Method and system for internet based financial auto credit application

• US 7,194,436 B2
• Filed: 08/10/1998
• Issued: 03/20/2007
• Est. Priority Date: 08/10/1998
• Status: Expired due to Fees

• Current Assignee: Ford Motor Company
• Original Assignee: Ford Motor Company
• Inventors: Tammaro, Nancy A.
• Primary Examiner(s): Millin; V.
• Assistant Examiner(s): KESACK, DANIEL
• Application Number:
  US09/131,637
• Publication Number:
  US 20010011246A1
• Time in Patent Office: 3,144 Days
• Field of Search: 705/38, 705/39
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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
• CPC Class Codes: H04L 67/01 Protocols
• CPC Class Codes: H04L 67/12 specially adapted for proprietary or special-purpose networking environments, e.g. medical networks, sensor networks, networks in vehicles or remote metering networks
• CPC Class Codes: H04L 69/329 in the application layer [OSI layer 7]

Abstract

A method and system are provided which enables automotive dealers to use a standard PC and Internet-type browser software package to enter credit/loan application data over the Internet. Such data can then be automatically distributed via the Internet to designated financial institutes or loan service providers for processing. The system also receives responses back from the service providers and displays these responses to the requesting dealer. To accommodate financial institutions which have not been provided with prearranged access, the system provides automatic enablement of facsimile transmission to dealer-chosen banks and credit unions. In addition, other information which facilitates the automotive credit process, such as completion of standard department of motor vehicles forms, insurance forms, etc., may also may be collected and transmitted electronically to the institution/company either directly or through a credit application service provider, with electronic responses provided back to the requesting dealer.

Claims

1. A method for electronic credit/loan application processing for a user at an location having an Internet capable personal computer connected to an Internet server, said method comprising:

receiving a request via the Internet for an electronic loan/credit application form from the user;

generating the electronic loan/credit application form as a web page, said electronic form being generated to include an information field in which the user designates a particular financial institute or service provider;

receiving a completed application form from the user including licensing information associated with a vehicle being purchased or leased;

determining whether the designated financial institute or service provider is a system participant;

transmitting information from the completed application form via the Internet to the designated financial institute or service provider if the institute or provider is a system participant, or facsimile transmitting the information from the completed application form to the designated financial institute or service provider if the institute or provider has been preselected by the user;

automatically transmitting the collected vehicle licensing information to an appropriate licensing agency to facilitate licensing of the vehicle; and

automatically reformatting the information from the completed application form to be in a format suitable for processing by the designated institute or provider.

2. The method of claim 1 further comprising determining whether the requesting user is authorized to receive the electronic loan/credit application form.

3. The method of claim 1 wherein transmitting via the Internet is performed using encryption.

4. The method of claim 1 further comprising collecting vehicle insurance information as part of the electronic loan/credit application form.

5. A system for electronic credit/loan application processing comprising:

an Internet capable personal computer at an vehicle retail location; and

an intermediate system server for communicating over the Internet with the personal computer at the vehicle retail location and a plurality of participating financial institutions or service providers and an appropriate licensing agency, said intermediate system server comprising a computer processing system connected to a database and a facsimile transmission device, said computer processing system arranged to generate an electronic loan/credit application form as a web page in response to a request via the Internet from a user at the vehicle retail location, said electronic form having an information field in which the user designates a particular financial institute or service provider, and an information field in which licensing information associated with a vehicle being purchased or leased is input, wherein said computer processing system is further arranged to determine whether the designated financial institute or service provider is a system participant, and transmit information from a completed application form via the Internet to the designated financial institute or service provider if the institute or provider is a system participant, or alternatively facsimile transmit the information from the completed application form to the designated financial institute or service provider if the institute or provider is not participating but has been preselected by the user, automatically transmit the input vehicle licensing information to an appropriate licensing agency to facilitate licensing of the vehicle, and automatically reformat the information from the completed application form to be in a format suitable for processing by the designated institute or provider.

6. The system of claim 5 wherein said computer processing system accesses the database to verify whether the requesting user is authorized to receive the electronic loan/credit application form.

7. The system of claim of claim 5 wherein said computer processing system further comprises a means for encrypting transmissions over the Internet.

8. The system of claim 5 wherein said generated electronic loan/credit application form comprises a plurality of graphical user interface screens having data fields arranged to receive personal and vehicle transaction related information from the user.