Backup Rates

Overview

When a customer enters Modal Checkout, PaymentDriver will return a quote containing a specific dealer rate for the vehicle. These rates are base on PaymentDriver settings, along with dealership and customer information. To learn more about this process, please see the article: What Controls Credit Application Deals That I Get?. If the PaymentDriver rates fail due to an error or no matching rate being found, there are backup rates available to estimate payments before the application is submitted.

Backup Rates

Backup rates can be configured during the onboarding process within the Dealer Rates tab of the intake form. Your dealership will be able to specify the exact rates that each user credit tier should be receiving. The rates can also be customized dependent on the term lengths. An example of these rates tables can be seen below: 

Modal's user-facing credit tiers are ranges rather than specific ratings, but it is more future-proof if you tell us the exact credit tier boundaries used by your dealer. Therefore, please feel free to overwrite the provided credit ranges with your own exact boundary scores.

When backup rates are used, incentives will not be applied. Please be aware that backup rates apply to Retail only, Lease uses dynamic rates always. It is possible to use backup rates instead of dynamic rates for specific credit/term combinations or even use backup rates for all deals. Modal will customize the Checkout experience to match your dealership's financial preferences.

Related Articles:

What are Modal's default backup rates?

Changelog

• 1.0 / October 2, 2020: Initial release.
• 1.1 / November 25, 2020: Added related articles