APPARATUS FOR FINANCING MOBILE EQUIPMENT
First Claim
1. A method of repaying credit used to finance a purchase of a purchased item comprising:
- a first processor for detecting that a financial transaction is being initiated at the purchased item;
a second processor for calculating a portion of the purchased item to be repaid upon detecting that a financial transaction is being conducted at the purchased item; and
automatically repaying the calculated portion of the purchased item to be repaid responsive to the detecting that a financial transaction is being initiated at the purchased item.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for payment of an item purchased using credit is presented. A system includes financial transaction detection logic and payment logic. The financial transaction detection logic detects that a financial transaction is being initiated at the purchased item. For example, the logic can be implanted in a fare payment device in a bus that was purchased with credit. The transaction logic detects each time a fare is paid to ride the bus. The repayment logic repays a portion of the purchased item (bus) when the financial transaction (fare payment) occurs. Alternatively, the financial transaction detection logic can be inside an electronic handheld device purchased on credit. The logic detects when the device is used to make a purchase or connect to a network. Each of those times, the payment logic can calculate a repayment amount to repay a portion of the handheld device and collect it.
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Citations
20 Claims
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1. A method of repaying credit used to finance a purchase of a purchased item comprising:
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a first processor for detecting that a financial transaction is being initiated at the purchased item; a second processor for calculating a portion of the purchased item to be repaid upon detecting that a financial transaction is being conducted at the purchased item; and automatically repaying the calculated portion of the purchased item to be repaid responsive to the detecting that a financial transaction is being initiated at the purchased item. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for payment of a purchased item that was purchased using credit comprising:
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a processor; financial transaction detection logic configured to detect that a financial transaction is being initiated at the purchased item; and repayment logic configured to repay a portion of the purchased item upon the financial transaction detection logic detecting that a financial transaction is being conducted at the purchased item. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification