Method and system for financing acquisition of vehicles

• US 8,050,994 B2
• Filed: 03/04/2010
• Issued: 11/01/2011
• Est. Priority Date: 07/29/2003
• Status: Active Grant

• Current Assignee: Ford Motor Company
• Original Assignee: Ford Motor Company
• Inventors: Johnson, Michael, Johnson, Bernie, Gayton, Bradley, Hall, Christopher, Polizzi, John
• Primary Examiner(s): Borlinghaus; Jason M
• Assistant Examiner(s): SEE, CAROL A
• Application Number:
  US12/717,221
• Publication Number:
  US 20100205111A1
• Time in Patent Office: 607 Days
• Field of Search: None
• 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
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

In one embodiment of the present invention, a method for financing acquisition of a vehicle is disclosed. The method comprises receiving a future interest in a vehicle in consideration for a future interest price upon transfer of a legal title in the vehicle in consideration for a legal title price.

Claims

1. A method for transferring legal title in a vehicle, the method comprising:

providing a vehicle;

receiving identification information and legal title information for the vehicle, the identification information including a vehicle make, a vehicle model and a vehicle year information, the legal title information including a legal title price and a legal title term;

transmitting the identification information and legal title information to at least partially effectuate transfer of a legal title in the vehicle;

transferring the legal title in the vehicle in consideration for a legal title price while retaining a future interest in the vehicle for a vehicle dealer, the future interest having a vesting period, wherein legal title transfer is accomplished at least partially by utilizing an at least one computer and an at least one computer network; and

transferring by the at least one computer the future interest to a vehicle financing company in consideration for a future interest price.

2. The method of claim 1 further comprising financing the legal title price.

3. The method of claim 2 further comprising receiving the financed legal title price through a number of periodic payments.

4. The method of claim 2 wherein the legal title price is financed by the vehicle finance company.

5. The method of claim 1 wherein the future interest is a reversionary interest or a remainder.

6. The method of claim 1 wherein a vehicle dealer provides the vehicle.

7. The method of claim 1 further comprising receiving the legal title in the vehicle.

8. The method of claim 7 wherein the legal title in the vehicle is received by a vehicle consumer.

9. The method of claim 1 further comprising receiving the future interest.

10. The method of claim 9 wherein the vehicle finance company receives the future interest.

11. The method of claim 1 wherein the legal title is provided for a legal title term.

12. The method of claim 11 wherein the legal title term is equal to or near equal to the vesting period.

13. The method of claim 12 wherein the legal title term and the vesting period are in the range of one year to six years.

14. The method of claim 1 wherein the future interest vests upon expiration of the vesting period.

15. A system comprising:

at least one server configured to;

receive vehicle identification information and legal title information;

transmit the information to at least partially effectuate legal title transfer in a vehicle;

effectuate legal title transfer for a legal title price while retaining a future interest having a vesting period for a vehicle dealer; and

effectuate a future interest transfer to a vehicle financing company for a future interest price.

16. The computer-implemented system of claim 15 wherein the legal title is transferred to a vehicle consumer.

17. The computer-implemented system of claim 15 wherein the system further includes an at least one vehicle finance company computer, the at least one vehicle finance company computer configured to receive the vehicle information and the legal title information to at least partially effectuate transfer of the legal title in the vehicle.

18. The computer-implemented system of claim 15 wherein the legal title information further includes a future interest price and a vesting period.