System and method for assessing and managing financial transactions

• US 7,827,099 B1
• Filed: 11/23/2004
• Issued: 11/02/2010
• Est. Priority Date: 11/25/2003
• Status: Active Grant

• Current Assignee: AutoAlert LLC
• Original Assignee: Autoalert Incorporated (Autoalert Acquisition Holdings LLC)
• Inventors: Cotton, Jeffrey S.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US10/996,122
• Time in Patent Office: 2,170 Days
• Field of Search: 705 35- 45
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0278 Product appraisal
• 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 40/03 Credit; Loans; Processing thereof

Abstract

A financial terms alert generation system comprises an information retrieval module, a financial terms comparison module, and an alert transmission module. The information retrieval module is configured to retrieve financing information, customer information, and product information from one or more sources accessible on a network. The financial terms comparison module is configured to compare a customer'"'"'s current financial arrangement to a potential new financial arrangement to determine whether the customer is able to enter into a new financial arrangement on terms favorable to the customer. The alert transmission module is configured to transmit an alert to a dealer in cases in which the financial terms comparison module determines that a customer is able to enter into a new financial arrangement on terms favorable to the customer. Such alerts identify the customer and the favorable financial terms.

Claims

1. A financial terms alert generation system comprising:

at least one computer-readable medium storing a plurality of software modules, wherein each of the software modules comprises computer-executable instructions; and

computer hardware comprising at least one computer processor in communication with the computer-readable medium and configured to execute the software modules to generate and transmit an alert to a vehicle dealer to indicate that the vehicle dealer can replace a first vehicle of a customer with a second vehicle, wherein the software modules comprise;

a vehicle comparison module configured to access at least one data repository that stores associations between comparable vehicles and to determine, based on one or more of the associations, a vehicle that is comparable to another vehicle;

an information retrieval module configured to retrieve, from at least one data repository accessible via a computer network, customer information, first financial terms that the customer has for a first vehicle, first vehicle information, second vehicle information for a second vehicle that the vehicle comparison module determines is comparable to the first vehicle, and second financial terms available to the customer for the second vehicle, wherein the first financial terms and the second financial terms collectively comprise at least an amount due on the first vehicle, an existing periodic payment for the first vehicle, interest rates, payoff periods, and any dealer or manufacture incentives that are available, wherein the information retrieval module is configured to determine when retrieved information has changed since a previous retrieval of information;

a value estimation module configured to estimate at least an equity value of the first vehicle from at least a portion of the customer information, the first financial terms, and the first vehicle information, the estimated equity value of the first vehicle based on a comparison between (1) a payoff amount associated with the first vehicle adjusted by a trade-in value associated with the first vehicle, and (2) the amount due on the first vehicle;

a second vehicle cost calculation module configured to calculate a cost of the second vehicle by adjusting an average selling price associated with the second vehicle by the estimated equity value of the first vehicle and any of the dealer or manufacture incentives that are available;

a financial terms generation module configured to generate adjusted second financial terms by analyzing the calculated cost of the second vehicle;

a financial terms comparison module configured to automatically cause the computer hardware to periodically monitor the adjusted second financial if it is determined in real-time that the changed retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms, wherein the determination comprises calculating, based at least upon the estimated value of the first vehicle and the adjusted second financial terms, an available periodic payment for the second vehicle, calculating the difference between the available periodic payment for the second vehicle and the existing periodic payment for the first vehicle, and determining whether the difference is less than or equal to a preset acceptable threshold value;

an alert generation and transmission module configured, when it is determined that it is favorable to the customer to replace the first vehicle and the first financial terms with the second vehicle and the adjusted second financial terms, to generate for the dealer an alert comprising information identifying the customer, the customer'"'"'s contact information, the first vehicle, the second vehicle, and the adjusted second financial terms and to transmit at least a notification of the alert to the dealer, wherein the alert comprises a deal sheet adapted to facilitate a replacement transaction in which the customer replaces the first vehicle with the second vehicle; and

an alert management module configured to provide the dealer access to a plurality of alerts generated for the dealer and to allow the dealer to perform a plurality of management operations on the alerts, wherein the management operations are adapted to facilitate the dealer'"'"'s closing of a replacement transaction with a customer and comprise sorting the alerts, searching for and viewing a portion of the alerts, and assigning a status to an alert.

2. The system of claim 1, wherein the financial terms comparison module is further configured to perform multiple calculations based on the retrieved information regarding multiple customers in order to determine which of the customers for which it is favorable to replace a first vehicle and first financial terms with a second vehicle and second financial terms, and wherein the alert generation and transmission module is configured to generate an alert and transmit a notification of an alert to a dealer for each customer for which it is favorable to replace a first vehicle and first financial terms with a second vehicle and second financial terms.

3. The system of claim 2, wherein the financial terms comparison module is configured to perform the multiple calculations regarding multiple customers periodically and wherein the alert generation and transmission module is configured to generate an alert and transmit a notification of an alert for each customer that has been newly identified by the financial terms comparison module as a customer for which it is favorable to replace a first vehicle and first financial terms with a second vehicle and second financial terms.

