System and method for facilitating asset-based financing in a private sale
First Claim
Patent Images
1. A method for facilitating asset-based financing in a private sale of a titled asset comprising:
- validating a titled asset to be sold by a seller to a buyer, arranging for financing by a lender of funds to be paid to a seller for said asset on behalf of a buyer, providing an escrow service for ensuring that financial and legal aspects of said sale occur in an orderly manner, all of said steps taking place without an intermediate transfer of ownership of said asset from said seller to any party other than said buyer.
1 Assignment
0 Petitions
Accused Products
Abstract
A system for facilitating the transfer of titled property from one individual to another individual. In particular, the systems and methods of the present invention enable individual sellers and buyers of such property to engage in and complete transactions with ease without an intermediate title holder, such as a dealer.
-
Citations
16 Claims
-
1. A method for facilitating asset-based financing in a private sale of a titled asset comprising:
-
validating a titled asset to be sold by a seller to a buyer, arranging for financing by a lender of funds to be paid to a seller for said asset on behalf of a buyer, providing an escrow service for ensuring that financial and legal aspects of said sale occur in an orderly manner, all of said steps taking place without an intermediate transfer of ownership of said asset from said seller to any party other than said buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A method for facilitating asset-based financing in a private sale of a titled vehicle comprising:
-
validating a titled vehicle to be sold by a seller to a buyer, said validating including an inspection of said vehicle to confirm its make, model and condition, arranging for financing by a lender of funds to be paid to a seller for said vehicle on behalf of a buyer, providing an escrow service in which an agent coordinates said sale, and makes arrangements for said vehicle and title to said vehicle to be transferred to the buyer, arranges for purchase funds to be given to the seller of said vehicle, and attends to satisfaction of any liens with respect to the seller'"'"'s ownership of said vehicle, and attends to recordal of any liens to be made by a lender of funds to said buyer on said title, all of said steps taking place without an intermediate transfer of ownership of said vehicle from said seller to any party other than said buyer. - View Dependent Claims (9)
-
-
10. A system for facilitating asset-based financing in a person-to-person sale of a titled asset comprising:
-
a validating service in which a titled asset to be sold by a seller to a buyer is inspected and characteristics of said asset are certified, a finance arrangement service in which a potential lender is provided information about said asset, and funds to be paid to a seller for said asset on behalf of a buyer are made available by said lender to said buyer based upon documentation containing information regarding said buyer. an escrow service for ensuring that financial and legal aspects of said sale occur in an orderly manner, all of said services being provided so as to allow said sale to take place without an intermediate transfer of ownership of said vehicle from said seller to any party other than said buyer. - View Dependent Claims (11, 12, 13, 14, 15, 16)
-
Specification