SYSTEM AND METHOD FOR ASSESSING AND MANAGING FINANCIAL TRANSACTIONS

• US 20110173112A1
• 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 8,086,529 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:

accessing, by a computer system comprising computer hardware, first financial terms that a customer has for a first vehicle and first vehicle information;

accessing, by the computer system, second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;

periodically accessing, by the computer system, available information associated with 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 available 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 a parameter based at least in part on the first financial terms and the second financial terms;

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

transmitting the notification to a user.

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

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

6. The method of claim 1, wherein the available information comprises a trade-in value for the first vehicle.

7. The method of claim 1, wherein the second vehicle is comparable in value to the first vehicle.

8. The method of claim 7, wherein the computer system determines the second vehicle.

9. The method of claim 1, wherein each step of the method is performed by the computer system.

10. 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;

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

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

periodically access available 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 available 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 satisfies a parameter based at least in part on the first financial terms and the second financial terms;

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

transmit the notification to a user.

11. The system of claim 10, wherein the system is configured to access the available information with respect to a single specific customer.

12. The system of claim 10, wherein the system is configured to access the available information with respect to a plurality of customers.

13. The system of claim 10, wherein the system is configured to access the available information as a batch process.

14. The system of claim 10, wherein the user is a dealer.

15. The system of claim 10, wherein the accessed information comprises a trade-in value for the first vehicle.

16. The system of claim 10, wherein the second vehicle is comparable in value to the first vehicle.

17. The system of claim 16, wherein the computing system determines the second vehicle.