Computerized retail finance program selection systems and methods
First Claim
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1. A method for selecting, from a plurality of retail finance programs, a retail finance program requiring a lowest monthly payment for a particular vehicle, the method comprising:
- receiving financial data associated with the customer;
receiving a target profit amount;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating a monthly payment for each of the plurality of retail finance programs, said calculating comprising handling the financial data and the target profit amount as constraints;
comparing the calculated monthly payments; and
reporting which of the plurality of retail finance programs has the lowest calculated monthly payment.
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Abstract
Systems and methods for enabling automobile dealers to select a loan for a prospective customer are disclosed. The selection is made from an extensive database of loans comprising loan packages from a plurality of financial institutions and other sources. The selection is determined according to a series of complex calculations designed to meet customer criteria, maximize dealer profit, and minimize waiting-time.
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Citations
44 Claims
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1. A method for selecting, from a plurality of retail finance programs, a retail finance program requiring a lowest monthly payment for a particular vehicle, the method comprising:
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receiving financial data associated with the customer;
receiving a target profit amount;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating a monthly payment for each of the plurality of retail finance programs, said calculating comprising handling the financial data and the target profit amount as constraints;
comparing the calculated monthly payments; and
reporting which of the plurality of retail finance programs has the lowest calculated monthly payment. - View Dependent Claims (2)
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3. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives financial data associated with the customer;
the computer receives a target profit amount;
the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates a monthly payment for each of the plurality of retail finance programs, said calculating comprising handling the financial data and the target profit amount as constraints;
the computer compares the calculated monthly payments; and
the computer reports which of the plurality of retail finance programs has the lowest calculated monthly payment.
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4. A method for selecting, from a plurality of retail finance programs, a retail finance program that generates a highest profit for a particular vehicle, the method comprising:
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receiving financial data associated with the customer;
receiving a target monthly payment amount;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating a profit amount for each of the plurality of retail finance programs, said calculating comprising handling the financial data and the target monthly payment amount as constraints;
comparing the calculated profit amounts; and
reporting which of the plurality of retail finance programs has the highest calculated profit amount. - View Dependent Claims (5)
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6. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives financial data associated with the customer;
the computer receives a target monthly payment amount;
the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates a profit amount for each of the plurality of retail finance programs, said calculating comprising handling the financial data and the target monthly payment amount as constraints;
the computer compares the calculated profit amounts; and
the computer reports which of the plurality of retail finance programs has the highest calculated profit amount.
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7. A method for selecting, from a plurality of retail finance programs, a retail finance program requiring a lowest monthly payment for a particular vehicle, the method comprising:
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receiving financial data associated with the customer;
receiving a target vehicle price;
receiving a target profit amount;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating a monthly payment for each of the plurality of retail finance programs, said calculating comprising handling the financial data, the target vehicle price and the target profit amount as constraints;
comparing the calculated monthly payments; and
reporting which of the plurality of retail finance programs has the lowest calculated monthly payment. - View Dependent Claims (8, 9)
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10. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives financial data associated with the customer;
the computer receives a target vehicle price;
the computer receives a target profit amount;
the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates a monthly payment for each of the plurality of retail finance programs, said calculating comprising handling the financial data, the target vehicle price and the target profit amount as constraints;
the computer compares the calculated monthly payments; and
the computer reports which of the plurality of retail finance programs has the lowest calculated monthly payment.
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11. A method for selecting, from a plurality of retail finance programs, a retail finance program that generates a highest profit for a particular vehicle, the method comprising:
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receiving financial data associated with the customer;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating a profit amount for each of the plurality of retail finance programs, said calculating comprising handling the financial data as a constraint;
comparing the calculated profit amounts; and
reporting which of the plurality of retail finance programs has the highest calculated profit amount. - View Dependent Claims (12, 15, 16, 18, 19, 20)
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13. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives financial data associated with the customer;
the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates a profit amount for each of the plurality of retail finance programs, said calculating comprising handling the financial data as a constraint;
the computer compares the calculated profit amounts; and
the computer reports which of the plurality of retail finance programs has the highest calculated profit amount.
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14. A method for selecting, from a plurality of retail finance programs, a retail finance program that requires the lowest monthly payment, the method comprising:
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receiving a first input representing a target profit;
receiving a second input representing an amount of cash available for loan inception fees;
receiving financial information about a customer;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs; and
identifying, for each of the vehicles, the retail finance program requiring the identified lowest monthly payment.
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17. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives a first input representing a target profit;
the computer receives a second input representing an amount of cash available for loan inception fees;
the computer receives financial information about a customer;
the computer accesses a lender database comprising information about a plurality of retail finance programs; and
the computer identifies, for each of the vehicles, the retail finance program requiring the identified lowest monthly payment.
