Automated system and method for providing lease payment information to consumers via the internet

• US 20060218084A1
• Filed: 03/25/2005
• Published: 09/28/2006
• Est. Priority Date: 03/25/2005
• Status: Active Grant

• Current Assignee: OfferLogix, LLC
• Original Assignee: LeaseASP Joint Venture
• Inventors: Thompson, Jerry, Krautter, William F.
• Granted Patent: US 8,209,247 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method of providing payment information for a lease of a specific vehicle in a vehicle dealer'"'"'s inventory to a consumer via an Internet website of a dealer service is disclosed. A lease service obtains data via the Internet from the dealer service. The data is stored in a database associated with an Internet website and includes vehicle data, lease data, and consumer data. The lease service determines a residual value of the vehicle and obtains lease funding information from one or more third parties. The lease service then determines lease payment information and generates a disclosure webpage of the lease payment information. The disclosure webpage is formatted to comply with the Regulation “M” disclosure notice for vehicle lease payments. The consumer is allowed to view the disclosure webpage from the Internet website before committing to the lease.

Claims

1. A method of providing automated payment information for a lease of a specific vehicle to a consumer via an Internet website, the specific vehicle being part of a dealer'"'"'s inventory, the Internet website having a database associated with the website, the method comprising:

obtaining data from the website via the Internet, the data being stored in the database associated with website and comprising vehicle data for the specific vehicle, lease data for the lease, and consumer data for the consumer;

determining a residual value of the vehicle;

obtaining lease funding information from one or more third parties;

calculating lease payment information based on the residual value, the lease data, the consumer data, and the lease funding information; and

generating a disclosure webpage of the lease payment information for viewing by the consumer via the Internet.

2. The method of claim 1, wherein the act of obtaining the data from the website via the Internet comprises electronically receiving the data via URL web service calls and returns inside HTML code implemented at the website.

3. The method of claim 1, wherein the vehicle data comprises a year, a make, a model, a style, an odometer reading, and a price of the specific vehicle in the dealer'"'"'s inventory.

4. The method of claim 3, wherein the vehicle data further comprises one or more options of the specific vehicle.

5. The method of claim 1, wherein the vehicle data includes a vehicle identification number of the specific vehicle and at least lacks a year, a make, a model, and style of the specific vehicle, and wherein the method further comprises deriving at least the year, the make, the model, and the style of the specific vehicle from the vehicle identification number.

6. The method of claim 1, wherein the lease data comprises a term of the lease and an annual mileage for the lease.

7. The method of claim 1, wherein the consumer data comprises a credit score and a location.

8. The method of claim 1, wherein the act of determining the residual value of the specific vehicle comprises electronically assigning the residual value from an industry standard table of residual values based on the vehicle data.

9. The method of claim 1, wherein the act of obtaining lease funding information from one or more third parties comprises electronically receiving lease program guidelines from automobile dealer manufacturers or third party financial institutions via the Internet.

10. The method of claim 1, wherein the act of calculating the lease payment information based on the residual value, the lease data, the consumer data, and the lease funding information comprises electronically calculating the lease payment information based on the residual value, lease program guidelines, lease rates, consumer credit rating, industry standard vehicle information, and a location of the consumer.

11. The method of claim 1, wherein the act of generating the disclosure webpage of the lease payment information comprises electronically formatting the disclosure on the webpage to conform to a Regulation “

M”

disclosure notice for vehicle lease payments.

12. The method of claim 1, wherein the act of generating the disclosure webpage of the lease payment information comprises electronically generating a hyperlink to the disclosure webpage for incorporation into the website.

13. The method of claim 1, further comprising:

obtaining an actual credit score of the consumer from a third party service; and

storing the actual credit score in the database as consumer data for the consumer.

14. A system for providing automated payment information for a lease of a specific vehicle to a consumer via a website on the Internet, the website implemented at a first server having a first database, the first database storing vehicle data for the specific vehicle, lease data for the lease, and consumer data for the consumer, the system comprising:

a second database; and

a second server communicatively coupleable to the second database and communicatively coupleable to the first server via the Internet, the second server configured to;

obtain data from the first server via the Internet;

determine a residual value of the specific vehicle;

obtain lease funding information from one or more third parties;

calculate lease payment information based on the residual value, the lease data, the consumer data, and the lease funding information; and

generate a disclosure webpage of the lease payment information for viewing by the consumer via the Internet.

