DFS has a separate ACH Payoff process. No, the dealer should retain the completed Odometer Disclosure Statement in their records in accordance with federal or state law and be able to provide a copy to AHFC if requested. No, only payoffs in full are accepted at this time. Your Internet Explorer browser may be outdated. Please check that your browser is version 9 or higher. Contact your dealership s technical support for assistance to update your browser. 1

2 DRIVING EXCELLENCE INITIAL SETUP Will all payoffs made on the in with ACH Payoffs automatically be credited to Driving Excellence? Can a user have more than one type of permission, such as Preparer and Check Approver, and Bank Account Manager? How do I know who in my dealership has the dealer principal role? Can anyone else besides the dealer principal grant permissions to use ACH Payoff? approve payoffs or set alerts. How do I fix this? What is the purpose of the Yes, within 1-2 days you will see the payoffs credited on the Driving Excellence Performance Center dashboard. In some rare exceptions, if a payoff is approved but can t be applied to the customer s account, Driving Excellence will not be automatically updated (e.g., a customer s payment is reversed from the account causing the payoff to be short). Yes, ask your dealer principal to check the box for each permission desired on the Manage ACH Payoff Responsibility screen. Check the Manage ACH Payoff Responsibility screen: Ask dealer system admin to give access to the screen. Search the list of users looking for a user's name that does not contain a checkbox in the "Delegate" column. These users have the dealer principal job role. Yes, however the dealer principal will first have to delegate this responsibility to another user: Navigate to the Manage ACH Payoff Responsibility screen. Check the Delegate checkbox next to the user's name. Save the changes. Note: This responsibility can be delegated to only one other user at a time. The dealer system admin must also enable the Manage ACH Payoff Responsibility screen for this user. Approve Payoffs: If not, ask the dealer admin to give the user access to the ACH Payoff menu. Approve Payoffs checked? If the Approve Payoff checkbox next to the user's name is not checked, ask the dealer principal to check the box under Approve Payoffs. The alert is optional. Check signers can set up an 2

3 INITIAL SETUP MANAGE BANK ACCOUNT alert and where will it be sent? prepare payoffs to submit for approval. manage bank accounts. One of my staff was given authority by our dealer principal to assign ACH Payoff permissions but it's not working. What is bank account verification? Why is my bank account number showing alert to let them know when payoffs are ready for approval. s will be sent to all check signers at the address associated with their in profile. Prepare Payoffs: If not, ask the dealer admin to give the user access to the ACH Payoff menu. This will give the user access to prepare payoffs. manage bank accounts: Manage Bank Accounts checked? If the user's name is not listed, ask the dealer admin to give the user access to the ACH Payoff menu. Ask the dealer principal to check the box under Manage Bank Accounts. manage ACH payoff permissions: Delegation checked? If the user's name is not listed, ask the dealer admin to give the user access to the Manage ACH Payoff Responsibilities menu. Ask the dealer principal to check the box under Delegation. To ensure that AHFC will debit the correct bank account, AHFC will send a unique test credit amount to dealer s bank account. When the dealer receives the credit 1 to 2 days later, they come back to ACH Payoff to enter the credit amount. This completes the verification process and makes the bank account available for approval of future payoffs. If your bank account number is less than 9 digits, the display will not be able to show a partial bank account 3

4 MANAGE BANK ACCOUNT PREPARE PAYOFF "XXXXXXXXX"? How do I change my bank account number? What happens if I don't see the test credit on my bank statement within 1-2 days? What happens if I don t see the payoff on my bank statement within 2 3 days? If a payoff quote is outdated, can it be refreshed without entering the information over again? Can I enter a different payoff amount to debit? The payoff amount to debit message says that the amount would result in a significant overpayment. What does this mean? I am making the payoff before the 10- day good through date on the payoff quote. Why did the payoff amount go up? Or down? What should I do if I can't find the payoff quote in the payoff list? number. Use the nickname feature to differentiate between your different bank accounts. You should delete the old bank account, and then add the new bank account that starts the bank account verification process again. It is possible that you entered an incorrect bank account number or routing number. If this is the case, the test credit will be returned to AHFC. Once this is confirmed, you should delete the incorrect bank account, and then add the correct bank account that starts the bank account verification process again. Check with your bank to be sure that your account is set up to receive debits. It is possible that your bank may have rejected the payoff. Your bank may request a company ID to allow debits to your account from Honda Finance Exchange, Inc. Contact your HFS DRM to obtain this company ID. ACH Payoff allows you to update the payoff amount without obtaining a new payoff quote. If the customer or F&I manager needs an updated payoff quote, request it again through Payoff Request link in the in. Yes, as long as the payoff amount to debit is between the same day and 10- day payoff amount due. The payoff amount to debit has to be between the same day and 10- day payoff amount due. For lease accounts, sometimes the same day and the 10- day amount are the same if the customer's next payment due date is more than 10 days in the future. If this is the case, the payoff amount to debit must equal to the same day amount. If the payoff amount went up, the customer's account may have been assessed additional charges that exceed the 10- day good through payoff amount. If the payoff amount went down, the customer may have made an extra payment. Contact your regional office for additional information. First, check search filters to be sure that the list is unfiltered. Search for the payoff quote by account number, VIN, partial customer name, etc. If you still 4

5 don't find it, the payoff quote may have been older than 30 days. You must request a new payoff quote from the Payoff Request link in the in. APPROVE PAYOFF DEALER PAYOFF RECONCILIATION How do dealers know who is authorized to approve payoffs? What is meant by the number of approvers required? How many approvers can the dealer authorize to approve payoffs? Why and when do payoffs expire? I'm looking for a payoff that I approved and can't find it. How does the dealer match the ACH Payoff Transaction Report to their bank statement? How will the payoff be shown on my bank statement? Will the dealer's reference number be shown on their bank statement? Go to ACH Payoff, Manage Dealer Profile, View Authorized Approvers. Dealers should contact their dealer principal to make changes. The dealer principal can require 1 or 2 approvers to sign off on a payoff to be debited from the dealer s bank account. There is no limit to the number of authorized approvers. For convenience to dealers, after payoffs are submitted for approval, a 1- day grace period is given to allow approvers to approve payoffs up to the end of the next calendar day (2:00 PM PST) without changing the payoff amount to debit. Approved payoffs remain on the list for 1-2 days. You can print a transaction receipt from the PDF icon during this time. After that, you can find it on your daily ACH Payoff Transaction Report for Customer Accounts located on the F&I/HFS tab in in Acknowledgments. Approved payoffs are retained for 45 days. The payoff report is a daily report. The report for a selected day includes payoffs approved before 2:00 PM PST on the selected day. The dealer can match the payoff amount on their bank statement to the approved payoff amount on the payoff report. Cancellations will not show on this report or on the dealer's bank statement because they were not processed. The payoff amount for each customer account will be debited separately from your bank account, even if you approved several payoffs as a lump sum. The only descriptor on the dealer s bank statement will be HFE Inc ACH Payoff and the payoff amount. The payoff transaction receipt and the payoff report will contain the dealer reference number. 5