Negative equity insurance
First Claim
1. A method for compensating a vehicle buyer for negative equity in a vehicle purchased from a vehicle dealer and traded at a predetermined time after purchase of the vehicle comprising:
- a) issuing a premium bearing policy to a purchaser of a vehicle from a given vehicle dealer, said policy providing that the purchaser is to pay premiums; and
b) paying on behalf of the buyer a compensated value equal to the amount owed on the vehicle less deductions and less the unadjusted fair market value of the vehicle at the time the vehicle is traded with the vehicle dealer, provided that all premiums have been paid.
2 Assignments
0 Petitions
Accused Products
Abstract
A method is provided to compensate a vehicle buyer for negative equity in a vehicle purchased from a vehicle dealer and traded at a predetermined time after purchase of the vehicle. At the time the vehicle is purchased from a participating vehicle dealer, an insurer issues a premium bearing policy to the vehicle purchaser. If the purchaser pays the required premiums over the predetermined time, the insurer will pay on behalf of the buyer a compensated value equal to the amount owed on the vehicle less deductions and less the unadjusted fair market value of the vehicle at the time the vehicle is traded with a participating vehicle dealer, which may be the same or different from the vehicle dealer from whom the vehicle was originally purchased, depending on the terms of the policy.
21 Citations
18 Claims
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1. A method for compensating a vehicle buyer for negative equity in a vehicle purchased from a vehicle dealer and traded at a predetermined time after purchase of the vehicle comprising:
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a) issuing a premium bearing policy to a purchaser of a vehicle from a given vehicle dealer, said policy providing that the purchaser is to pay premiums; and
b) paying on behalf of the buyer a compensated value equal to the amount owed on the vehicle less deductions and less the unadjusted fair market value of the vehicle at the time the vehicle is traded with the vehicle dealer, provided that all premiums have been paid. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for compensating a vehicle buyer for negative equity in a vehicle purchased from a vehicle dealer within a group of participating vehicle dealers and traded at a predetermined time after purchase of the vehicle comprising:
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a) issuing a premium bearing policy to a purchaser of a vehicle from a given vehicle dealer, said policy providing that the purchaser is to pay premiums; and
b) paying on behalf of the buyer a compensated value equal to the amount owed on the vehicle less deductions and less the unadjusted fair market value of the vehicle at the time the vehicle is traded with a vehicle dealer within a group of participating vehicle dealers, provided that all premiums have been paid. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17, 18)
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Specification