Method for protecting equity in purchased goods
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Accused Products
Abstract
A method 10 for protecting equity in purchased goods that are disposed of during a predetermined time period after purchase, includes establishing the purchase date and price for the purchased goods 14, determining a purchaser'"'"'s equity in the purchased goods on the purchase date 16, selecting a time period for protecting the purchaser'"'"'s equity in the purchase goods 18, determining a purchaser'"'"'s equity in the purchased goods on a disposition date for the purchased goods 26, calculating the difference between the purchaser'"'"'s equity and a fair market value for the purchased goods on the disposition date 30, and paying the purchaser a computer determined amount when the purchaser'"'"'s equity is greater than the fair market value for the purchased goods on the disposition date 32, 40 and 42.
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Citations
41 Claims
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1-21. -21. (canceled)
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22. A method for protecting a purchaser'"'"'s downpayment via an insurance policy for a preselected time period when purchasing a vehicle, said method comprising the steps of:
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establishing a purchase price paid by a purchaser for a vehicle; establishing a downpayment by the purchaser for the purchased vehicle; selecting a time period for protecting the purchaser'"'"'s downpayment in the purchased vehicle; procuring an insurance policy that protects the purchaser'"'"'s downpayment in the purchased vehicle during the selected time period; establishing a date during the selected time period when the purchaser disposes of the vehicle; determining the fair market value of the vehicle when the purchaser disposes of the vehicle during the selected time period; calculating a loan balance for the vehicle on the date of disposition during the selected time period; determining if the fair market value of the vehicle on the disposition date is greater than the downpayment plus the loan balance of the vehicle on the disposition date;
whereupon, the purchaser is paid nothing from the insurance policy if the fair market value of the vehicle is greater than the downpayment plus the loan balance;determining if the fair market value of the vehicle on the disposition date is greater than the downpayment plus the loan balance of the vehicle on the disposition date;
whereupon, the loan balance of the vehicle on the disposition date is compared to the fair market value of the vehicle on the disposition date if the fair market value of the vehicle is less than the downpayment plus the loan balance;determining if the loan balance of the vehicle on the disposition date is greater than the fair market value of the vehicle on the disposition date;
whereupon, the purchase price of the vehicle minus the fair market value of the vehicle on the disposition date is compared to the downpayment if the loan balance is less than the fair market value;determining if the purchase price minus the fair market value is greater than the downpayment;
whereupon, the procured insurance policy pays the purchaser a first calculated amount if the purchase price minus the fair market value is less than the downpayment;determining if the purchase price minus the fair market value is greater than the downpayment;
whereupon, the procured insurance policy pays the purchaser a second calculated amount if the purchase price minus the fair market value is greater than the downpayment; anddetermining if the loan balance of the vehicle on the disposition date is greater than the fair market value of the vehicle on the disposition date;
whereupon, the procured insurance policy pays the purchaser a second calculated amount if the loan balance is greater than the fair market value. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31)
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32. A method for compensating a buyer of goods for equity lost in the goods during a predetermined time period, said method comprising the steps of:
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establishing a purchase price paid by a buyer of goods; establishing a buyer'"'"'s equity in the goods on the purchase date; selecting a time period for compensating the buyer for lost equity in the goods in the event the goods are sold, lost, stolen, damaged or otherwise disposed of; procuring an insurance policy that compensates the buyer for lost equity in the purchased goods over the selected time period, said insurance policy including a computerized compensation table establishing the amount the buyer receives relative to the disposition day of the goods during said selected time period, said insurance policy including the premiums paid by the purchaser for receiving said compensation; establishing a date during selected time period when the buyer disposes of the goods during the selected time period; determining the fair market value of the goods when the buyer disposes of the goods during the selected time period; calculating a loan balance for the goods on the date of disposition during the selected time period; determining if the fair market value of the goods on the disposition date is greater than the equity plus the loan balance of the goods on the disposition date;
whereupon, the buyer is paid nothing from the insurance policy if the fair market value of the goods is greater than the equity plus the loan balance;determining if the fair market value of the goods on the disposition date is greater than the equity plus the loan balance of the goods on the disposition date;
whereupon, the loan balance of the goods on the disposition date is compared to the fair market value of the goods on the disposition date if the fair market value of the goods is less than the equity plus the loan balance;determining if the loan balance on the goods on the disposition date is greater than the fair market value of the goods on the disposition date;
whereupon, the purchase price of the goods minus the fair market value of the goods on the disposition date is compared to the equity if the loan balance is less than the fair market value;determining if the purchase price minus the fair market value is greater than the equity;
whereupon, the procured insurance policy pays the buyer a first calculated amount if the purchase price minus the fair market value is less than the equity;determining if the purchase price minus the fair market value is greater than the equity;
whereupon, the procured insurance policy pays the buyer a second calculated amount if the purchase price minus the fair market value is greater than the equity; anddetermining if the loan balance of the goods on the disposition date is greater than the fair market value of the goods on the disposition date;
whereupon, the procured insurance policy pays the buyer a second calculated amount if the loan balance is greater than the fair market value. - View Dependent Claims (33, 34, 35, 36, 37, 38, 39, 40)
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41. A method for insuring a purchaser'"'"'s initial payment to procure an item to be paid for over a selected time period, said method comprising the steps of:
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establishing an initial payment amount paid by the purchaser for a purchased item; selecting a time period for protecting the purchaser'"'"'s initial payment for the purchased item; establishing a date during the selected time period when the purchaser disposes of the vehicle; determining the fair market value of the item when the purchaser disposes of the item during the selected time period; calculating a loan balance for the item on the date of disposition during the selected time period; procuring an insurance policy that compensates the purchaser for a calculated portion of said initial payment in the event the item is disposed of during said selected time period; determining if the fair market value of the item on the disposition date is greater than the initial payment plus the loan balance of the item on the disposition date;
whereupon, the purchaser is paid nothing from the insurance policy if the fair market value of the item is greater than the initial payment plus the loan balance;determining if the fair market value of the item on the disposition date is greater than the initial payment plus the loan balance on the item on the disposition date;
whereupon, the loan balance of the item on the disposition date is compared to the fair market value of the item on the disposition date if the fair market value of the item is less than the initial payment plus the loan balance;determining if the loan balance of the item on the disposition date is greater than the fair market value of the item on the disposition date;
whereupon, the purchase price of the item minus the fair market value of the item on the disposition date is compared to the initial payment if the loan balance is less than the fair market value;determining if the purchase price minus the fair market value is greater than the initial payment;
whereupon, the procured insurance policy pays the purchaser a first calculated amount if the purchase price minus the fair market value is less than the initial payment;determining if the purchase price minus the fair market value is greater than the initial payment;
whereupon, the procured insurance policy pays the purchaser a second calculated amount if the purchaser minus the fair market value is greater than the initial payment; anddetermining if the loan balance of the item on the disposition date is greater than the fair market value of the item on the disposition date;
whereupon, the procured insurance policy pays the purchaser a second calculated amount if the loan balance is greater than the fair market value.
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Specification