SYSTEM AND METHOD FOR ASSESSING AND MANAGING FINANCIAL TRANSACTIONS

• US 20110173111A1
• Filed: 03/30/2011
• Published: 07/14/2011
• Est. Priority Date: 11/25/2003
• Status: Active Grant

• Current Assignee: AutoAlert LLC
• Original Assignee: Autoalert Incorporated (Autoalert Acquisition Holdings LLC)
• Inventors: Cotton, Jeffrey S.
• Granted Patent: US 8,095,461 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A financial terms alert generation system comprises an information retrieval module, a financial terms comparison module, and an alert transmission module. The information retrieval module is configured to retrieve financing information, customer information, and product information from one or more sources accessible on a network. The financial terms comparison module is configured to compare a customer'"'"'s current financial arrangement to a potential new financial arrangement to determine whether the customer is able to enter into a new financial arrangement on terms favorable to the customer. The alert transmission module is configured to transmit an alert to a dealer in cases in which the financial terms comparison module determines that a customer is able to enter into a new financial arrangement on terms favorable to the customer. Such alerts identify the customer and the favorable financial terms.

Claims

1. A method comprising:

by a computer system comprising computer hardware;

retrieving customer information, first financial terms that the customer has for a first vehicle, and first vehicle information;

retrieving second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;

periodically retrieving changed information associated with the customer information, the first financial terms that the customer has for the first vehicle, the first vehicle information, the second vehicle, or the second financial terms available to the customer for the second vehicle;

if it is determined that the changed retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms;

calculating one or more new payments based on the first financial terms and the second financial terms;

determining if the one or more new payments satisfy at least an alert parameter based at least in part on the first financial terms and the second financial terms;

generating the alert if it is determined that the one or more new payments satisfy the alert parameter; and

transmitting the alert to a dealer.

2. The method of claim 1, wherein the alert parameter comprises determining if the customer, under the second financial terms, would pay no more than ten percent per periodic payment over what the customer pays under the first financial terms.

3. The method of claim 1, wherein the alert parameter comprises determining if the customer would pay no more per periodic payment under the second financial terms than under the first financial terms.

4. The method of claim 1, wherein the alert is configured to be read by a dealer terminal configured for managing the alert, wherein managing the alert includes at least one of assigning the alert to a user for handling, associating a task with the alert, and assigning a status to the alert.

5. The method of claim 1, wherein the one or more new payments comprise payments for different respective time periods.

6. A computing system comprising:

a processor; and

a computer readable medium storing machine-executable instructions including one or more modules configured for execution by the processor in order to cause the computing system to;

retrieve customer information, first financial terms that the customer has for a first vehicle, and first vehicle information;

retrieve second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;

periodically retrieve changed information associated with the customer information, the first financial terms that the customer has for the first vehicle, the first vehicle information, the second vehicle, or the second financial terms available to the customer for the second vehicle;

if it is determined that the changed retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms;

calculate one or more new payments based on the first financial terms and the second financial terms;

determine if the one or more new payments satisfy at least a first alert parameter based at least in part on the first financial terms and the second financial terms;

generate the alert if it is determined that the one or more new payments satisfy the alert parameter; and

transmit the alert to a dealer.

7. The system of claim 6, wherein the system is configured to retrieve the changed information with respect to a single specific customer.

8. The system of claim 6, wherein the system is configured to retrieve the changed information with respect to a plurality of customers.

9. The system of claim 6, wherein system is configured to retrieve the changed information as a batch process.