4. The system of claim 1, wherein the financial terms comparison module is configured to perform a calculation for an identified customer in real time such that, in the event that the financial terms comparison module determines that it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms, the alert generation and transmission module can generate the alert and transmit the notification of alert in real time.

5. The system of claim 4, wherein the financial terms comparison module is configured to perform the calculation for an identified customer when the identified customer enters a dealership, such that if it is favorable for the identified customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms, the notification of alert can be transmitted to the dealer in real time while the customer is still in the dealership.

6. The system of claim 1, wherein the preset acceptable threshold value used by the vehicle comparison module is zero, such that it is deemed favorable to a customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms if the customer would pay no more per periodic payment under the second financial terms than under the first financial terms.

7. The system of claim 1, wherein the preset acceptable threshold value used by the vehicle comparison module is ten percent of the existing periodic payment, such that it is deemed favorable to a customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms if the customer, under the second financial terms, would pay no more than ten percent per periodic payment over what the customer pays under the first financial terms.

8. A method of providing an alert regarding a customer that has first financial terms for a first vehicle and that is able to enter into second financial terms for a second vehicle and that are favorable to the customer, the method comprising:

accessing a plurality of computer-readable instructions; and

executing the instructions on a computer system comprising computer hardware including at least one computer processor, wherein execution of the instructions by the computer processor causes the computer system to perform a plurality of operations comprising;

retrieving from computer storage accessible via a computer network customer information, first financial terms that the customer has for a first vehicle, and first vehicle information;

determining a second vehicle that is comparable to the first vehicle;

retrieving from computer storage accessible via a computer network second vehicle information for the second vehicle and second financial terms available to the customer for the second vehicle;

determining in real-time changes in retrieved information since a previous retrieval of information;

determining in real-time whether the changed retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms, wherein the determining comprises;

estimating at least an equity value of the first vehicle from at least a portion of the customer information, the first financial terms, and the first vehicle information, the estimated equity value of the first vehicle based on a comparison between a payoff amount associated with the first vehicle adjusted by a trade-in value associated with the first vehicle and an amount due on the first vehicle;

calculating a cost of the second vehicle by adjusting an average selling price associated with the second vehicle with the estimated equity value of the first vehicle;

generating adjusted second financial terms by analyzing the calculated cost of the second vehicle;

determining a first alert parameter based at least in part on the first financial terms and the adjusted second financial terms;

generating the alert; and

transmitting the alert to the dealer.

9. The method of claim 8, wherein the alert is transmitted by email.

10. The method of claim 8, wherein the alert is configured to be read by a dealer terminal configured for managing the alert, wherein managing the alert includes at least one of assigning the alert to a user for handling, associating a task with the alert, and assigning a status to the alert.

11. The method of claim 8, wherein the second financial terms are deemed to have terms favorable to the customer if, under the second financial terms the customer would pay no more than the customer pays under the first financial terms.

12. The method of claim 8, wherein the second financial terms are deemed to have terms favorable to the customer if, under the second financial terms the customer would pay no more than a threshold value over what the customer pays under the first financial terms.

13. A method of providing an alert regarding a customer that has first financial terms for a first vehicle and that is able to enter into second financial terms for a second vehicle and that are favorable to the customer, the method comprising:

accessing a plurality of computer-readable instructions; and

executing the instructions on a computer system comprising computer hardware including at least one computer processor, wherein execution of the instructions by the computer processor causes the computer system to perform a plurality of operations comprising;

retrieving from computer storage accessible customer information, first financial terms that the customer has for a first vehicle, and first vehicle information;

determining a second vehicle that is comparable to the first vehicle;

retrieving from computer storage second vehicle information for the second vehicle and second financial terms available to the customer for the second vehicle;

retrieving in real-time changed information associated with the customer information, the first financial terms that the customer has for the first vehicle, the first vehicle information, the second vehicle, or the second financial terms available to the customer for the second vehicle;

if it is determined in real-time that the changed retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms;

calculating a new payment based on the first financial terms and the second financial terms;

determining if the new payment satisfies at least a first alert parameter based at least in part on the first financial terms and the second financial terms;

generating the alert if it is determined that the new payment satisfies the alert parameter; and

transmitting the alert to the dealer.

14. The method of claim 13, wherein the alert is transmitted by email.

15. The method of claim 13, wherein the alert is configured to be read by a dealer terminal configured for managing the alert, wherein managing the alert includes at least one of assigning the alert to a user for handling, associating a task with the alert, and assigning a status to the alert.

16. The method of claim 13, wherein the second financial terms are deemed to have terms favorable to the customer if, under the second financial terms the customer would pay no more than the customer pays under the first financial terms.

17. The method of claim 13, wherein the second financial terms are deemed to have terms favorable to the customer if, under the second financial terms the customer would pay no more than a threshold value over what the customer pays under the first financial terms.

18. The method of claim 13, wherein the retrieving in real time of changed information is performed with respect to a single specific customer.

19. The method of claim 13, wherein the retrieving in real time of changed information is performed with respect to a plurality of customers.

20. The method of claim 13, wherein the retrieving in real time of changed information is performed as a batch process.