SYSTEM AND METHOD FOR INTEGRATED CREDIT APPLICATION AND TAX REFUND ESTIMATION

• US 20080281734A1
• Filed: 05/05/2008
• Published: 11/13/2008
• Est. Priority Date: 07/11/2005
• Status: Abandoned Application

• Current Assignee: Wolters Kluwer Financial Services Incorporated (Wolters Kluwer Nv)
• Original Assignee: AppOne Services, Inc. (Wolters Kluwer Nv)
• Inventors: Ramakrishnan, Parameswaran, Fleener, Brad, Longe, Brian, Gillard, Stacey
• Application Number:
  US12/115,458
• Publication Number:
  US 20080281734A1
• Time in Patent Office: Days
• US Class Current: 705/31
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

Systems and methods for handling multiple aspects of the acquisition of products and/or services, such as vehicles, are provided in a unified and streamlined fashion. Through an integrated credit application and tax refund estimation service application/systems, credit application-related data and non-overlapping tax-related data is captured. A tax refund is estimated based upon the tax-related data and at least a portion of the credit application-related data. Upon a determination to utilize at least a portion of the estimated tax refund as at least a portion of a down payment on a loan, at least a portion of the estimated tax refund is incorporated into a deal structure of the loan, and a credit application including the deal structure and at least the credit application-related data is submitted for a decision.

Claims

1. A method, comprising:

capturing credit application-related data;

capturing tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;

estimating a tax refund based upon the tax-related data and at least a portion of the credit application-related data;

upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and

submitting a credit application including the deal structure and at least the credit application-related data for decision.

2. The method of claim 1, wherein the capturing of the credit application-related data and the tax-related data, the estimating of the tax refund, the incorporating of the at least a portion of the estimated tax refund, and the submitting of the credit application is performed by a single integrated credit application and tax refund estimation service system.

3. The method of claim 2, wherein the integrated credit application and tax refund estimation service system comprises at least one of a financing and credit service, and a tax preparation and estimation service.

4. The method of claim 1, further comprising e-filing a corresponding tax return to the Internal Revenue Service.

5. The method of claim 1, further comprising, upon a determination not to utilize at least a portion of the estimated tax refund as one of the at least a portion of the down payment on the loan and the at least a portion of the payment, submitting a credit application without including the deal structure.

6. The method of claim 1, wherein the loan comprises one of a consumer loan to be used by a consumer to purchase at least one of a product and a service and an existing loan.

7. The method of claim 1, wherein the estimating of the tax refund occurs at least one of before, during, and after completion of the credit application.

8. The method of claim 1, wherein distribution of the estimated tax refund to a consumer for which the credit application is submitted is performed via one of a refund anticipation loan, an instant refund anticipation loan, a direct deposit refund anticipation loan, an electronic refund check, and a direct deposit refund.

9. The method of claim 8, wherein the distribution of the estimated tax refund to the consumer is performed via one of the electronic refund check and the direct deposit refund upon a determination that the consumer does not qualify for one of the refund anticipation loan, the instant refund anticipation loan, and the direct deposit refund anticipation loan.

10. The method of claim 8, further comprising at least one of administrating and maintaining a temporary bank account on behalf of the consumer to receive the distribution of the estimated tax refund.

11. The method of claim 8, further comprising automatically printing the electronic refund check at an originating location.

12. An apparatus, comprising:

a processor; and

a memory unit operatively connected to the processor and including;

computer code configured to capture credit application-related data;

computer code configured to capture tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;

computer code configured to estimate a tax refund based upon the tax-related data and at least a portion of the credit application-related data;

computer code configured to, upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and

computer code configured to submit a credit application including the deal structure and at least the credit application-related data for decision.

13. The apparatus of claim 12, wherein the memory unit further comprises computer code configured to perform processes associated with at least one of a financing and credit service, and a tax preparation and estimation service.

14. The apparatus of claim 12, wherein the memory unit further comprises computer code configured to e-file a corresponding tax return to the Internal Revenue Service.

15. The apparatus of claim 12, wherein the memory unit further comprises computer code configured to, upon a determination not to utilize at least a portion of the estimated tax refund as one of the at least a portion of the down payment on the loan and the at least a portion of the payment, submitting a credit application without including the deal structure.

16. The apparatus of claim 12, wherein the loan comprises one of a consumer loan to be used by a consumer to purchase at least one of a product and a service and an existing loan.

17. The apparatus of claim 12, wherein the estimating of the tax refund occurs at least one of before, during, and after completion of the credit application.

18. The apparatus of claim 12, wherein distribution of the estimated tax refund to a consumer for which the credit application is submitted is performed via one of a refund anticipation loan, an instant refund anticipation loan, a direct deposit refund anticipation loan, an electronic refund check, and a direct deposit refund.

19. The apparatus of claim 18, wherein the distribution of the estimated tax refund to the consumer is performed via one of the electronic refund check and the direct deposit refund upon a determination that the consumer does not qualify for one of the refund anticipation loan, the instant refund anticipation loan, and the direct deposit refund anticipation loan.

20. The apparatus of claim 18, wherein the memory unit further comprises computer code configured to at least one of administrate and maintain a temporary bank account on behalf of the consumer to receive the distribution of the estimated tax refund.

21. The apparatus of claim 18, wherein the memory unit further comprises computer code configured to automatically print the electronic refund check at an originating location.

22. A system, comprising:

a first application configured to capture credit application-related data; and

a second application configured to;

capture tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;

estimate a tax refund based upon the tax-related data and at least a portion of the credit application-related data;

upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and

submit a credit application including the deal structure and at least the credit application-related data for decision;

wherein the first application and the second application are accessible via a single portal.