Automated financial system and method

• US 20030216995A1
• Filed: 05/05/2003
• Published: 11/20/2003
• Est. Priority Date: 05/15/2002
• Status: Abandoned Application

• Current Assignee: Caterpillar Incorporated
• Original Assignee: Caterpillar Incorporated
• Inventors: Martin, Fred, Saunders, Jerry, DePauw, Thomas
• Application Number:
  US10/429,665
• Publication Number:
  US 20030216995A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A computer based system and method a computer program product are used in a financial transaction. A quote and a set of terms are established. The quote includes at least one item included in the transaction. The set of terms includes an amount to be financed. A set of financial documents for the transaction are produced as a function of the quote and the set of transaction terms.

Claims

1. A method for use in a financial transaction, comprising:

establishing a quote for the transaction, the quote including at least one item included in the transaction;

establishing a set of terms for the transaction, the terms including an amount to be financed;

automatically providing a set of financial documents for the transaction as a function of the quote and the set of transaction terms;

establishing at least one changed parameter after a start date of the transaction;

modifying the terms of the transaction in response to the at least one changed parameter; and

,

automatically providing a set of revised financial documents for the transaction as a function of the modified terms of the transaction.

2. A method, as set forth in claim 1, wherein the step of establishing a set of terms for the transaction includes the steps of:

filling out an online credit application;

retrieving a credit report as a function of the credit application; and

,

establishing the amount to be financed as a function of the credit report.

3. A method, as set forth in claim 1, wherein the step of modifying the terms of the transaction include the step of changing a residual value.

4. A method, as set forth in claim 1, wherein the step of modifying the terms of the transaction include the step of changing at least one payment of the transaction.

5. A method, as set forth in claim 1, including the step of automatically determining a tax value related to the transaction as a function of a set of contract characteristics and customer location information.

6. A method, as set forth in claim 1, including the step of automatically determining a price associated with a warranty associated with the item.

7. A method, as set forth in claim 1, including the step of providing online access to account information related to the transaction.

8. A method, as set forth in claim 1, including the step of providing online access to account information related to the transaction to a customer.

9. A method, as set forth in claim 1, wherein the account information includes at least one of account balance, principal balance, interest paid, last paid date, next due date, mail date, invoice number of last invoice, and payoff balance.

10. A method, as set forth in claim 1, wherein the step of establishing a quote includes the step of establishing a subsidy for the transaction.

11. A computer based system for use in a financial transaction, comprising:

a finance computer application located at a first location; and

,

a second computer application coupled to the finance computer application and being located at a second location, the second computer application being adapted to provide access for a user to the finance computer application;

wherein the finance computer application is adapted to establish a quote and to establish a set of terms for the transaction as a function of the quote, the quote includes at least one item included in the transaction and the set of terms includes an amount to be financed, to automatically provide a set of financial documents for the transaction as a function of the quote and the set of transaction terms, and to establish at least one changed parameter after a start date of the transaction, modify the terms of the transaction in response to the at least one changed parameter, and automatically provide a set of revised financial documents for the transaction as a function of the modified terms of the transaction.

12. A computer based system, as set forth in claim 11, wherein the second computer application is adapted to allow the user to fill out a credit application and is adapted to retrieve a credit report as a function of the credit application and establish the amount to be financed as a function of the credit report.

13. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to change a residual value of the transaction.

14. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to change at least one payment of the transaction.

15. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to determine a tax value related to the transaction as a function of a set of contract characteristics and customer location information.

16. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to determine a price associated with a warranty associated with the item.

17. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to provide online access to account information related to the transaction.

18. A computer based system, as set forth in claim 11, wherein the finance computer application is adapted to provide online access to account information related to the transaction to a customer.

19. A computer based system, as set forth in claim 11, wherein the account information includes at least one of account balance, principal balance, interest paid, last paid date, next due date, mail date, invoice number of last invoice, and payoff balance.

A computer based system, as set forth in claim 11, wherein the

second computer application allows the user to establish a credit application.

20. A computer based method for use in a financial transaction, comprising:

establishing a quote for the transaction, the quote including at least one item included in the transaction;

establishing a set of terms for the transaction, including an amount to be financed;

automatically providing a set of financial documents for the transaction as a function of the item and the set of transaction terms; and

,

linking the transaction with a production process.

21. A computer based method, as set forth in claim 20, linking the transaction with a production process includes the step of establishing a delivery date for the at least one item.

22. A computer based method, as set forth in claim 20, wherein the step of linking the transaction with a production process includes the step of identifying a dealer through which the at least one item will be provided.

23. A computer based method, as set forth in claim 20, wherein the step of linking the transaction with a production process includes the step of a delivering an order to one of a manufacturing plant or a warehouse for the at least one item.

24. A computer based method, as set forth in claim 20, wherein the step of linking the transaction with a production process includes the step of sending a request for material to a supplier.

25. A computer based method, as set forth in claim 20, wherein the step of linking the transaction with a production process includes the step of scheduling transportation for equipment.

26. A computer based system for use in a financial transaction, comprising:

a finance computer application located at a first location; and

,

a second computer application coupled to the finance computer application and being located at a second location, the second computer application being adapted to provide access for a user to the finance computer application and to allow the user to establish a credit application;

wherein the finance computer application is adapted to establish a quote for the transaction and to establish a set of terms for the transaction as a function of the credit application and the quote, the quote including at least one item included in the transaction, the set of terms including an amount to be financed, to automatically provide a set of financial documents for the transaction as a function of the quote and the set of transaction terms, and to link the transaction with a production process.