15. The system of claim 14, wherein to obtain data from the first server via the Internet, the second server is configured to electronically receive the data via URL web service calls and returns inside HTML code implemented at the Internet website.

16. The system of claim 14, wherein the vehicle data includes a vehicle identification number for the specific vehicle and at least lacks a year, a make, a model, and a style of the specific vehicle, and wherein the second server is further configured to derive at least the year, the make, the model, and the style of the specific vehicle from the vehicle identification number.

17. The system of claim 14, wherein to determine the residual value of the specific vehicle, the second server is configured to electronically assign the residual value based on the vehicle data from an industry standard table of residual values stored in the second database.

18. The system of claim 14, wherein to obtain the lease funding information from one or more third parties, the second server is configured to electronically receive lease program guidelines from automobile dealer manufacturers or third party financial institutions via the Internet and to store the lease program guidelines in the second database.

19. The system of claim 14, wherein to calculate the lease payment information, the second server is configured to electronically calculate the lease payment information based on the industry standard vehicle residual data, lease program guidelines, lease rates, consumer credit rating, industry standard vehicle information, and a location of the consumer.

20. The system of claim 14, wherein to generate the disclosure webpage of the lease payment information for viewing by the consumer via the Internet, the second server is configured to electronically format the disclosure on the webpage to conform to a Regulation “

M”

disclosure notice for vehicle lease payments.

21. A method of providing automated payment information for a lease of a specific vehicle to a consumer via an Internet website, the Internet website having a first server and a first database associated with the Internet website, the method comprising:

obtaining data at a second server via the Internet from the first server, the data being stored in the first database associated with Internet website and comprising vehicle data for the specific vehicle, lease data for the lease, and consumer data for the consumer;

determining a residual value of the vehicle at the second server;

obtaining lease funding information at the second server from one or more third parties;

calculating lease payment information at the second server based on the vehicle data, the lease data, the consumer data, the residual value, and the lease funding information;

generating a disclosure webpage of the lease payment information at the second server; and

allowing the consumer to view the disclosure webpage from the Internet website associated with the first server.

22. The method of claim 21, wherein the act of obtaining the data from the website via the Internet comprises electronically receiving the data via URL web service calls and returns inside HTML code implemented at the Internet website.

23. The method of claim 21, wherein the vehicle data includes a vehicle identification number for the specific vehicle and at least lacks a year, a make, a model, and the style of the specific vehicle, and wherein the method further comprises deriving at least the year, the make, the model, and the style of the specific vehicle from the vehicle identification number.

24. The method of claim 21, wherein the act of determining the residual value of the vehicle comprises electronically assigning the residual value from an industry standard table of residual values based on the vehicle data.

25. The method of claim 21, wherein the act of generating the disclosure webpage of the lease payment information comprises electronically formatting the disclosure on the webpage to conform to a Regulation “

M”

disclosure notice for vehicle lease payments.

26. A method of providing lease payment information for a specific vehicle to a consumer via an Internet website hosted by a server and a database, the method comprising:

receiving a request at the server from the customer, the request requesting automated lease payment information on the specific vehicle;

obtaining data on the vehicle and the lease at the server from the database in response to the request;

obtaining data on the consumer at the server;

determining a residual value of the specific vehicle at the server;

obtaining lease funding information at the server from one or more third parties;

calculating automated lease payment information at the server based on the residual value, the lease data, the consumer data, and the lease funding information;

generating a disclosure webpage of the lease payment information at the server; and

allowing the consumer to view the disclosure webpage at the server via the Internet website.

27. The method of claim 26, wherein the act of obtaining the data from the website via the Internet comprises electronically receiving the data via URL web service calls and returns inside HTML code implemented at the Internet website.

28. The method of claim 26, wherein the vehicle data includes a vehicle identification number for the specific vehicle and at least lacks a year, a make, a model, and the style of the specific vehicle, and wherein the method further comprises deriving at least the year, the make, the model, and the style of the specific vehicle from the vehicle identification number.

29. The method of claim 26, wherein the act of determining the residual value of the vehicle comprises electronically assigning the residual value from an industry standard table of residual values based on the vehicle data.

30. The method of claim 26, wherein the act of generating the disclosure webpage of the lease payment information comprises electronically formatting the disclosure on the webpage to conform to a Regulation “

M”

disclosure notice for vehicle lease payments.