Apparatus and method for asset tracking and recovery
First Claim
1. An apparatus comprising:
- at least one processor;
a memory coupled to said at least one processor;
a database residing in said memory; and
a predictive mechanism residing in said memory, said predictive mechanism extracting previously stored historical information from said database and using said historical information to predict the location of at least one item being used for collateral.
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Accused Products
Abstract
The apparatus and methods of the present invention provide for the monitoring and tracking of various items such as vehicles that may be used as collateral to secure a loan or lease. The present invention thereby provides for the efficient and effective recovery of collateral by a lien holder in the case of default on the loan or lease. The most preferred embodiments of the present invention include a computer-based system for monitoring the location and status of collateral while the collateral is in the purchaser'"'"'s possession. The historical information related to the location and/or condition of the collateral is periodically stored in a database that is accessible via a global computer network such as the Internet. If and when it becomes necessary to repossess the collateral, the information stored in the database can be accessed to provide various types of information that may aid in the recovery of the collateral.
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Citations
20 Claims
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1. An apparatus comprising:
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at least one processor;
a memory coupled to said at least one processor;
a database residing in said memory; and
a predictive mechanism residing in said memory, said predictive mechanism extracting previously stored historical information from said database and using said historical information to predict the location of at least one item being used for collateral. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. An apparatus comprising:
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at least one processor;
a network coupled to said at least one processor;
a memory coupled to said at least one processor;
a collateral database residing in said memory, said collateral database comprising a plurality of records describing a plurality of items used as collateral to secure a plurality of loans; and
a customer database residing in said memory, said customer database describing a plurality of customers for said plurality of items used as collateral to secure a plurality of loans. at least one wireless communication device in communication with said network, said at least one wireless communication device communicating historical information regarding said plurality of items used as collateral to secure a plurality of loans to said collateral database via said network; and
a predictive mechanism residing in said memory, said predictive mechanism extracting historical information from said database and using said historical information to predict the location of said at least one vehicle being used for collateral; and
a user interface, said user interface providing access to said a plurality of records describing a plurality of items used as collateral to secure a plurality of loans, said user interface providing a plurality of reports regarding said a plurality of records describing a plurality of items used as collateral to secure a plurality of loans.
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10. A method comprising the steps of:
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monitoring an asset, said asset being used as collateral to secure a loan or a lease;
periodically storing data relative to said asset in a database;
accessing said data and using said data to predict the most probable physical location for said asset. - View Dependent Claims (11, 12, 13, 14, 15)
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16. A program product comprising:
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a predictive mechanism, said predictive mechanism being configured to extract previously stored historical information from a database, said predictive mechanism being configured to process said historical information to predict the location of at least one item being used for collateral; and
signal bearing media bearing said predictive mechanism. - View Dependent Claims (17, 18, 19, 20)
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Specification