Systems and methods for providing user-controlled automobile financing

• US 10,467,690 B2
• Filed: 11/30/2017
• Issued: 11/05/2019
• Est. Priority Date: 07/30/2013
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Inventors: Forrester, Katherine D., Eberle, Patrick A., Dolle, Nicholas, Chiagouris, Steven G., Hartzmark, JoAnna R., Zhang, Xiaoxiang, Johnson, Kurt, Childs, Kenneth S.
• Primary Examiner(s): Ludwig, Peter
• Assistant Examiner(s): Cunningham, II, Gregory S
• Application Number:
  US15/826,956
• Publication Number:
  US 20180089757A1
• Time in Patent Office: 705 Days
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Methods and systems are disclosed for providing approved financing in advance of a purchase to a buyer of an item, such as an automobile, and allowing the prospective buyer to maintain control over the financing throughout the sales process. According to disclosed embodiments, a financial service system configures a financing website for the buyer, and receives personal information as well as information relating to the desired item. The financial service system approves loan parameters for the buyer, and provides the user with a link to access the financing website on a mobile device while at a dealership. Financing parameters can thus be edited throughout the process until the final sales agreement, providing the buyer with confidence and flexibility in the buying process.

Claims

1. A system for providing an interface for a mobile device to update financing terms for a loan, the system comprising:

at least one memory storing instructions; and

at least one processor configured to execute the instructions to;

provide, to a mobile device, user interface instructions for displaying an interface on the mobile device;

receive, via the interface of the mobile device, an indication that a buyer seeks to secure approved loan financing to purchase an item in advance of the purchase;

receive, via the interface of the mobile device, personal information associated with the buyer;

perform a risk assessment of the prospective buyer based on the received personal information;

provide, via the interface of the mobile device, qualification information to the buyer, wherein the qualification information comprises at least an amount of an approved loan and an interest rate for the approved loan;

receive, via the interface of the mobile device, information relating to a specific item that the buyer seeks to purchase using the amount of the approved loan;

provide, via the interface of the mobile device, additional financing information associated with the specific item;

associate the approved loan with the specific item;

determine, from one or more dealer systems, that one or more dealers has the specific item in inventory;

provide, via the interface of the mobile device, a list of the one or more dealers;

receive, via the interface of the mobile device, a selection from the buyer from the list of one or more dealers;

transmit a request to a dealer system associated with the selected dealer to schedule a buyer appointment;

receive a notification that a negotiation between the buyer and the selected dealer has commenced;

provide, in response to the notification and via the interface of the mobile device, an access link to the buyer for remotely accessing a financing website comprising the financing information of the approved loan, the qualification information, and the identification of the specific item;

in response to the financing information being accessed, receive, via the interface of the mobile device and provided access link, a request to alter one or more terms of the financing information of the approved loan;

utilize the provided access link to update the approved loan, and the financing website, based on the one or more altered terms received via the interface of the mobile device; and

communicate the updated approved loan to a dealer system of the selected dealer, by communicating an approval code associated with the approved loan and a link to the financing website configured to receive the approval code.

2. The system of claim 1, wherein the processor is further configured to execute the instructions to receive a notification that the specific item has been purchased with the approved loan, and receive instructions to initiate payment for the item.

3. The system of claim 1, wherein the processor is further configured to execute the instructions to add at least one of a warranty, a maintenance contract, an additional option, or gap insurance coverage to the financed loan.

4. The system of claim 1, wherein the received personal information comprises an electronic document uploaded via the interface of the mobile device, the electronic document provide an identification of the buyer, proof of income, contact information, or references.

5. The system of claim 1, wherein the provided qualification information further comprises an approval code as a reference number for the transaction.

6. The system of claim 1, wherein the received information relating to a specific item the buyer seeks to purchase comprises at least one of a vehicle identification number (VIN), make of the item, the model of the item, the age of the item, features of the item, or whether the item is new or used.

7. The system of claim 1, wherein the provided additional financing information comprises at least one of an estimated monthly payment amount or a particular interest rate for the financed loan.

8. The system of claim 1, wherein the processor is further configured to identify a location on a map of possible dealers via the interface of the mobile device, provide user ratings and reviews associated with dealers on the list, or provide incentive offers associated with dealers on the list.

9. The system of claim 1, wherein the received personal information comprises an electronic document uploaded via the financing website, the electronic document providing an identification of the buyer, proof of income, buyer contact information, or references.

10. The system of claim 1, wherein communicating the approved loan to the dealer system of the selected dealer further comprises communicating the qualification information of the approved loan to the dealer system of the selected dealer.

11. The system of claim 1, wherein the processor is further configured to execute the instructions to:

provide, via the interface of the mobile device, alternative items based on the received specific item.

12. The system of claim 1, wherein the processor is further configured to execute the instructions to:

receive a request from the dealership system to confirm the personal information associated with the buyer; and

sending a response to the dealership system confirming the personal information associated with the buyer.

13. The system of claim 12, wherein the request from the dealership system further comprises a request to compare at least one of a name, an address, a social security number, or a government-issued identification provided by the buyer and stored by the dealership system with the received personal information.

14. The system of claim 1, wherein the processor is further configured to execute the instructions to:

display, via the interface of the mobile device, offers related to the specific item, comprising at least one of a warranty, a maintenance contract, an additional option, or gap insurance coverage to the financed loan.

15. The system of claim 1, wherein the processor is further configured to execute the instructions to:

prompt the buyer, via the interface of the mobile device, to configure a payment account for making monthly payments on the loan.

16. The system of claim 1, wherein the processor is further configured to execute the instructions to:

configure a payment account associated with the buyer for making monthly payments on the loan.

17. The system of claim 1, wherein the processor is further configured to execute the instructions to:

provide, via the interface of the mobile device, a link to a website of each dealer in the list of the one or more dealers.