27. A computer based system, as set forth in claim 26, wherein the finance computer application is adapted to establish a delivery date for the at least one item.

28. A computer based system, as set forth in claim 26, wherein the finance computer application is adapted to identify a dealer through which the at least one item will be provided.

29. A computer based system, as set forth in claim 26, wherein the finance computer application is adapted to place an order for the at least one item with one of a manufacturing plant or a warehouse.

30. A computer based system, as set forth in claim 26, wherein the finance computer application is adapted to send a request for material to a supplier.

31. A computer based system, as set forth in claim 26, wherein the finance computer application is adapted to schedule transportation for equipment

32. A method for providing financing for a transaction, comprising:

establishing a quote for the transaction, the quote including at least one item included in the transaction;

completing an online credit application;

determining an amount to be financed as a function of the quote and the credit application; and

,

establishing a set of terms for the transaction as a function of the quote, the credit application, and the amount, the set of terms includes a tax value related to the transaction as a function of a set of contract characteristics and customer location information.

33. A method, as set forth in claim 32, wherein the establishing a quote includes the step of establishing a subsidy for the transaction.

34. A method for providing financing for a transaction, comprising:

establishing a quote for the transaction, the quote including at least one item included in the transaction;

completing an online credit application;

determining an amount to be financed as a function of the quote and the credit application; and

,

establishing a set of terms for the transaction as a function of the quote, the credit application, and the amount, the set of terms includes a price associated with a warranty associated with the item.

35. A method, as set forth in claim 34, wherein the establishing a quote includes the step of establishing a subsidy for the transaction.

36. A method for providing financing for a transaction, comprising:

establishing a quote for the transaction, the quote including at least one item included in the transaction;

completing an online credit application through a dealer;

determining an amount to be financed as a function of the quote and the credit application; and

,

establishing a set of terms for the transaction as a function of the quote, the credit application, and the amount.

37. A method, as set forth in claim 36, wherein the step of establishing a quote for the transaction is performed online through the dealer and the step of providing the credit application is includes the step of providing the credit application through at least one of a kiosk at the dealer and through a dealer website.

38. A method, as set forth in claim 36, including the step of providing a list of available used items if the online credit application is denied.

39. A method, as set forth in claim 36, including the step of providing a list of available rental equipment if the online credit application is denied.

40. A method, as set forth in claim 36, wherein the step of establishing a quote for the transaction include the step of configuring the item.

41. A computer based method for use in a financial transaction, comprising:

establishing a set of terms for the transaction, the terms including an amount to be financed;

automatically providing a set of financial documents for the transaction as a function of the set of transaction terms; and

,

verifying receipt of executed documents.

42. A computer based method, as set forth in claim 41, wherein the step of verifying receipt of the executed documents is performed automatically.

43. A computer based method, as set forth in claim 41, including the step of booking the transaction in response to verification of the receipt of the executed documents.

44. A computer based method, as set forth in claim 41, including the step of sending information related to the transaction to an accounts receivable system.

45. A computer based method, as set forth in claim 41, wherein the financial transaction provides financing to a customer for an item provided by a third party, including the step of wherein the transferring funds to the third party for the item.

46. A computer based method, as set forth in claim 45, wherein the step of transferring funds includes the step of automatically generating a check.

47. A computer based method, as set forth in claim 45, wherein the step of transferring funds includes the step of electronically transferring money to the third party.

48. A computer based method, as set forth in claim 45, wherein the financial transaction provides financing to a customer for an item, including the step of automatically generating an invoice for the customer in response to booking the transaction.

49. A computer based system for use in a financial transaction, comprising:

a finance computer application located at a first location; and

,

a second computer application coupled to the finance computer application and being located at a second location, the second computer application being adapted to provide access for a user to the finance computer application;

wherein the finance computer application is adapted to establish a set of terms for the transaction, the set of terms includes an amount to be financed, to automatically provide a set of financial documents for the transaction as a function of the set of transaction terms, and to verify receipt of executed documents.

50. A computer based system, as set forth in claim 49, wherein the documents are manually signed and the user manually verifies receipt of the executed documents using the finance computer application.

51. A computer based system, as set forth in claim 49, wherein the documents are electronically executed and the finance computer application automatically verifies receipt of the executed document.

52. A computer based system, as set forth in claim 49, further including an accounts receivable application, the finance computer application adapted to book the transaction in the accounts receivable application in response to verification of the receipt of the executed documents.

53. A computer based system, as set forth in claim 49, wherein the finance computer application sends information related to the transaction to the accounts receivable system.

54. A computer based system, as set forth in claim 52, wherein the transaction provides financing to a customer for an item provided by a third party, the accounts receivable application transferring funds to the third party for the item in response to booking of the transaction.

55. A computer based system, as set forth in claim 54, wherein the accounts receivable application automatically generates a check to the third party for the funds.

56. A computer based system, as set forth in claim 54, wherein the accounts receivable application automatically and electronically transfers money to the third party.

57. A computer based system, as set forth in claim 52, wherein the financial transaction provides financing to a customer for an item, the accounts receivable application automatically generating an invoice for the customer in response to booking the transaction.