SYSTEMS AND METHODS FOR PROVIDING USER-CONTROLLED AUTOMOBILE FINANCING

• US 20150039490A1
• Filed: 07/29/2014
• Published: 02/05/2015
• Est. Priority Date: 07/30/2013
• Status: Abandoned Application

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Chiagouris, Steven G., FORRESTER, KATHERINE D., Eberle, Patrick A., Dolle, Nicholas, Hartzmark, JoAnna R., Zhang, Xiaoxiang, Johnson, Kurt, Childs, Kenneth S.
• Application Number:
  US14/445,519
• Publication Number:
  US 20150039490A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Methods and systems are disclosed for providing approved financing in advance of a purchase to a buyer of an item, such as an automobile, and allowing the prospective buyer to maintain control over the financing throughout the sales process. According to disclosed embodiments, a financial service system configures a financing website for the buyer, and receives personal information as well as information relating to the desired item. The financial service system approves loan parameters for the buyer, and provides the user with a link to access the financing website on a mobile device while at a dealership. Financing parameters can thus be edited throughout the process until the final sales agreement, providing the buyer with confidence and flexibility in the buying process.

Claims

1. A system for providing financing for a sale of an item in the form of a loan, the system comprising:

a memory storing instructions; and

a processor configured to execute the instructions to;

receive an indication that a buyer seeks to secure approved loan financing to purchase an item in advance of the purchase;

receive personal information associated with the buyer;

perform a risk assessment of the prospective buyer based on the received personal information;

provide qualification information to the prospective buyer, wherein the qualification information comprises at least an approved loan amount and a range of possible interest rates for the financed loan;

receive information relating to a specific item that the buyer seeks to purchase using the approved loan amount;

provide additional financing information associated with the specific item;

match the buyer with a dealer for the specific item; and

provide the buyer with remote access to the financing information, wherein the buyer retains the ability to alter terms of the financing during a negotiation with the dealer.

2. The system of claim 1, wherein the processor is further configured to execute the instructions to initiate payment for the item.

3. The system of claim 1, wherein the processor is further configured to execute the instructions to add at least one of a warranty, a maintenance contract, an additional option, or gap insurance coverage to the financed loan.

4. The system of claim 1, wherein the received personal information comprises at least one of identification, proof of income, contact information, or references.

5. The system of claim 1, wherein the provided qualification information further comprises an approval code as a reference number for the transaction.

6. The system of claim 1, wherein the received information relating to a specific item the buyer seeks to purchase comprises at least one of a vehicle identification number (VIN), make of the item, the model of the item, the age of the item, features of the item, or whether the item is new or used.

7. The system of claim 1, wherein the provided additional financing information comprises at least one of an estimated monthly payment amount or a particular interest rate for the financed loan.

8. The system of claim 1, wherein matching the buyer with a dealer further comprises at least one of providing a map of possible dealers, providing user ratings and reviews associated with possible dealers, or providing incentive offers associated with possible dealers.

9. The system of claim 1, wherein the processor is further configured to execute the instructions to create an appointment for the buyer with the matched dealer.

10. A method for providing financing for a sale of an item in the form of a loan, the method comprising:

receiving an indication that a buyer seeks to secure approved loan financing to purchase an item in advance of the purchase;

receiving personal information associated with the buyer;

performing, via one or more processors, a risk assessment of the prospective buyer based on the received personal information;

providing qualification information to the prospective buyer, wherein the qualification information comprises at least an approved loan amount and a range of possible interest rates for the financed loan;

receiving information relating to a specific item that the buyer seeks to purchase using the approved loan amount;

providing additional financing information associated with the specific item;

matching, via the one or more processors, the buyer with a dealer for the specific item; and

providing the buyer with remote access to the financing information, wherein the buyer retains the ability to alter terms of the financing during a negotiation with the dealer.

11. The method of claim 10, further comprising initiating payment for the item.

12. The method of claim 10, further comprising facilitating addition of at least one of a warranty, a maintenance contract, an additional option, or gap insurance coverage to the financed loan.

13. The method of claim 10, wherein the provided qualification information further comprises an approval code as a reference number for the transaction.

14. The method of claim 10, wherein the received information relating to a specific item the buyer seeks to purchase comprises at least one of a vehicle identification number (VIN), make of the item, the model of the item, the age of the item, features of the item, or whether the item is new or used.

15. The method of claim 10, wherein the provided additional financing information comprises at least one of an estimated monthly payment amount or a particular interest rate for the financed loan.

16. The method of claim 10, wherein matching the buyer with a dealer further comprises at least one of providing a map of possible dealers, providing user ratings and reviews associated with possible dealers, or providing incentive offers associated with possible dealers.

17. The method of claim 10, further comprising creating an appointment for the buyer with the matched dealer.

18. A system for selling an item with approved financing, the system comprising:

a memory storing instructions; and

a processor configured to execute the instructions to;

receive an indication that a buyer seeks to purchase a specific item using approved financing from a financial service provider;

perform a risk assessment of the prospective buyer;

determine whether the specific item is available for purchase;

access information relating to the buyers approved financing; and

execute a sales agreement for purchase of the item based on the accessed information.

19. The system of claim 18, wherein the processor is further configured to execute the instructions to initiate payment for the item.

20. The system of claim 18, wherein the processor is further configured to execute the instructions to facilitate addition of at least one of a warranty, a maintenance contract, an additional option, or gap insurance coverage to the sales agreement.