Electronic commerce credit origination method and system

• US 7,099,842 B1
• Filed: 05/02/2000
• Issued: 08/29/2006
• Est. Priority Date: 05/02/2000
• Status: Expired due to Term

• Current Assignee: Ford Motor Company
• Original Assignee: Ford Motor Company
• Inventors: Nault, Brian D., Crossman, James J, Henderson, Allen L., Larkin, Steve D.
• Primary Examiner(s): Bashore, Alain L.
• Application Number:
  US09/562,206
• Time in Patent Office: 2,310 Days
• Field of Search: 705/35, 705/38, 235/375
• US Class Current: 705/38
• 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 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A credit origination system and method are provided. The inventive method includes the step (22) of receiving an application for credit from a customer to purchase a product. The application may include a first set of information designed to evaluate the creditworthiness of the customer. The method also includes the step (24) of processing the credit application. The processing step (24) may include substeps (26, 28, 30, 32) designed to verify and evaluate information provided by the customer and to obtain additional information from the customer. The method also includes the step (34) of communicating a second set of information to the customer. This information may include a decision on the application for credit and the terms of any credit to be extended. The method may also include the step (36) of communicating a third set of information to a dealer of the product. The third set of information may include the first and second sets of information. Finally, the method includes the step (42) wherein the lender assumes one or more obligations corresponding to credit issued under a contract to purchase the product entered into between the customer and dealer. The steps of the inventive method may be carried out over a pair of telecommunication networks (12, 18).

Claims

1. A method of credit origination, comprising the steps of:

receiving an application for credit from a customer to purchase a product sold by a dealer, said application including a first set of information and said application received by a lender, but not by said dealer, said application transmitted over a computer network from a first computer of said customer to a second computer of said lender;

processing said application for credit;

communicating a second set of information from said lender directly to said customer over said computer network, said second set of information including a decision on said application for credit and a set of terms of any credit to be extended to said customer;

assuming one or more obligations corresponding to credit issued under a contract to purchase said product entered into between said customer and said dealer of said product.

2. The method of claim 1 wherein said processing step includes the substeps of:

requesting a third set of information from said customer; and

,

receiving said third set of information from said customer.

3. The method of claim 2 wherein said third set of information includes an identity of said dealer of said product.

4. The method of claim 2 wherein said third set of information includes an identity of a model of said product.

5. The method of claim 1 wherein said processing step includes a substep of scoring said application for credit using a predetermined credit scoring algorithm.

6. A method of credit origination, comprising the steps of:

receiving an application for credit from a customer to purchase a product sold by a dealer, said application including a first set of information and said application received by a lender, but not by said dealer, said application transmitted over a computer network from a first computer of said customer to a second computer of said lender;

processing said application for credit;

communicating a second set of information from said lender directly to said customer over said computer network, said second set of information including a decision on said application for credit and a set of terms of any credit to be extended to said customer;

communicating a third set of information to said dealer of said product; and

,

assuming one or more obligations corresponding to credit issued under a contract to purchase said product entered into between said customer and said dealer.

7. The method of claim 6 wherein said processing step includes the substeps of:

requesting a fourth set of information from said customer; and

,

receiving said fourth set of information from said customer.

8. The method of claim 7 wherein said fourth set of information includes an identity of said dealer of said product.

9. The method of claim 7 wherein said fourth set of information includes an identity of a model of said product.

10. The method of claim 6 wherein said processing step includes a substep of scoring said application for credit using a predetermined credit scoring algorithm.

11. The method of claim 6 wherein said third set of information includes said first set of information.

12. The method of claim 6 wherein said dealer is selected by said customer.