Web dependent consumer financing and virtual reselling method
First Claim
1. A method for providing consumer financing, said method comprising the steps of:
- (a) receiving a completed credit application on behalf of an employed customer employed by an employer;
(b) determining creditworthiness of said employed customer based at least in part on the reliability factor provided by automatic payroll deductions from said employed customer'"'"'s employer;
(c) providing a credit-risk reducing feature for grants of credit to said employed customers;
(b) determining creditworthiness of said employed customer based at least in part on said credit-risk reducing feature;
(d) granting credit to said employed customer; and
(e) receiving payments automatically from said employer through automatic payroll deduction from said employer.
1 Assignment
0 Petitions
Accused Products
Abstract
A Virtual Reseller Credit Program implemented, at least in part, over a electronic communication media that includes an employed customer seeking to finance the purchase of a product, an employer, a lender, and a credit-risk reducer that may be credit insurance or a recourse reserve fund. The lender'"'"'s decision to fund the employed customer may be based, at least in part, on the employed customer'"'"'s employment (and the employer'"'"'s agreement to use automatic payroll deductions) and/or the presence of the credit-risk reducer. In one preferred embodiment of the invention, a virtual reseller is used to order and deliver, sometimes using third parties, the product on behalf of the employed customer. The virtual reseller may also monitor repayment of the credit and automatically detect late payments.
80 Citations
18 Claims
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1. A method for providing consumer financing, said method comprising the steps of:
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(a) receiving a completed credit application on behalf of an employed customer employed by an employer;
(b) determining creditworthiness of said employed customer based at least in part on the reliability factor provided by automatic payroll deductions from said employed customer'"'"'s employer;
(c) providing a credit-risk reducing feature for grants of credit to said employed customers;
(b) determining creditworthiness of said employed customer based at least in part on said credit-risk reducing feature;
(d) granting credit to said employed customer; and
(e) receiving payments automatically from said employer through automatic payroll deduction from said employer. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A Virtual Reseller Credit Program, said program comprising:
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(a) at least one employed customer seeking to finance the purchase of a product having a cost;
(b) at least one employer employing said employed customer;
(c) at least one lender for granting credit in the amount of said cost to said employed customer based, at least in part, on said employed customer'"'"'s employment;
(d) at least one credit-risk reducer for providing said at least one lender repayment of said credit to said lender in the event of said employed customer defaulting; and
(e) at least a portion of said cost being used to fund said credit-risk reducer. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A method for consumer financing being implemented at least in part using electronic communication media, said method comprising:
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(a) providing a credit-risk reducing arrangement for grants of credit for at least one employed customer who otherwise would not qualify for traditional credit;
(b) confirming that said at least one employed customer'"'"'s employer is willing to make automatic payroll deduction payments on behalf of said at least one employed customer;
(c) granting credit to said at least one employed customer based on said at least one employed customer'"'"'s employment status and said credit-risk reducing arrangement; and
(c) receiving payments automatically through payroll deduction. - View Dependent Claims (16, 17, 18)
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Specification