Automobile acquisition financing method and data processing system therefor

• US 6,263,320 B1
• Filed: 12/21/1998
• Issued: 07/17/2001
• Est. Priority Date: 12/21/1998
• Status: Expired due to Fees

• Current Assignee: Devonshire Promotions Limited
• Original Assignee: Devonshire Promotions Limited
• Inventors: Danilunas, Marija J, Soltmann, Diana
• Primary Examiner(s): Millin, Vincent
• Assistant Examiner(s): AKERS, GEOFFREY R
• Application Number:
  US09/216,907
• Time in Patent Office: 939 Days
• Field of Search: 705/35, 705/36, 705/38
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method of financing the acquisition of an automobile, the method comprising the steps of: (a) from time to time establishing a list of a plurality of automobiles; and (b) selling at least one financial product to a person selected from the group consisting of a potential owner of an automobile on the list and a third party who identifies the potential owner as a beneficiary of the at least one financial product, the at least one financial product having a maturity date later than a date of sale thereof and the financial product having as a condition of sale the requirement for any proceeds thereof on maturity to be used to purchase an automobile then on the list. Preferably, the method further comprises the step of: (c) at the maturity date selling an automobile then on the list to the potential owner, the seller being selected from the group consisting of an automobile manufacturer, a dealer of an automobile manufacturer and an agent of an automobile manufacturer.

Claims

1. A method of financing the acquisition of an automobile in a transaction between at least a first party and a second party, the method comprising the steps of:

a) from time to time the first party establishing a list of a plurality of automobiles, each of the plurality having a desired, predetermined property, and each of which are then available for purchase;

b) selling at least one financial product to the second party, who is a person selected from the group consisting of a potential owner of an automobile on the list and a third party who identifies the potential owner as a beneficiary of the at least one financial product, the at least one financial product having proceeds available to the potential owner at a maturity date later than a date of sale thereof; and

c) requiring as a condition of selling the at least one financial product to the second party that the proceeds thereof on maturity be used to purchase for the potential owner an automobile then on the list.

2. A method according to claim 1 further comprising the step of:

(a) at the maturity date selling an automobile then on the list to the potential owner, the seller being selected from the group consisting of an automobile manufacturer, a dealer of an automobile manufacturer and an agent of an automobile manufacturer.

3. A method according to claim 1 wherein each automobile on the list meets at least one safety performance criterion.

4. The method according to claim 2 wherein in step (c) the automobile is sold at a purchase price which is lower than a price available to persons other than said persons to whom the at least one financial product has been sold.

5. A method according to claim 1 wherein the list is administered by an administrator which is independent of any particular automobile manufacturer.

6. A method according to claim 5 wherein the list is defined by the administrator.

7. A method according to claim 5 wherein the administrator is an association for automobile owners and drivers.

8. A method according to claim 5 wherein the list is defined by a third party organisation selected from a governmental organisation, a governmental agency, a government department responsible for automobile safety, a non-governmental organisation, a consumers'"'"' organisation and an automobile testing organisation.

9. A method according to claim 5 wherein the list is defined by a trade association of automobile manufacturers.

10. A method according to claim 5 wherein the administrator is the first party, who sells the financial products to the said person.

11. A method according to claim 5 wherein the administrator authorises at least one financial products provider as the first party to sell financial products to the said person.

12. A method according to claim 1 wherein the financial products are selected from at least one of insurance policies, investments, saving schemes, mutual funds, stocks and bonds.

13. A method according to claim 1 wherein the financial products are funded through at least one of a lump sum payment and periodic payments.

14. A method according to claim 5 wherein the administrator sells at least one other product to the said person.

15. A method according to claim 5 wherein the administrator authorises the sale of other financial products and other services, by third parties, to the said person.

16. A method according to claim 14 wherein the at least one other product is supplied at a price which is lower than the price available to people other than the said person.

17. A method according to claim 15 wherein the said other product and service is supplied at a price which is lower than the price available to people other than the said person.

18. A method according to claim 5 wherein the list is administered by an administrator which is independent of any particular automobile manufacturer and the automobile seller provides to the administrator an undertaking to sell the automobile on the list at the maturity date at a price set by a predetermined discount formula.

19. A method according to claim 18 wherein the formula is selected from a pre-set percentage discount and a dollar amount discount on the manufacturer'"'"'s retail price for the automobile at the maturity date.

20. A method according to claim 1 further comprising establishing a club for potential owners and third parties to whom the financial products are sold.

21. A method according to claim 1 wherein the potential owner is not more than 25 years old at the maturity date.

22. A method according to claim 1 wherein automobiles included on the list satisfy a safety standard which is created by compiling an inventory of features for enhancing the safety of drivers.

23. A data processing system for performing the method of claim 1, the system comprising means for processing and storing data on the list of the plurality of automobiles and means for processing and storing data on funds of the potential owners and the third parties, each fund comprising the at least one financial product.