DATA PROCESSING METHOD AND APPARATUS FOR MITIGATING RISK IN FINANCING PURCHASES OF GOODS INCLUDING BUT NOT LIMITED TO AUTOMOBILES
First Claim
1. A method of mitigating risk in financial transactions relating to automobile purchases, comprising:
- establishing relationships with automobile dealers;
at least in part through said relationships, collecting and evaluating information concerning said automobile dealers;
based at least in part on said collecting and evaluating, determining whether further transactions with a particular dealer entail unacceptable risk; and
at least in part through the use of a computer, automatically conditioning access by said particular dealer to financing options substantially in real time response to said determining.
1 Assignment
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Accused Products
Abstract
An electronic data processing risk mitigation clearinghouse can assure a lender that a given independent dealer transaction will be handled in a regular, orderly way and that the lender'"'"'s dealer risk is mitigated. The lender can be assured that loans will not originate from unduly risky dealers, and that liens or other security interests in vehicle or other goods will be perfected in a timely and efficient manner. Dealers, including independent dealers without existing relationships with full credit spectrum of lenders, can now offer their customers a range of financing options not previously available. Consumers who decide to purchase through independent dealers based on convenience, inventory or other reasons can choose from a wider range of different financing options. Consumers may receive more competitive interest rates, better loan terms or other benefits as a result.
47 Citations
28 Claims
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1. A method of mitigating risk in financial transactions relating to automobile purchases, comprising:
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establishing relationships with automobile dealers;
at least in part through said relationships, collecting and evaluating information concerning said automobile dealers;
based at least in part on said collecting and evaluating, determining whether further transactions with a particular dealer entail unacceptable risk; and
at least in part through the use of a computer, automatically conditioning access by said particular dealer to financing options substantially in real time response to said determining. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for mitigating risk in financial transactions relating to automobile purchases, comprising:
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establishing relationships with automobile dealers;
a data collector that collects and evaluates information concerning said automobile dealers at least in part through said relationships;
an evaluator that evaluates, based at least in part on said collecting and evaluating, whether further transactions with a particular dealer entail unacceptable risk; and
a loan origination portal computer coupled to said evaluator, said loan origination portal computer automatically conditioning access by said particular dealer to financing options substantially in real time response to said determining. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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Specification