Financial services credit program
First Claim
1. A method of providing a consumer with credit based upon a vehicle owned by the consumer, the method comprising the steps of:
- evaluating the consumer'"'"'s vehicle to determine if the vehicle meets minimum requirements for use as security;
determining if the consumer meets minimum qualifications for approval based upon information provided by the consumer in an application;
determining a credit limit, interest rate and terms for a loan to be provided to the consumer if the vehicle meets the minimum requirement and if the consumer meets the minimum requirements;
requesting documentation from the consumer to verify the information the consumer has provided;
filing and recording a lien on the consumer'"'"'s vehicle; and
providing the consumer with a card which contains a line of credit based upon a percentage of the value of the vehicle.
1 Assignment
0 Petitions
Accused Products
Abstract
In the present invention, consumers are issued a credit card that is secured by the consumer'"'"'s vehicle. This new card will combine all the best features and benefits of a traditional credit card, along with the higher loan amounts of a traditional consumer loan and the ease of origination, funding, and security of a car title loan. Additional benefits include open-ended terms instead of traditional fixed installment loan terms, lower monthly payments, higher credit limits, and flexible, revolving lines of credit. No other bank or lender currently issues a credit card secured by a customer'"'"'s vehicle. While there are a number of banks that offer secured credit cards, none of them are secured with a cardholder'"'"'s vehicle, and while there are a number of conventional consumer, auto, and car title lenders that make loans secured by a customer'"'"'s vehicle, none of them issue credit cards.
10 Citations
18 Claims
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1. A method of providing a consumer with credit based upon a vehicle owned by the consumer, the method comprising the steps of:
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evaluating the consumer'"'"'s vehicle to determine if the vehicle meets minimum requirements for use as security;
determining if the consumer meets minimum qualifications for approval based upon information provided by the consumer in an application;
determining a credit limit, interest rate and terms for a loan to be provided to the consumer if the vehicle meets the minimum requirement and if the consumer meets the minimum requirements;
requesting documentation from the consumer to verify the information the consumer has provided;
filing and recording a lien on the consumer'"'"'s vehicle; and
providing the consumer with a card which contains a line of credit based upon a percentage of the value of the vehicle. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method of reducing the lender'"'"'s liability, the method comprising the steps of:
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issuing a consumer credit based on the percentage of the value of a consumer'"'"'s vehicle; and
securing the ability to repossess the by;
adding a lien to the consumer'"'"'s vehicle by filing the lien with the appropriate office or department of motor vehicles for the state in which the vehicle is registered and/or titled in and;
informing the consumer'"'"'s insurance company that credit has been issued to the consumer secured by the consumer'"'"'s vehicle. - View Dependent Claims (18)
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Specification