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21. A method for selecting, from a plurality of retail finance programs, a retail finance program for each of a plurality of customers, the method comprising:
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collecting information about a first customer;
entering the collected information about the first customer in a first computer input device;
collecting information about a second customer;
entering the collected information about the second customer in a second computer input device;
transmitting the entered, collected information from the first and second computer input devices to a computer processing device, the computer processing device being configured to select, from a plurality of retail finance programs, a retail finance program according to a customer'"'"'s information; and
causing the computer processing device to select a retail finance program for the first customer and a retail finance program for the second customer. - View Dependent Claims (22, 23, 24, 25, 27, 28, 29)
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26. A method for selecting, from a plurality of retail finance programs, a retail finance program that generates the largest profit, the method comprising:
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receiving a first input representing a target monthly payment amount;
receiving a second input representing an amount of cash available for loan inception fees;
receiving financial information about a customer;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs; and
identifying, for each of the vehicles, the retail finance program generating the highest profit.
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30. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives a first input representing a target monthly payment amount;
the computer receives a second input representing an amount of cash available for loan inception fees;
the computer receives financial information about a customer;
the computer accesses a lender database comprising information about a plurality of retail finance programs; and
the computer identifies, for each of the vehicles, the retail finance program generating the highest profit.
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31. A method for selecting, from a plurality of retail finance programs, a retail finance program that generates the largest profit for a particular monthly payment amount, the method comprising:
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receiving an input representing an amount of cash available for loan inception fees;
receiving financial information about a customer;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs; and
identifying, for each of the vehicles, the retail finance program generating the highest profit for each of the monthly payment amounts. - View Dependent Claims (32, 33, 34, 37, 39, 40, 42, 43)
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35. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer receives an input representing an amount of cash available for loan inception fees;
the computer receives financial information about a customer;
the computer accesses a lender database comprising information about a plurality of retail finance programs; and
the computer identifies, for each of the vehicles, the retail finance program generating the highest profit for each of the monthly payment amounts.
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36. A method for selecting, from a plurality of retail finance programs, a retail finance program capable of generating a specified paid reserve amount and calculating a interest rate that causes the selected retail finance program must use to generate the specified paid reserve amount, the method including:
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identifying a plurality of retail finance programs for which a customer qualifies according to customer information and a particular vehicle;
receiving an input representing a target paid reserve amount;
accessing a database stored in a computer system, the database comprising information about a plurality of retail finance programs;
calculating, for each of the plurality of retail finance programs, a minimum interest rate that, when applied to the retail finance program, causes the retail finance program to generate the target paid reserve amount;
the calculating including considering an upward adjustment in a sales price of the vehicle; and
reporting which of the plurality of retail finance programs is capable of generating the target paid reserve amount and, for each of the capable retail finance programs, identifying the calculated minimum interest rate that causes the retail finance program to generate the target paid reserve amount.
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38. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer identifies a plurality of retail finance programs for which a customer qualifies according to customer information and a particular vehicle;
the computer receives an input representing a target paid reserve amount;
the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates, for each of the plurality of retail finance programs, a minimum interest rate that, when applied to the retail finance program, causes the retail finance program to generate the target paid reserve amount;
the calculating including considering an upward adjustment in a sales price of the vehicle; and
the computer reports which of the plurality of retail finance programs is capable of generating the target paid reserve amount and, for each of the capable retail finance programs, identifying the calculated minimum interest rate that causes the retail finance program to generate the target paid reserve amount.
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41. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer identifies a plurality of retail finance programs for which a customer qualifies according to customer information and a particular vehicle;
the computer receives an input representing a selection of a retail finance program from a plurality of retail finance programs; and
the computer identifies the paid reserve amount that is generated by the selected retail finance program. the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates, for each of the plurality of retail finance programs, a minimum interest rate that, when applied to the retail finance program, causes the retail finance program to generate the target paid reserve amount;
the calculating including considering an upward adjustment in a sales price of the vehicle; and
the computer reports which of the plurality of retail finance programs is capable of generating the target paid reserve amount and, for each of the capable retail finance programs, identifying the calculated minimum interest rate that causes the retail finance program to generate the target paid reserve amount.
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44. Computer readable storage media containing software which, when loaded on a computer and executed, enables the following steps to occur:
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the computer identifies a plurality of retail finance programs for which a customer qualifies according to customer information and a particular vehicle;
the computer receives an input representing a selection of a retail finance program from a plurality of retail finance programs, the selected retail finance program having a first interest rate and a first paid reserve amount;
the computer receives a second interest rate different than the first interest rate;
the computer calculates a second paid reserve amount for the selected retail finance program according to the second interest rate. the computer accesses a database comprising information about a plurality of retail finance programs;
the computer calculates, for each of the plurality of retail finance programs, a minimum interest rate that, when applied to the retail finance program, causes the retail finance program to generate the target paid reserve amount;
the calculating including considering an upward adjustment in a sales price of the vehicle; and
the computer reports which of the plurality of retail finance programs is capable of generating the target paid reserve amount and, for each of the capable retail finance programs, identifying the calculated minimum interest rate that causes the retail finance program to generate the target paid reserve amount.
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Specification