Automotive finance portal

• US 20020116328A1
• Filed: 01/31/2002
• Published: 08/22/2002
• Est. Priority Date: 01/31/2001
• Status: Abandoned Application

• Current Assignee: Curomax Corp. (Cox Enterprises Incorporated)
• Original Assignee: Curomax Corp. (Cox Enterprises Incorporated)
• Inventors: Burgess, Trevor, Lapenna, Joseph, Gouvis, Peter, Coker, Gord, Collins, Michael, Reynolds, Desmond, Smith, Kreig, Bird, Alan
• Application Number:
  US10/062,033
• Publication Number:
  US 20020116328A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method of processing an automotive finance transaction online by a portal participant including the steps of inputting business rules and rates for financial institutions into a database; entering criteria of chosen vehicle into a finance quotation generator; selecting a financial institution; generating a comparative quote scheme for the chosen vehicle according to the business rules and rates; and selecting a set of terms from the comparative quote scheme. The method may further include transmitting the selected set of terms to the financial institution; providing credit information to the financial institution; the financial institution evaluating the credit information and providing approval; and preparing financing documentation incorporating the vehicle information, terms and credit information. Furthermore, a system for processing an automotive financing transaction by a dealer or manufacturer is provided.

Claims

1. A method of processing a motor vehicle finance transaction online for a portal participant acting for a customer, the method comprising:

(a) receiving criteria of a chosen vehicle into an online automotive finance transaction engine;

(b) receiving a selection of a financial institution into the transaction engine;

(c) the transaction engine querying at least one database of business rules and rates input for the selected financial institution; and

(d) the transaction engine determining and displaying a comparative quote scheme for the chosen vehicle according to the selected financial institution business rules and rates, the comparative quote scheme comprising a plurality of sets of financing terms.

2. The method of claim 1, wherein the portal participant is selected from the group consisting of a motor vehicle dealer, a manufacturer, and a financial institution.

3. The method of claim 1, wherein the criteria is selected from the group consisting of make, model, year, series, body style, condition, additional features, and/or deducted features.

4. The method of claim 1, wherein step (a) further comprises receiving a vehicle identification number, the transaction engine checking the vehicle identification number against a database of known vehicle identification numbers to authenticate the transaction before proceeding to the next step.

5. The method of claim 1, wherein the business rules comprise rules on advances, rules on residuals and enhancements, terms for various model years, document requirements, and/or customer identification requirements.

6. The method of claim 1, wherein each set of financing terms comprises a finance option selected from the group consisting of a loan, a balloon loan, and a lease option.

7. The method of claim 1, wherein the rate comprises a lending rate associated with vehicle criteria according to a set of financing terms.

8. The method of claim 1, wherein the method further comprises the transaction engine calculating and displaying the taxes applicable to each set of financing terms.

9. The method of claim 8, wherein the method further comprises retrieving customer residence information into the transaction engine, the transaction engine querying a database of tax information corresponding to residence information, and the transaction engine calculating the taxes for each set of financing terms based on customer residence information.

10. The method of claim 1, wherein the method further comprises:

(e) receiving a selection of a set of financing terms from the comparative quote scheme into the transaction engine.

11. The method of claim 10, wherein the method further comprises:

(f) the transaction engine transmitting the selected set of financing terms to the selected financial institution;

(g) the transaction engine receiving and transmitting customer credit information to the selected financial institution as a credit application;

(h) the transaction engine receiving from the financial institution a signal indicating whether the financial institution has approved the credit application; and

(i) the transaction engine preparing financing documentation incorporating the criteria, selected set of financing terms, and customer credit information.

12. The method of claim 11 wherein the documentation comprises a loan contract and a guaranteed value loan certification.

14. The method of claim 13, wherein the portal participant comprises a representative selected from the group consisting of a motor vehicle dealer, a manufacturer, and a financial institution.

15. The method of claim 13, wherein the criteria is selected from the group consisting of make, model, year, series, body style, condition, additional features, and deducted features.

16. The method of claim 13, wherein step (a) further comprises receiving a vehicle identification number, the quotation generator checking the vehicle identification number against a database of known vehicle identification numbers to authenticate the transaction before proceeding to the next step.

17. The method of claim 13, wherein the business rules comprise rules on advances, rules on residuals and enhancements, terms for various model years, document requirements, and/or customer identification requirements.

18. The method of claim 13, wherein each set of financing terms is selected from the group consisting of a loan, a balloon loan, and a lease option.

19. The method of claim 13, wherein a rate comprises a lending rate associated with vehicle criteria according to a set of financing terms.

20. The method of claim 13, wherein the method further comprises calculating and displaying the taxes applicable to each set of financing terms.

21. The method of claim 20, wherein the method further comprises retrieving customer residence information into the transaction engine, the transaction engine querying a database of tax information corresponding to residence information, and the transaction engine calculating the taxes for each set of financing terms based on customer residence information.

22. The method of claim 13, wherein the method further comprises:

(e) receiving a selection of a set of financing terms from the comparative quote scheme into the transaction engine.

23. The method of claim 22, wherein the method further comprises:

(f) the transaction engine transmitting the selected set of financing terms to the selected financial institution;

(g) the transaction engine receiving and transmitting customer credit information to the selected financial institution as a credit application;

(h) the transaction engine receiving from the financial institution a signal indicating whether the financial institution has approved the credit application; and

(i) the transaction engine preparing financing documentation incorporating the criteria, the selected set of financing terms, and customer credit information.

24. The method of claim 23 wherein the documentation comprises a loan contract and a guaranteed value loan certification.

13. A method of processing a motor vehicle finance transaction online for a portal participant acting for a customer, the method comprising:

(a) receiving criteria of a chosen vehicle into an online automotive finance transaction engine;

(b) receiving a selection of a financing option into the transaction engine;

(c) the transaction engine querying at least one database of business rules and rates input for a plurality of financial institutions; and

(d) the transaction engine determining and displaying a comparative quote scheme for the chosen vehicle according to the selected financing option, the comparative quote scheme comprising a plurality of sets of financing terms for the financial institutions, according to the business rules and rates of each financial institution.

25. A system for processing a motor vehicle finance transaction online for a portal participant acting for a customer, the system comprising:

(a) a portal interface for receiving customer and vehicle information from a portal participant relating to a motor vehicle finance transaction;

(b) a processor in communication with the interface, executing software, the software comprising an online motor vehicle finance transaction engine for;

(i) querying at least one database of business rules and rates based on information received through the interface;

(ii) determining and displaying a comparative quote scheme for the motor vehicle finance transaction based on results of a query in step (i);

(iii) receiving a selection of a set of financing terms from the comparative quote scheme;

(iv) submitting a customer credit application to a financial institution on the basis of the selected set of financing terms and the information received through the interface; and

(v) upon receiving an approval of the credit application from the financial institution, preparing documentation incorporating the information received through the interface; and

(c) a computer storage in communication with the processor for storing the at least one database of business rules and rates, and the information received through the interface.

26. A software product contained on a computer-readable medium, the software comprising an online motor vehicle finance transaction engine for:

(a) querying at least one database of business rules and rates based on customer and vehicle information received through a portal interface;

(b) determining and displaying a comparative quote scheme based on results of a query in step (a);

(c) receiving a selection of a set of financing terms from the comparative quote scheme;

(d) submitting a credit application to a financial institution on the basis of the selected set of financing terms and the information received through the interface; and

(e) upon receiving an approval of the credit application from the financial institution, preparing documentation incorporating the information received through the interface.