Method and apparatus for clearing automobile contracts
First Claim
1. A method for clearing an automobile contract, comprising:
- determining at least one parameter for a contract associated with financing provided by a first party to a second party regarding an automobile;
auctioning said contract such that first party sells said contract; and
notifying at least one party of a winning bid for said contract.
1 Assignment
0 Petitions
Accused Products
Abstract
A system, method, means, apparatus, and computer program code for clearing an automobile contract where a dealer has or will be providing financing to a purchaser of the automobile. According to embodiments of the present invention, one or more contract parameters for sale of an automobile are established or otherwise determined. Once at least one contract parameter is determined or established, a dealer or another party one behalf of the dealer, may auction the contract among one or more lenders. A lender may be notified of a contract available via auction by receiving a communication (e.g., email message, telephone call) regarding the contract. Once a winning bid for a contract is determined, the dealer or party conducting the auction may notify the winning lender, automobile purchaser, etc. Also, a dealer may sell the contract to the lender in accordance with the lender'"'"'s winning bid.
24 Citations
60 Claims
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1. A method for clearing an automobile contract, comprising:
- determining at least one parameter for a contract associated with financing provided by a first party to a second party regarding an automobile;
auctioning said contract such that first party sells said contract; and
notifying at least one party of a winning bid for said contract. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
- determining at least one parameter for a contract associated with financing provided by a first party to a second party regarding an automobile;
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30. A method for clearing an automobile contract, comprising:
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receiving data from a party, said data being indicative of at least one parameter associated with an automobile contract;
auctioning said automobile contract; and
notifying said party of a wining bid for said automobile contract. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43)
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44. A method for clearing an automobile contract, comprising:
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determining at least one parameter for at least one automobile contract;
applying at least one dealer filter;
providing a notification to at least one lender regarding an opportunity to bid on said at least one automobile contract, wherein said notification includes data indicative of said at least one parameter for said at least one automobile contract;
receiving a bid from said at least one lender regarding said at least one automobile contract; and
determining a winning bid for said at least one automobile contract. - View Dependent Claims (45, 46, 47, 48, 49, 50)
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51. A method for selling an automobile contract, comprising:
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receiving at least one parameter for at least one automobile contract;
applying at least one lender filter;
providing a notification to at least one lender regarding an opportunity to bid on said at least one automobile contract, wherein said notification includes data indicative of said at least one parameter;
receiving a bid from said at least one lender regarding said at least one automobile contract;
determining a winning bid for said at least one automobile contract; and
notifying at least one party regarding said winning bid. - View Dependent Claims (52, 53, 54, 55)
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56. A system for facilitating clearance of automobile contracts, comprising:
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a memory;
a communication port; and
a processor connected to said memory and said communication port, said processor being operative to;
determine at least one parameter for a contract associated with an automobile contract;
auction said automobile contract; and
notify at least one party of a winning bid for said automobile contract. - View Dependent Claims (57)
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58. A computer program product in a computer readable medium for facilitating clearance of automobile contracts, comprising:
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first instructions for identifying at least one parameter for an automobile contract;
second instructions for placing said automobile contract for auction; and
third instructions for providing a notification to at least one party of a winning bid for said automobile contract. - View Dependent Claims (59, 60)
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Specification