System and method for assessing and managing financial transactions

• US 8,005,752 B1
• Filed: 10/25/2010
• Issued: 08/23/2011
• 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): Dass; Harish T
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US12/911,552
• Time in Patent Office: 302 Days
• Field of Search: 705/35
• 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 computing system comprising:

a processor; and

a computer readable medium storing machine-executable instructions including one or more modules configured for execution by the processor in order to cause the computing system to;

automatically retrieve, from computer storage, customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;

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

automatically retrieve, from computer storage, second vehicle information for the second vehicle and second financial terms available to the customer for the second vehicle;

periodically automatically retrieve changed information that comprises at least one of changed retrieved 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 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;

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

automatically determine 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;

automatically generate an alert if it is determined that the new payment satisfies the alert parameter; and

transmit the alert to a dealer.

2. The system of claim 1,

wherein the system is configured to transmit the alert by email.

3. The system of claim 1,

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.

4. The system of claim 1,

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.

5. The system of claim 1,

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.

6. The system of claim 1,

wherein the system is configured retrieve the changed information with respect to a single specific customer.

7. The system of claim 1,

wherein the system is configured retrieve the changed information with respect to a plurality of customers.

8. The system of claim 1,

wherein the system is configured to retrieve the changed information as a batch process.

9. A method comprising:

by a computer system comprising computer hardware;

automatically retrieving customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;

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

automatically retrieving second vehicle information for the second vehicle and second financial terms available to the customer for the second vehicle;

periodically automatically retrieving changed information that comprises at least one of changed retrieved 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 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;

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

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

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

transmitting the alert to a user.

10. The method of claim 9,

wherein the alert is transmitted by email.

11. The method of claim 9,

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.

12. The method of claim 9,

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.

13. The method of claim 9,

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.

14. The method of claim 9,

wherein retrieving the changed information comprises retrieving the changed information with respect to a single specific customer.

15. The method of claim 9,

wherein retrieving the changed information comprises retrieving the changed information with respect to a plurality of customers.

16. The method of claim 9,

wherein retrieving the changed information comprises retrieving the changed information as a batch process.

17. A computer-readable medium encoded with instructions thereon,

wherein the instructions are readable by a computing device in order to cause the computing device to perform operations comprising:

automatically retrieving customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;

determining a second vehicle;

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

periodically automatically retrieving changed information that comprises at least one of changed retrieved 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 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;

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

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

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

transmitting the alert to a user.

18. The computer-readable medium of claim 17,

wherein the alert is transmitted by email.

19. The computer-readable medium of claim 17,

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.

20. The computer-readable medium of claim 17,

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.

21. The computer-readable medium of claim 17,

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.

22. The computer-readable medium of claim 17,

wherein retrieving the changed information comprises retrieving the changed information with respect to a single specific customer.

23. The computer-readable medium of claim 17,

wherein retrieving the changed information comprises retrieving the changed information with respect to a plurality of customers.

24. The computer-readable medium of claim 17,

wherein retrieving the changed information comprises retrieving the changed information as a batch process.